Domestic copper armature prices have been reported at INR 735,000/t, exy-Delhi, rising w-o-w, reflecting an increase of 3.4%. Notably copper prices in the futures market LME have hit 14-month high levels i.e. up over $9,350/t levels recently followed by prices in SHFE which is currently at $10,175/t a rise of 2.4% w-o-w.
Prices of secondary CCR rods (99%) were at INR 783,000/t ex Delhi, rising by 4% w-o-w. Meanwhile, primary CC rods were observed at INR 815,000/t, up 4.5% w-o-w.
Imported scrap prices have increased by up to 3.4% w-o-w. Notably, brass honey scrap from the Middle East has risen by $190/t to $5,780/t CFR Mundra.
China’s primary manufacturing index’s return to positive territory after six months has ignited hope for increased demand from the world’s largest consumer of natural resources. The official purchasing managers’ index (PMI) climbed to 50.8 in March from 49.1 in February, surpassing the 50-level that signifies growth, marking its highest point since March 2023.
According to a source, birch cliff and copper motors scrap from the US are being diverted to China, Japan, and Korea due to their offering of higher prices, reaching up to 94% for birch, in contrast to India. Currently, there appears to be a reduction in the availability of birch from Saudi Arabia and Kuwait. Indian buyers are bidding below 91%, while sellers are seeking prices exceeding 92.5%.
Demand for secondary continuous cast copper rods (CCR) stayed strong in both western and northern markets. However, there are reports indicating that talk scrap, previously purchased by northern mills, is now being diverted to Gujarat due to heightened demand in that region with trades heard at 54.5% LME prices from USA origin to CFR Mundra.
BigMint assessment of USA-origin talk scrap was at $4,830/t, up by $100/t w-o-w, Middle East origin largely from the UAE prices were recorded at $4,635/t, rise by $115/t w-o-w.
The price of copper motors mix from the USA to India stands at $1,190/t. However, India is facing challenges in procuring at these levels as Pakistan buyers are bidding at $1,220-1,230/t. Additionally, Malaysia is providing a higher price range of $50-60/t for motors compared to India leading to a shortage of motor material in India.
Recent offers, deals
Mill berry from the US is currently being offered at 99% and 98.5% LME prices from UAE, CFR WC India.
UK brass honey trade prices stood at 63% of LME cash prices.
Birch-Cliff scrap traded 92-92.25% LME prices from the US to CFR Mundra.
Copper primary CC was traded at INR 815,000/t exw Delhi, for 20 t, excluding GST.
Copper small motor scrap from the USA is priced at $1,400/t CFR WC India.
Copper mix motor scrap ranges from USA is $1,200 to $1,250/t CFR WC India.
Copper large motor scrap ranges from USA is $1,100 to $1,150/t CFR WC India.
Copper meat ball, USA (18-20% cu) offers range from $1,720- 1,740/t CFR WC India.
