- Shipment delays, slow stock release by sellers tighten supply
- New smelters, cable imports lift domestic copper demand
Copper scrap prices in India firmed up w-o-w on 1 April 2026 following a rebound in London Metal Exchange (LME) prices to over $12400/t, a rise by more than $380/t w-o-w. The price rise was also driven by supply shortages in the country, largely due to ongoing geopolitical tensions in the Middle East, which have disrupted payment cycles and delayed shipments. Yard owners held back material, waiting for price clarity, adding to the tightness.
According to BigMint’s assessment, copper armature scrap, ex-Delhi, was assessed at INR 1,138,000/t, up 3% w-o-w. In the imported scrap segment, Brass Honey from Europe was assessed at 58.5% of 3M LME CFR Nhava Sheva, as against 56% observed weeks back, while copper Motors scrap from the US stood at $1,500/t, a 0.7% rise w-o-w.
Market scenario
Domestic scrap availability was limited during the assessment period, with very few fresh arrivals heard. Ports were also under pressure, with no significant stocks available and many containers stuck due to logistics challenges. This combination of constrained supply and delayed movement kept prices elevated.
Meanwhile, new demand sources are emerging. Small-scale smelting plants are coming up in regions such as Mandi Gobindgarh, which is expected to support additional copper consumption. Additionally, a major primary player has started importing copper cables for its smelter at around 92-93% of 3M LME prices. This step is likely to increase domestic scrap consumption, as smelters look for cost-effective alternatives to meet their requirements.
Meanwhile, Hindustan Copper Limited has approved an INR 469.55 crore project to establish a 3.0 mnt/year copper concentrate plant at its Malanjkhand mine in Madhya Pradesh. The company currently has an ore production capacity of around 4 mnt/year, which is planned to expand to around 12.2 mnt/year in phases. The new plant will enhance processing efficiency, with the engineering, procurement, and construction (EPC) contract awarded to Ardee Engineering.
Precision Wires India has started commercial copper rod production at its Valvada plant from 26 March 2026, following BIS certification. The company is also expanding its Silvassa facility, adding around 9,000 t/year of winding wire capacity, with another 6,000 t/year project expected by Q2FY’27, taking total capacity to around 61,000 t/year. This expansion boosts domestic copper rod availability at a time of tight supply, supporting the wire and cable industry and potentially easing pressure on scrap demand in India.
Recent prices heard (CIF west coast)
- Australian high-grade Druid – 93.5% of 3M LME
- Australian mid-grade Druid – 92% of 3M LME
- Australian low-grade Druid – 88% of 3M LME
- US-origin Millberry – Flat LME
- US-origin Candy Berry – 96.5-97% of 3M LME
- US-origin Birch Cliff – 92% of 3M LME, CIF Mundra
- US-origin Meatballs – 21% copper- $2325-2350/t, CIF Nhava Sheva
- EU-origin Brass Honey 6-7% – 59% 3M LME
Outlook
With limited material available in the market, tight port stocks, rising demand from new plants, and imports feeding into smelters, the domestic copper market is expected to remain firm in the coming weeks.
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