- Tight global copper availability supports bullish market sentiment
- Weak spot demand in Europe limits sharp increase in scrap prices
Copper scrap prices in India increased marginally w-o-w on 03 June 2026, tracking the rise in London Metal Exchange (LME) copper prices, which rose by around by $300/t to around $13,950/t from $13,650/t a week back.
LME copper prices continued to strengthen amid ongoing concerns over potential US tariffs on refined copper imports under the Section 232 investigation. Market participants expect higher duties in the coming years, which has widened the arbitrage for copper deliveries into the US and attracted significant material flows toward the American market. This has tightened availability in other regions and supported bullish sentiment across the global copper market.
At the domestic level, buying activity remained largely requirement-driven across key trading hubs. According to BigMint’s assessment, copper armature scrap, ex-Delhi, rose around 3% w-o-w to INR 1,280,000/t from INR 1,240,000/t last week.
In the imported scrap segment, EU-origin brass honey increased to 59.5-60.25% of 3M LME CFR Nhava Sheva from 59-59.25% last week. Meanwhile, US-origin Copper Motor scrap, CFR Mundra, increased by $20/t w-o-w to around $1,700/t from $1,680/t last week, with buying activity in India remaining largely need-based at prevailing price levels.
Market scenario
In Europe, copper scrap payables and cathode premiums remained largely stable despite the rise in LME copper prices and declining visible exchange inventories. Limited spot market activity kept most assessments unchanged during the week.
Berry/candy scrap grades continued to trade at around 96-97% of the LME copper price, while Millberry remained stable at 97.5-98%. Birch/Cliff grades were heard around 90-90.5%. Market participants said both buyers and sellers largely maintained earlier price levels, resulting in limited fresh deals.
Tight scrap collection and higher replacement costs continued to support the market and prevented any major downside in payables. However, spot demand in Europe remained weak, restricting any sharp increase in global scrap prices. Some traders expect buying activity to improve slightly before the summer holiday slowdown begins.
In India, copper demand sentiment remained strong, while material availability improved as traders and processors started stocking scrap ahead of the monsoon season. Pakistan continued attracting copper motor scrap from India by offering nearly $70-100/t higher prices than domestic buyers. Market sources also indicated that a major Indian player has shifted purchases toward birch/cliff grades instead of millberry and premium grades. Meanwhile, continuous cast rods (CCR) imports into India slowed as Chinese buyers are currently offering better prices to overseas suppliers.
Several new copper recycling and processing plants are also expected to come up, especially in northern India, which will further strengthen domestic scrap demand in the medium term.
Outlook
Copper market sentiment is expected to stay strong due to US tariff concerns and tight material availability. Europe may continue seeing stable scrap prices because of limited collection and high replacement costs. In India, demand is likely to remain healthy with pre-monsoon stocking and new recycling plants. However, China’s better buying prices may continue pulling scrap material away from India.
Leave a Reply