- Indian buyers resist high import offers despite firm CCR demand
- QCO withdrawal offers short-term relief to domestic market
Imported copper scrap prices in India inched up w-o-w on 28 November, tracking positive movements in London Metal Exchange (LME) futures. Domestic copper scrap prices also edged higher amid steady market sentiment throughout the week. Market activity has improved gradually after the post-festive slowdown, although buying remained cautious as the LME gain briefly pushed prices toward the $11,000/tonne (t) mark.
According to BigMint’s assessment, Birch/Cliff was assessed at $10,060/t, up 0.9% w-o-w, while US motors mix stood at $1,250/t (both CFR Mundra), up 0.85% w-o-w.
LME copper prices edge up w-o-w
LME copper prices were recorded at $10,950/t on 28 November 2025, up 2% from $10,700/t in the previous week. Copper stocks in LME-registered warehouses rose slightly by 1,500 t to 156,500 t from 155,000 t earlier.
How were India’s copper scrap imports in October?
India’s copper scrap imports rose from 46,238 t in September to 47,851 t in October, up 3.5% m-o-m, and notably remained on the higher side despite LME touching the $11,000/t mark. Buyers continued to secure cargoes as favourable import–domestic spreads, improved container availability, and tight local scrap generation kept procurement active, particularly among secondary rod and alloy manufacturers.
Global market updates
The imported copper scrap market remained steady despite the LME uptrend. Chinese buyers remained notably active, especially for cleaner grades such as Berry, Candy, and Birch/Cliff, tightening regional supply.
Market participants expect prices to remain range-bound in the near term, with potential upward support if LME stabilises above $10,800-11,000/t or if Chinese buying persists into mid-November.
Price levels (CIF China)
Birch/Cliff (EU): 92-92.75% of LME
Clean Brass Honey (EU): 65-66% of LME
Candy/Berry (EU): 97.5% of LME
UAE Birch/Cliff: 93.5% of LME CIF West coast
Market insight
Imported market
Market sentiment regarding imported scrap prices was mildly bullish but constrained by weak buying appetite in India. Higher freights, tightening supply from the EU, and continued interest from Chinese refiners put upward pressure on offers.
Consequently, Indian importers continued to operate with caution due to elevated inventories, though secondary CCR demand was steady. Only limited trades were reported, that too at marginally discounted levels. Indian buyers felt that offers were misaligned with expectations, making procurement unviable for many.
Overall, Indian buyers resisted these higher levels, citing squeezed refining margins and uncertainty over December shipment costs.
Domestic market
In the domestic market, secondary smelters witnessed a gradual improvement in CCR and rod demand, supported by infrastructure and power sector orders. However, many units negotiated for cheaper scrap parcels, anticipating that prices may soften if LME retreats from recent highs.
Demand for domestic copper scrap grades such as Berry, Candy, and Birch fluctuated, mirroring LME price volatility, with recyclers closely monitoring whether recent price gains are sustainable.
QCO withdrawal adds short-term relief to market
The recent withdrawal of the Quality Control Order (QCO) on copper cathodes by the Ministry of Mines has offered relief to both importers and downstream users. The move has eased compliance-related delays, reduced clearance bottlenecks at ports, and is expected to improve the flow of refined copper into the domestic market. While not directly linked to scrap, the relaxed regulatory environment has improved overall sentiment and given fabricators more confidence to plan procurement, especially ahead of year-end demand cycles.
Outlook
Imported copper scrap prices are expected to remain range-bound with a slight upward bias, supported by strong Chinese demand and tight EU supply. Indian buyers will stay cautious due to high LME levels and pressured margins. Domestic sentiment is mildly positive on steady CCR demand. The recent QCO withdrawal on cathodes adds short-term stability but limited impact on scrap buying trends.
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