Indian brass billet exports to China remained active in the first week of November, with Chinese buyers raising their indicative buying levels to 63.5–64% of the LME three-month copper price from 63–63.5% a week earlier. A Jamnagar-based supplier reported sales of 8,000 tonnes to China, although exporters continued to face thin margins amid elevated domestic brass scrap prices.
With LME three-month copper at $14,001/mt on November 3, Chinese buyers' indicative levels of 63.5–64% translated to approximately $8,891–8,961/mt, averaging around $8,926/mt.
LME copper prices declined between October 27 and November 3. The three-month contract fell from $14,435/mt to $14,001/mt, down $434/mt, or 3.01%. The LME Copper Cash Settlement Price (CSP) decreased from $14,625/mt to $14,110.50/mt, a decline of $514.50/mt, or 3.52%.
Market participants in China said domestic demand had shown a slight improvement, while imports from India gained momentum, supported by more competitive pricing. Market participants in Jamnagar also reported improved export enquiries, with one supplier confirming sales of 8,000 tonnes of brass billets to China.
However, exporters said profitability remained under pressure. One market participant noted, "Margins are very less for brass billet exports, only higher volumes are feasible with quick payments against dispatch/BL."
Meanwhile, domestic brass scrap prices strengthened in most grades between October 28 and November 3, adding to manufacturers' cost pressures. Delhi Purja scrap increased to ₹832,000/mt ($8,742/mt), while Delhi Honey scrap rose to ₹877,000/mt ($9,215/mt). In Jamnagar, Vilayati scrap was assessed at ₹860,000/mt ($9,036/mt), while Honey scrap stood at ₹890,000–895,000/mt ($9,352–9,404/mt).
Despite improved Chinese buying indications and reported export volumes, higher scrap costs and limited processing margins continued to constrain the profitability of Indian brass billet exporters.
