- Copper scrap demand steady, imports drive market
- Global volatility keeps traders cautious
Imported copper scrap prices in India trended positively on a week-on-week basis, supported by a slight uptick in London Metal Exchange (LME) copper futures to $9,950/t. Domestic copper scrap prices also mirrored this upward movement. According to BigMint’s assessment, Birch/Cliff scrap was at $9,230/t (CFR Mundra), rangebound w-o-w, while US motors mix stood at $1,170/t (CFR Mundra), largely stable w-o-w.
LME copper prices
LME futures inched up by $50/t, settling at $9,910/t compared with last week’s $9,760/t. Meanwhile, copper stocks at LME-registered warehouses were reported at 155,275 t, reflecting a decline of 3,200 t from the previous week’s 158,475 t.
India’s copper scrap market sentiment
India’s copper scrap market held firm this week, with strong procurement interest from secondary manufacturers and cable/wire producers. Imported Millberry continued to command premiums over LME tags, underscoring the tight availability of high-grade scrap.
Market scenario
Traders remained cautious as global signals stayed volatile. Uncertainty around US monetary policy and fluctuating LME prices pressured forward bookings, prompting buyers to opt for short-cycle deals. Domestic supply was also limited, as collection rates in the unorganised sector slowed due to rains and logistical bottlenecks. This kept reliance on imports elevated, particularly for Millberry and Birch/Cliff grades.
UAE-origin shipments attracted competitive interest, while European-origin cargoes secured stronger bids due to their consistent quality. Sentiment this week was described as firm-to-cautious—steady demand supported prices, but global volatility limited aggressive buying. At the same time, rains-driven disruptions and reduced collection ensured that imported grades, especially Millberry and Birch/Cliff, held premiums over LME tags.
Domestic copper scrap market
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 806,000/t ex-Delhi, up by INR 6,000/t w-o-w. While buying momentum picked up, participants maintained a cautious, wait-and-watch approach, shaped by domestic factors and global price swings. In the imported scrap segment, trading volumes stayed steady, but buyers remained selective amid currency volatility and fluctuating global copper prices. Overall, fundamentals remained supportive, though the domestic market showed early signs of cooling as participants monitored macroeconomic indicators and currency movements before taking fresh positions.
Outlook
The near-term outlook for India’s copper scrap market remains firm, with demand from secondary manufacturers and steady downstream consumption lending support. However, volatility in LME copper prices, currency fluctuations, and uncertain global policy cues are likely to keep traders cautious. Premiums for high-grade imported scrap are expected to persist, but aggressive restocking is unlikely until global signals turn more stable.
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