India: Copper scrap prices drop marginally w-o-w despite high global prices

• Elevated prices keep buying sentiment cautious
  
  
• India's copper scrap imports were 29,980 t in May
  
  

Copper scrap prices in India declined w-o-w on 17 June 2026, despite benchmark prices rising; however, domestic market sentiment remained cautious. London Metal Exchange (LME) copper prices rose $400/t to around $13,800/t from $13,400/t a week back, supported by US tariff uncertainty, tight ex-China availability, and strong infrastructure demand. Elevated prices are keeping Indian consumers cautious and encouraging hand-to-mouth buying.

At the domestic level, buying activity remained largely requirement-driven across key trading hubs. According to BigMint's assessment, copper armature scrap, ex-Delhi, fell around 1% w-o-w to INR 1,250,000/t from INR 1,260,000/t last week.

India market

In north India, copper scrap market sentiment remained cautious yet supported by seasonal restocking activity ahead of the monsoon. Buyers in Delhi and surrounding regions continued procuring material primarily on a need basis, as fluctuating imported scrap offers and elevated prices kept purchasing decisions measured. Demand from secondary manufacturers remained moderate, with most market participants avoiding aggressive inventory build-up amid uncertain global price trends.

However, the onset of monsoon has encouraged some consumers and traders to gradually increase stock levels. Import shipments often face delays during the rainy season due to disruptions at ports and slower inland transportation, prompting buyers to secure material in advance. Heavy rainfall can impact the movement of containers from ports to processing hubs, creating concerns over timely availability of scrap.

Market participants also expect demand from wire, cable, electrical equipment, and infrastructure-related sectors to improve after the monsoon. This expectation has led some consumers to undertake selective restocking despite the current high-price environment. Additionally, manufacturers are maintaining higher inventories to avoid production disruptions caused by potential logistical bottlenecks or delayed imports during the rainy season.

Overall, while spot demand remains moderate, seasonal inventory replenishment and concerns over supply-chain disruptions are providing underlying support to copper scrap procurement activity across the domestic market.

Scrap imports

India's copper scrap imports stood at 29,980 t in May, down 2.4% m-o-m, reflecting cautious buying sentiment amid elevated global copper prices and fluctuating imported scrap offers.

Deals

Meatballs (USA): Attachment 20%, around $2,650/t CIF Vizag

Birch/Cliff (USA): traded at around 91.5% of 3MLME.

Candy Berry (USA): booked at 97.75% of 3M LME CIF Nhava Sheva.

Mill Berry (USA): offers heard at around 98.75% of 3M LME.

Brass Honey (USA): traded at 65% of 3M LME CIF Mundra.

Brass Honey (Europe): offers heard at 59.75-60% of 3M LME CIF Mundra.

Outlook

India's copper scrap market is expected to remain cautiously firm in the near term. While elevated LME copper prices and fluctuating imported scrap offers may continue to limit aggressive buying, seasonal restocking ahead of monsoon-related logistics disruptions is likely to support procurement activity. Import arrivals could face delays due to weather-related transportation challenges, prompting some consumers to maintain higher inventories.