en.Wedoany.com Reported - During the week of May 13, Indian copper scrap prices surged significantly week-on-week, primarily tracking the strong rally in London Metal Exchange (LME) copper prices. LME copper prices rose by $609/mt from $13,412/mt on May 6 to approximately $14,021/mt. The sharp rise in global copper prices continued to support quotes for both imported and domestic copper scrap across Indian markets. Market activity remained cautious, with participants mainly focusing on immediate procurement needs at elevated price levels.
At the domestic level, scrap copper prices continued to trend upward week-on-week, with higher replacement costs and firm global copper benchmarks supporting quotes in major trading hubs. According to BigMint assessments, for Delhi delivery, copper wire scrap rose 6% week-on-week to INR 1,215,000/mt, up from INR 1,146,000/mt the previous week, driven by rising global copper prices and increased replacement costs.
In the imported scrap segment, EU-origin brass honey scrap remained stable week-on-week at 59.5% of the March LME CFR Nhava Sheva price. US-origin copper motor scrap CFR Mundra rose by $40/mt week-on-week to $1,700/mt, up from $1,660/mt the previous week, but procurement activity at higher price levels remained need-based.
Market conditions indicated that copper prices soared week-on-week, supported by persistent concentrate shortages, low TC/RCs (Treatment and Refining Charges), and concerns over sulfuric acid supply disruptions due to geopolitical tensions in the Middle East. The sharp rise in LME copper prices pushed up quotes for both imported and domestic copper scrap across Indian markets. Imported scrap suppliers raised quotes for Birch/Cliff, Candy, and mixed copper grades multiple times this week. Due to severe volatility and uncertainty over short-term price direction, buyers remained cautious at elevated levels, with most consumers preferring need-based procurement over bulk bookings. In the domestic market, traders reported a trend leaning towards more sellers, with material availability exceeding active consumption. Importers and stockists continued to sell previously booked cargoes at higher prices, while actual transactions remained limited. Buyers in Jamnagar, Delhi, and Mumbai largely resisted new purchases, waiting for a market correction before re-entering. Downstream manufacturers of conductors, components, and semi-finished products faced pressure on processing margins, as finished product demand failed to keep pace with the sharp rise in copper prices. Despite bullish global market sentiment, physical scrap market activity remained relatively slow. Concerns over sulfuric acid shortages and tight concentrate supply continued to support the overall outlook for the global copper market. Market participants believe that ongoing geopolitical tensions may keep copper prices volatile in the short term, indirectly supporting elevated scrap copper prices.
In terms of confirmed deals, EU or US-origin copper meatballs (21% content) were traded at $2,575/mt, CIF Mundra; EU-origin Mill Berry at 99% of the March LME price; EU-origin Candy Berry at 96.5% of the March LME price; and EU-origin Birch Cliff at 91.75% of the March LME price.
Looking ahead, the scrap copper market is expected to remain firm in the short term, supported by tight concentrate supply, low TC/RCs, and persistent geopolitical tensions underpinning global copper prices. Higher LME copper prices and rising replacement costs are likely to continue supporting quotes for both imported and domestic copper scrap across Indian markets. Severe volatility, cautious buying interest, and slower physical market activity may limit aggressive spot bookings. In the import segment, firm overseas offers and tight scrap supply are expected to keep the Indian domestic scrap copper market biased towards firm to volatile in the near term.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
