India: Copper scrap prices rise w-o-w tracking LME gains

• LME copper crossed $14,000/t, sharply lifting Indian copper scrap offers w-o-w
  
  
• Need-based buying persisted amid heightened copper price volatility
  
  

Copper scrap prices in India increased sharply w-o-w on 13 May'26, tracking the strong rally in London Metal Exchange (LME) copper prices, which rose by $609/t to around $14,021/t from $13,412/t on 6 May. The sharp uptick in global copper prices continued to support imported and domestic scrap offers across Indian markets. Market activity, however, remained measured, with participants largely focusing on immediate procurement requirements amid elevated price levels.

At the domestic level, copper scrap prices continued to trend upward w-o-w, with higher replacement costs and firm global copper benchmarks supporting market offers across key trading hubs. According to BigMint's assessment, Copper Armature scrap, ex-Delhi, increased by 6 % w-o-w to INR 1,215,000/t from INR 1,146,000/t last week, supported by elevated global copper prices and higher replacement costs.

In the imported scrap segment, EU-origin Brass Honey remained stable w-o-w at 59.5% of 3M LME CFR Nhava Sheva. Meanwhile, US-origin Copper Motor scrap, CFR Mundra, increased by $40/t w-o-w to $1,700/t from $1,660/t last week, although buying activity remained largely need-based at higher price levels.

Market scenario

Copper prices surged w-o-w, supported by continued concentrate shortages, low TC/RCs and concerns over sulfuric acid supply disruptions amid ongoing geopolitical tensions in the Middle East. The sharp rise in LME copper prices pushed imported and domestic copper scrap offers higher across Indian markets.

Imported scrap suppliers revised offers upward multiple times during the week for Birch/Cliff, Candy and mixed copper grades. However, buyers remained cautious at elevated levels due to heightened volatility and uncertainty over near-term price direction, with most consumers preferring need-based procurement instead of bulk bookings.

In the domestic market, traders reported a seller-heavy trend, with material availability exceeding active consumption. Importers and stockists continued offering earlier booked cargoes at higher prices, although actual deal closures remained limited. Buyers across Jamnagar, Delhi and Mumbai largely resisted fresh purchases, awaiting some correction before re-entering the market.

Meanwhile, downstream manufacturers of conductors, components and semi-finished products faced pressure on processing margins, as finished goods demand failed to keep pace with the sharp rise in copper prices. As a result, physical scrap market activity remained relatively slow despite bullish global sentiment.

Concerns over sulfuric acid shortages and tight concentrate supply continued supporting the overall global copper outlook. Market participants believe ongoing geopolitical tensions may keep copper prices volatile in the near term, indirectly supporting elevated scrap prices

Deals heard

EU/USA-origin Copper Meatballs 21% - $2,575/t, CIF Mundra

EU-origin Mill Berry - 99% of 3M LME

EU-origin Candy Berry - 96.5% of 3M LME

EU-origin Birch Cliff - 91.75% of 3M LME

Outlook

The copper scrap market is expected to remain firm in the near term, supported by tight concentrate supply, low TC/RCs and ongoing geopolitical tensions supporting global copper prices. Elevated LME copper prices and higher replacement costs are likely to keep imported and domestic scrap offers supported across Indian markets.

However, heightened volatility, cautious buying interest and slower physical market activity may limit aggressive spot bookings. In the imported segment, firm overseas offers and tight scrap availability are expected to keep the domestic copper scrap market biased firm to volatile in the near term.