Weekly round up: Non-ferrous scrap prices move lower w-o-w

All non-ferrous metals prices on the London Metal Exchange (LME) were on the downtrend w-o-w.

Against the backdrop of falling global scrap prices, domestic scrap prices were negative this week.

The dollar index, which measures the currency's value against a basket of six different currencies, was at 102.99, a modest increase of 1.1% from the previous week.

Government extends duty exemption in Budget 2023

The Customs duty exemption given to steel scrap last year is being extended to provide relief to MSME secondary steel producers, announced Finance Minister Nirmala Sitharaman in today's budget. The exemption from basic Customs duty on raw material for manufacturing of ferrous scrap and nickel cathode is also being continued. For secondary copper producers in MSME, the levy of concessional BCD of 2.5% on copper scrap will continue.

Global aluminium scrap prices show downtrend

India's imported aluminium scrap market witnessed a minor downward correction despite inadequate supplies from the overseas markets. Price drops are also being seen in the exchange markets such as the London Metal Exchange (LME).

With the exception of a few imported transactions, the US local market is known for being extremely competitive and offers not meeting the LME exchange market level.

Aluminium ADC12 ingots prices rise

Aluminium alloy ingots ADC12 prices increased by INR 4,000/t w-o-w on 1 February, 2023.

Copper scrap prices inch down

Copper armature scrap prices in India decreased by 0.5% w-o-w to INR 702,000/t ($8,510/t) exy-Delhi while primary wire rods prices decreased by up to 1.3% w-o-w, as LME's 3-month futures prices fell by 3% leading to fall in local prices too.

Zinc prices on downfall, lead firm

Domestic special high-grade (SHG) zinc ingots prices decreased by 2% w-o-w to INR 302,000/t ($3,661/t) exw-Delhi on lessening demand and a sharp fall in LME by 5% w-o-w. Furthermore, prices of domestic remelted lead ingots and refined lead ingots remained relatively stable.