- Domestic prices ease as buyers limit purchases amid subdued demand
- US, UK and China export offers decline as availability and trading conditions shift
India’s brass honey scrap market remained under pressure in the week ended 9 October 2026, as subdued demand and changes in export flows weighed on prices. Buyers continued to limit purchases amid elevated copper prices and uncertainty over near-term price direction. However, market participants expect demand to improve in the second half of October as festival-related buying gathers momentum.
According to BigMint’s assessment, Jamnagar brass honey scrap prices were around INR 920,000/tonne (t). Prices in Ahmedabad and Delhi ranged between INR 915,000/t and INR 920,000/t. Trading activity remained subdued as buyers preferred to cover immediate requirements rather than build inventories.
London Metal Exchange (LME) three-month copper stood at $14,309/t, down marginally from $14,320/t in the previous week. Meanwhile, LME copper inventories declined 3.53% w-o-w to 239,875 t from 248,650 t. The inventory drawdown provided some underlying support, although the marginal price decline and weak domestic demand limited its impact on brass scrap trading.
Higher offers, market uncertainty limit fresh import bookings
Indian brass scrap demand remained relatively weak during the week, as high copper-linked prices continued to constrain purchasing activity. Buyers remained cautious about committing to large volumes, preferring to monitor price movements before making fresh purchases.
The market also faced pressure from changes in export flows. China’s Golden Week holiday interrupted India-to-China trade, prompting some exporters to redirect material towards the domestic market. The additional availability increased competition among sellers and weighed on local prices.
However, market participants expect purchasing activity to improve after mid-October as downstream consumers prepare for festival-related demand. A fresh round of restocking, including purchases expected about a week after Diwali, could provide support to the market later in October.
Until then, buyers are likely to maintain a hand-to-mouth purchasing strategy, limiting the scope for a sustained price recovery.
Export offers decline as China holiday redirects material to India
US-origin brass honey scrap offers to India declined to around 65% of LME down 2% from previous week. UK-origin offers also fell to 62.25% of LME from 63.5%, as adequate material availability eased upward pressure on prices. The lower offers reduced import costs for Indian buyers, although subdued domestic demand continued to limit fresh bookings.
Meanwhile, China’s Golden Week holiday interrupted India-to-China brass scrap exports, prompting some exporters to redirect material to the domestic market. This increased local availability and added pressure on prices. Consequently, Indian brass honey scrap export offers to China declined to around 62-63% of LME from approximately 65% previously.
The combination of weaker export offers and additional domestic availability left sellers with limited scope to secure higher prices. Export offers could recover once Chinese trading activity resumes, although the strength of any rebound will depend on overseas buying interest and the pace of domestic demand recovery.
Scrap-import rules remain an additional consideration
India’s scrap-import inspection policy remains unresolved. On 30 September, the Directorate General of Foreign Trade said it had not decided to discontinue mandatory pre-shipment inspection requirements. The review follows concerns from recyclers over the availability of authorised inspection agencies and the compliance burden on importers.
Any continued difficulty in arranging inspections could affect procurement lead times for importers whose consignments fall under the requirements. However, the government has not announced a change in policy, and the immediate impact on individual brass scrap shipments remains uncertain.
Outlook
Indian brass honey scrap prices may face further near-term pressure as subdued demand, lower export offers and the redirection of material from China-bound shipments weigh on the domestic market. Adequate UK-origin availability and softer US export offers could also limit import replacement costs.
However, a sustained decline may be limited by falling LME inventories and expectations of stronger festive purchasing. Domestic demand is expected to improve as buyers resume restocking in the second half of October and after Diwali.
For now, the market is likely to remain cautious, with prices influenced by the balance between additional domestic availability and the pace of festive demand recovery. A pickup in buying interest and a resumption of China-bound exports could help prices rebound later in the month.
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