NEW YORK Brass ingot
makers light copper scrap and No. 2 copper scrap prices
have declined over the past week on poor demand.
Light copper scrap fell to a
range of $3.12 to $3.16 per pound on Jan. 16 from $3.21 to
$3.23 on Jan. 10, and is now trading at a discount of 45 to 49
cents per pound under Comex.
"Demand is not great, but better
than nonexistent," one seller said. "We had so much activity
for so long, I am starting to wonder if all of the grassroots
people got rid of their stockpiles."
No. 2 copper scrap fell to $3.20
to 3.24 per pound Jan. 16 from $3.28 to $3.32, trading at a
discount of 37 to 41 cents per pound under Comex.
Large consumers appear to be
sitting on the sidelines waiting for better prices before they
re-enter the market, according to traders.
"With as tough as things have
been, it seems conceivable that consumers are just hanging on
to things longer than they used to," a second trader said.
Copper and brass scrap supply
remains tight, however.
"Its been pretty tight for
scrap," one buyer said. "Margins are squeezed, people are
fighting. Its been like this for the past couple of
The tightness had led to steady
increases in prices of brass scrap such as No. 1 composition
solids, or red brass, in recent weeks, but declines in copper
prices on Comex and a weakening in demand held prices steady
Red brass prices were unchanged
at $2.67 to $2.70 per pound Jan. 16 while red brass turnings
continued to trade between $2.63 to $2.66 per pound, radiators
were flat at $2.25 to $2.28 and yellow brass solids remained at
$2.15 to $2.17 per pound.