- Persistent bid-offer gap limits trading activity in Jamnagar
- Healthy domestic demand offsets weak export sentiment
India’s brass honey scrap prices increased by 2% w-o-w on 10 July 2026, supported by higher domestic copper prices despite largely rangebound LME copper prices during most of the week.
BigMint’s assessment placed brass honey scrap prices at around INR 820,000/t exw-Jamnagar, up by INR 15,000/t from INR 805,000/t a week earlier.
LME copper traded in the $13,200-13,300/t range during the week as uncertainty surrounding potential US copper import tariffs, a stronger US dollar, and weak Chinese demand offset support from declining exchange inventories. However, copper prices rebounded sharply on Thursday to around $13,490/t amid renewed Middle East tensions, reviving concerns over potential supply disruptions.
Market scenario
India’s brass honey scrap market remained cautious during the week, with buying activity continuing to be driven by immediate production requirements.
Market participants reported that processed brass honey scrap was offered at INR 817-820/kg ex-Jamnagar, while buyers remained comfortable bidding only INR 800-805/kg. The persistent INR 12-20/kg bid-offer gap significantly restricted deal closures, with both buyers and sellers reluctant to adjust their price expectations.
According to market sources, downstream manufacturers refrained from building inventories as demand for finished brass products remained subdued and margins continued to stay under pressure.
Most purchases were concluded only to meet near-term production needs, with consumers expecting better buying opportunities if copper prices softened.
Export demand for brass ingots also remained weak, limiting production schedules at several secondary brass manufacturing units in Jamnagar and weighing on overall market sentiment.
However, the domestic market continued to witness healthy booking activity for brass honey scrap, with several sizeable domestic supply orders reported during the week, indicating that underlying consumption from the secondary brass manufacturing sector remains steady despite cautious procurement behavior.
Additionally, Siyaram Recycling Industries secured a domestic fixed-price order worth INR 9.84 million from Micronova Industries for the supply of brass scrap. The order is scheduled for execution within seven days, highlighting continued procurement activity
Current brass honey scrap price indications
- UK: 61% of LME
- Belgium: 60% of LME
Outlook
Going forward, the Indian brass honey scrap market is expected to remain stable, while firm imported scrap replacement costs and healthy domestic order bookings are likely to provide support, subdued downstream demand, weak export enquiries, and the persistent bid-offer gap are expected to limit trading activity.
Market participants will continue to closely monitor LME copper price movements, geopolitical developments, and global demand indicators for clearer market direction.
Leave a Reply