India: Brass scrap prices drop w-o-w as buyers defer purchases

• Higher offers, market uncertainty limit fresh import bookings
• Tight supply, strong domestic consumption lifts US export offers

India’s brass scrap prices fell w-o-w in the week ended 25 September 2026 as the market turned increasingly cautious, with buyers limiting fresh purchases amid volatile copper prices, uncertainty over the global outlook, and expectations of weaker prices in the coming weeks. Market participants said enquiries have slowed, while sellers holding material are finding it difficult to achieve higher offers as buyers remain unwilling to chase prices.

According to BigMint’s assessment, Jamnagar brass scrap prices were around INR 930,000/tonne (t) exw, while prices in Delhi were around INR 935,000/t and Ahmedabad around INR 928,000/t. Market participants said transaction activity remains selective, with buyers preferring smaller requirements rather than building sizeable inventories.

LME three-month copper closed at $14,640/t on 24 September, compared with $14,515/t on 18 September, up 0.9% w-o-w. Despite the weekly increase, copper has remained volatile at elevated levels, with the market closely watching global economic developments and trade-related uncertainty. Reuters reported that LME copper touched $14,833/t on 24 September before easing.

Buyers hold back bookings amid lack of clarity on price direction

Indian buyers held back fresh enquiries as they expect copper-linked prices to soften if global uncertainties intensify. This has left sellers carrying higher-cost material in a difficult position. Sellers are showing limited willingness to reduce offers, while buyers are waiting for clearer price direction before returning to the market.

Import availability is also becoming a key factor. US-origin material offered to India was around 64% of LME this week, compared with approximately 62% previously, marking a 2-percentage-point increase. Market participants attributed the firmer US export offers to stronger domestic consumption, which limited the quantity of material available for overseas buyers.

UK-origin brass scrap was offered at around 61-61.5% of LME for India’s west coast, while Australian-origin material was around 64% of three-month LME, also around 2 percentage points higher than earlier levels. Higher overseas offers, combined with cautious domestic buying, have reduced the scope for aggressive import bookings by Indian buyers.

In the domestic market, deals were heard around INR 930,000/t ex-Jamnagar, INR 928,000/t ex-Ahmedabad, and INR 935,000/t ex-Delhi, depending on grade and transaction terms. Indian brass ingot offers to China were reported around 64.5% LME CIF China.

Meanwhile, some Western markets are entering a holiday period in early October, which is expected to keep trading activity limited. Overseas copper markets are also showing mixed demand signals; SMM reported that Chinese copper processors continue to face weak orders despite expectations of relatively stable October operating rates.

Overall, the Indian brass scrap market remains in wait-and-watch mode. Buyers are avoiding fresh inventory commitments, while sellers are reluctant to accept lower levels, keeping negotiations thin and transaction volumes limited.