India: Imported copper scrap offers inch down w-o-w amid cautious market sentiment

• LME prices fall $400/t amid profit-booking, stronger US dollar
  
  
• Widening bid-offer gaps, fluctuating import offers weigh on trade
  
  

Copper scrap prices in India declined w-o-w on 10 June 2026, as benchmark prices fell and domestic market sentiment remained cautious. London Metal Exchange (LME) copper prices fell $400/t to around $13,430/t from $13,900/t a week back, as traders booked profits after the recent rally and remained cautious amid macro-economic uncertainty. A stronger US dollar following firm US jobs data also pressured prices, while weaker Chinese buying interest at elevated levels weighed on sentiment. Meanwhile, concerns over Middle East tensions and upcoming US inflation data added further pressure across the metals market.

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 2% w-o-w to INR 1,260,000/t from INR 1,280,000/t last week.

India market

In north India, copper scrap market sentiment remained volatile as buyers stayed cautious amid fluctuating imported scrap offers and widening bid-offer gaps. Secondary manufacturers in Delhi and nearby regions continued procuring material on a need basis due to elevated prices and uncertain overseas availability.

Indias copper market sentiment remains highly volatile, with large bid-offer gaps and trades occurring at both premiums and discounts across regions due to persistent supply tightness. To improve domestic ore availability, Hindustan Copper Ltd. (HCL) restarted the Kendadih copper mine after nearly 25 years and targets 225,000 t/year ore production, while Surda mine capacity expansion is planned from 400,000 t/year to 900,000 t/year.

India is also strengthening secondary copper production to bridge the domestic supply gap and reduce import dependence. HCL has partnered with LOHUM under a 20-year agreement to revive the Gujarat Copper Project at Jhagadia, Gujarat. The project includes restarting a 50,000 t/year secondary copper smelter and refinery, reflecting growing efforts to enhance domestic copper availability amid tight global market conditions.

Europe market

European copper scrap market sentiment remained firm during the assessment period, supported by strong export demand from Asia and limited local scrap availability. Copper Berry/Candy payables rose to 96.5-97% of LME copper prices, while Birch Cliff copper scrap increased to 90.5-91%. Millberry prices remained stable at 97.5-98%.

Asian buying interest continued to support European export offers, keeping domestic consumers under pressure to match higher price levels. Market participants noted that Asian demand is increasingly influencing European scrap pricing trends, especially as tight regional scrap availability continues to support the market

Outlook

The Indian copper scrap market remains cautiously firm amid tight imported scrap availability and continued global supply constraints. Trade activity is expected to remain volatile with region-wise price variations, while strong demand from semis and secondary manufacturers is likely to keep imported scrap offers supported in the near term.