India: Brass honey scrap prices surge w-o-w amid stronger copper rally, tight scrap availability

• Strong copper rally and tighter imports lift brass honey scrap market sentiment
  
  
• Higher LME prices and improved Chinese demand tighten scrap availability
  
  

Brass honey scrap prices in Jamnagar rose sharply w-o-w to INR 790,000/t on 8 May 2026, up by INR 30,000/t from the previous week, supported by the rally in LME copper prices and tightening scrap availability. Also buying activity remained strong from downstream manufacturers.

Supply conditions tightened further during the week, particularly for clean imported Honey-grade material. Traders reported that many suppliers avoided forward commitments following the sharp rise in copper prices, while slower container arrivals and vessel disruptions through Middle East trade routes reduced spot availability in key Indian ports.

Market scenario

Indias brass honey scrap market witnessed a strong upward movement this week, with buying sentiment improving significantly after LME copper crossed $13,500/t on 8 May. The sharp increase in copper prices immediately lifted replacement costs for importers and processors, resulting in higher offer levels across domestic markets.

In Jamnagar, procurement activity remained strong from brass component manufacturers, supported by stable export demand for brass valves, fittings, and precision engineering products. Several processors preferred immediate purchases to maintain production continuity as inventories at many units remained lower than normal levels.

Improving Chinese demand for brass finished products tightened the global scrap supply chain, as manufacturers resumed export-linked production and increased purchases of Honey-grade scrap. This led international suppliers to prioritize Chinese buyers, particularly for cleaner European and Middle East-origin cargoes, tightening availability and raising procurement costs for Indian importers.

Import logistics also remained challenging during the week. Arrivals into Mundra and Nhava Sheva continued to face delays due to container scheduling disruptions and vessel congestion across Middle East trade routes, restricting spot material availability in the domestic market.

Price indications for EU-origin brass honey scrap into Mundra were heard around 60.5% of 3M LME, while Australian-origin cargoes were assessed near 66% of 3M LME. Domestic market prices were heard around INR 792,000-795,000/t in Delhi and INR 785,000-788,000/t in Mumbai, reflecting the stronger bullish trend across major trading hubs.

Overall, the market remained firmly supported by rising copper prices, tightening import availability, stronger Chinese buying activity, and continued demand from domestic downstream manufacturing sectors.

Outlook

BigMint expects Jamnagar brass honey scrap prices to remain firm in the near term, supported by elevated LME copper prices and steady buying interest.

Asian copper scrap supply is also expected to remain severely tight due to lower volumes and weaker quality of US exports, recovering domestic consumption in the US, depleted inventories following earlier copper price volatility, and tighter scrap flow controls in China.

Overall, the market is expected to stay well-supported in the near term as tight regional scrap availability and strong replacement costs continue to support bullish sentiment across major trading hubs.