India: Brass honey scrap prices in Jamnagar increase by over 5% w-o-w amid improving demand

• Limited imports keep prices elevated; supply recovery underway
  
  
• Weak export demand, Middle East geopolitical tensions limit upside
  
  

Brass honey scrap prices in Jamnagar moved up sharply w-o-w on 17 April 2026, supported by improving domestic demand and easing logistical constraints. Buying interest from brass ingot manufacturers strengthened, while better vessel availability indicated early signs of supply stabilisation. However, sentiment remained cautious due to geopolitical uncertainty and limited import inflows.

Brass honey scrap prices increased by INR 40,000/tonne (t) or 5.48% w-o-w to INR 770,000/t from INR 730,000/t, reflecting a firm recovery in spot activity. Improved trade flow and smoother logistics supported material availability, though procurement remained need-based amid evolving market fundamentals.

Supply conditions are expected to gradually ease with improving logistics and global recovery trends, supporting availability. However, the extent of improvement will depend on import volumes. Meanwhile, geopolitical developments linked to the US-Iran conflict continued to weigh on sentiment, with buyers maintaining cautious procurement strategies despite improving demand.

Market scenario

Brass honey scrap prices in Jamnagar remained firm, supported by steady domestic demand and limited local scrap availability as import volumes remained low due to disrupted trade flows, higher freight costs, and sourcing tightness in key regions such as Europe and the US, along with Middle East logistical disruptions.

In India, EU-origin brass honey (6-7%) scrap prices have increased from 58% to 60% of 3M LME. Tighter availability in export-origin markets, along with logistical disruptions -- particularly across Middle East routes -- has led to delayed shipments and elevated landed costs, discouraging higher import bookings. As a result, inflows remain insufficient to ease domestic supply pressure.

Any improvement in vessel movement will be key to easing supply. Meanwhile, improving export demand for brass ingots may tighten scrap availability further.

Export demand remains weak

Export prices of brass ingots were heard at around 63% of 3M LME, reflecting softer realisations due to weak demand in China. This pricing dynamic is indirectly impacting domestic scrap sentiment, as lower export margins reduce the upside for brass honey scrap prices in Jamnagar.

Outlook

BigMint expects Jamnagar brass honey scrap prices to remain firm in the next few days. Improving logistics and easing global supply conditions are likely to support availability, while recovering domestic demand and potential export activity to China may keep prices supported.

However, the pace of import recovery and geopolitical developments will remain key watchpoints. Higher imports could stabilise prices, while stronger demand may continue to lend upward support.