Date : 24/04/2024  Issue No.: 3477/23-24

Compiled By :  Aarti Ghag , Sr.Officer -WR 

                          B.Ramchandran, Chennai

Hello Everyone,

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Aarti Ghag

Sr. Officer IIF-WR

*** India: Melting scrap prices inch down by INR 200/t d-o-d in Alang

*** Indian mills return to bulk scrap imports. What factors are driving this trend?

*** India: BigMint's ferrous scrap index falls by INR 100/t amid soft trades

*** Indian silico manganese export prices surge to 11-month high

*** India: Coal traffic at ports increases by 2% m-o-m in Mar'24

*** India: Ferro silicon prices steady amid normal market operations

India: Melting scrap prices inch down by INR 200/t d-o-d in Alang

Ship-breaking melting scrap prices in Gujarat's Alang market decreased by INR 200/t d-o-d on 23 Apr'24. According to BigMint's assessment, HMS (80:20) prices stood at INR 36,600/t ex-yard. The decline in semi-finished steel prices in yesterday's session, coupled with moderate buying enquiries for scrap due to weak sentiments in the spot market, prompted suppliers to reduce their offers today.

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Indian Stainless Mills Raise Prices for Second Time 

India's leading stainless steel producer raised prices for second time in a week, with a fresh hike of Rs 2,000/ton for 304 grade and Rs 3,000/ton for 316L, in both HR, CR. Earlier, on April 21, prices for SS 304 surged by Rs 3,000/ton and SS 316 by Rs 5,000/ton. The move is attributed to recovering trends, amid rising Nickel prices.

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India’s iron ore exports hike in FY23-24 y-o-y

23 Apr 2024 16:12 

According to data from India’s authority, in the fiscal year of 2023-24, India’s iron ore exports were preliminarily estimated at about 47.8 million tons, hitting a three-year record high and soaring by 130% year on year. Among them, China and India were ranked first and second export destinations, respectively.

However, the exports in February and March decreased by 22% and 33% year on year, respectively. This showed that demand from China decreased.

India's economic activity surges to 14-year high in April: HSBC survey

India's economic activity surged close to a 14-year high this month on the back of a strong performance of the manufacturing and services sectors, according to an HSBC survey released on Tuesday.The HSBC composite purchasing managers' index compiled by S&P Global for India, increased to 62.2 in April from the final reading of 61.8 for March. A reading of 50 on the index represents the dividing line between expansion and contraction in the economy.

"Strong performance in both the manufacturing and service sectors, led by increased new orders, resulted in the highest composite output index since June 2010," said Pranjul Bhandari, Chief India economist at HSBC.The strong expansion was led by services activity with the index rising 61.7 from 61.2 in March due to an acceleration in the growth of new business.

The manufacturing PMI continued with strong growth in March at 59.1 in April with an increase in production as well as new orders for goods.The increase in production to meet rising demand supported jobs growth, especially in manufacturing with employment increasing at the fastest pace in one-and-a-half years. However, the employment generation in services was a tad slower than in March, according to the survey.

Overall international demand was solid and the composite sub-index rose to its highest level since September 2014, when it was first included in the survey.Strong sales have also improved the business outlook for the next 12 months.

"Manufacturing margins improved in April as firms were able to pass on higher prices to customers due to strong demand conditions," added Bhandari.

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Royal Enfield targets 1 million unit sales in FY25, to invest over Rs 1200 croreAutocar Professional exclusively reports that Royal Enfield plans to reinforce its ‘Classic’ branded portfolio with multiple interventions in FY25 across price points and form factors. Led by the most aggressive product onslaught in its history of over 6-9 new models in FY25, Royal Enfield, the world's largest mid-size motorcycle maker has set a target to cross 1 million units sales for the first time ever this year.  

Autocar Professional learns that the company has lined up an investment of Rs 1200 crore to Rs 1400 crore in the current financial year as part of its business plan for FY25. The investment will go into boosting its product portfolio, R&D and other capabilities in order to ensure that the company continues to hold on to its predominant share in the Indian market.

It plans to sell 1.03 million units globally in FY25 which would lead to a growth of over 12-15% in the current financial year. The domestic sales target is around 9.4 lakh units, whereas international sales, which witnessed severe headwinds last financial year, are again being targeted to bolster growth with volumes of around 75000 to 90000 units.An email sent to Royal Enfield seeking an official statement did not elicit any response till the time of publishing.

Royal Enfield has held on to its market share in the growing Indian motorcycle market in a year that saw big global entrants such as Harley Davidson and Triumph. The company retained its share in the overall two wheeler space with a share of 4.64% and it retained a whopping share of 88% in 250 cc to 800 cc segment in the country with a sales of 8.34 lakh units.  

Royal Enfield will be looking at reigniting its Classic motorcycle portfolio - which will witness a major intervention for the first time in its new generation J platform. There are products lined up right from 350 cc to 440 cubic capacities, 450 cc to 650 cc engine platforms.

Autocar Professional had exclusively reported in April that Royal Enfield will be launching 5 all new brands – Goan Classic 350, Scram 440, Guerilla 450, Interceptor Bear 650 and Classic 650 – then there will be major model intervention on the Classic 350 – with its J platform maturing well. There will also be some variant interventions on the Classic, Hunter and Meteor. 

Royal Enfield’s portfolio includes ten models – the Bullet 350, Classic 350, Hunter 350, Meteor 350, the 411cc-engine powered Scram 411 and Himalayan adventure bikes, the 650cc twins (Interceptor 650, Continental GT 650), the Super Meteor 650 and Shotgun 650. This would lead to a product portfolio expansion of almost 50% in the coming year.Sources say that the company is clearly flexing its muscles - by leveraging multiple products and engine architectures to create different form factors and design. It is building its geographical reach in the country which is already over 1800 to 2000 touch points strong and it continues to build a network of vehicle assembly bases globally to build volumes. The focus is also moving beyond products to lifecycle ownership - right from apparels and accessories to the aftermarket, resorting to moves like assured buyback which is well supported by the organised used vehicle program called ReOwn. Plus, the company has also got into rental space to ensure that the brand Royal Enfield is experienced across the value chain.

Flexibility wins the Game

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