“There’s been a massive destruction of value for people holding copper and brass scrap. Everyone has metal and is inquiring for prices. We have enough metal in our plant to get through the entire month of July so we’re not too motivated to lead the market,” one consumer source said.
Other consumers shared similar views, noting that appetites for metal have been limited due to strong inventory positions heading into the summer.
“I bought up most all my [third-quarter] needs. I am not actively beating the bushes. I would buy some material at the same spreads but [I’m] not being aggressive for it. Most consumers bought heavily recently and do not need much spot material,” a second consumer said.
Prices for brass ingot makers’ No 1 composition solids and yellow brass dropped by an average...