India: Copper scrap market continues to remain subdued as buyers restrain purchases

• Market awaiting further clarity on US import tariffs
• Increased Asian demand tightens European availability

Copper scrap prices in India remained largely stable w-o-w on 8 July 2026, with only marginal fluctuations as weak domestic demand offset the recovery in benchmark prices. London Metal Exchange (LME) copper prices rose to around $13,200/t from nearly $13,050/t last week; gains remained limited amid expectations of prolonged higher US interest rates and uncertainty over proposed US copper import tariffs.

At the domestic level, buying activity remained largely requirement-driven across major trading hubs. According to BigMint’s assessment, copper armature scrap, ex-Delhi, slightly down w-o-w, edging down just by 1% to INR 1,186,000/t from INR 1,200,000/t.

Market updates

Several traders noted that demand for premium imported scrap grades remained particularly weak, with some grades becoming commercially unviable at prevailing offer levels. The disconnect between import prices and buyers’ purchasing appetite kept fresh bookings limited, while most consumers preferred to defer procurement until there is greater clarity on international copper price direction.

Market sentiment also remained cautious due to uncertainty surrounding the proposed US copper import tariffs. Participants said the market is awaiting further clarity on the tariff framework before taking fresh positions, as any changes could significantly influence global trade flows, scrap availability and regional price differentials.

Domestic trading activity was equally slow, with buyers largely restricting purchases to hand-to-mouth requirements. Traders holding higher-cost inventories remained reluctant to lower offers, while consumers resisted aggressive buying amid expectations of further price corrections. Although raw material availability remained adequate, weak downstream demand and cautious buying sentiment continued to constrain spot transactions across the Indian copper scrap market.

Europe

European copper scrap prices strengthened this week as robust buying interest from Asian markets tightened domestic scrap availability across the region, while copper cathode premiums remained stable despite increased shipments to the US.

Candy berry rose to 96.75-97.25% of the London Metal Exchange (LME) copper price from 96.5-97% last week.

Millberry prices increased to 98.5-99% from 97.5-98%. Birch cliff prices were at 90.5-91%.

Market participants attributed the strengthening in scrap prices to rising demand from Asian buyers, particularly from India, China, South Korea and Japan, which has tightened spot availability in Europe. Traders noted that export demand is increasingly setting the price floor for high-grade European copper scrap, forcing domestic consumers to compete with overseas buyers for limited supply.

Outlook

India’s copper scrap market is expected to remain subdued through July as weak downstream demand and the monsoon season continue to weigh on procurement and manufacturing activity. Buyers are likely to maintain hand-to-mouth purchases, while adequate domestic scrap availability will keep fresh buying limited. Market participants are also awaiting clarity on proposed US copper import tariffs, which is expected to keep sentiment cautious and trading volumes subdued.