SMM Weekly Survey on Brass Scrap Inventories (Aug. 15-19)

SHANGHAI, Aug. 23 (SMM) –Based on the latest SMM survey, brass scrap inventories maintained for seven days last week, essentially keeping a balance between supply and demand. Unclear copper price trends added to copper consumer’s wait-and-see sentiment, and most of them chose to make purchases on an as-needed basis, while fewer copper rod orders during the seasonal low demand period also dampened restocking activities. Moreover, there were limited new goods arriving over the past week, and as overseas brass scrap offers only inched back to USD 5,650/mt after copper prices moved lower, most traders stopped placing orders. With no signs of an increase in supply, SMM believes supply and demand of brass scrap will remain in balance for the foreseeable future.