Daily Pour

Date: 07/04/2026   Issue No.: 3830/25-26

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear all,

 

IIF is proud to be an International Co-Organizer of the 76^th WFC 2026. We invite you to be part of this prestigious global foundry event.

• If interested, please fill the IIF form: https://forms.gle/DmcVvLfRNxzYyi5T6
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Kolhapur Chapter 

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With Regards,

Mrs. Aarti Ghag

Executive Officer, IIF-WR

 7303511171

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

*** India: Lloyds raises iron ore offers by INR 400-500/t ($4-5/t) in Chandrapur, Maharashtra

*** India: Pellet producers increase offers by INR 200/t ($2/t) in Raipur

*** India: Madhya Pradesh govt invites bids for Khudawal, Jhiti iron ore blocks

*** India: ERW patra pipe prices climb up to nearly 2-year high amid elevated input costs

*** India: Melting scrap prices rise by INR 1,000/t d-o-d in Alang

*** India: BigMint's ferrous scrap index surges on steel market rally

*** India Auto Retail Hits All-Time High of 2.97 Crore Units in Fy26, Five of Six Segments Set Records

*** Chinese Zinc Die Casting alloy price declines

*** Chinese Magnesium Alloy chip prices rise 

Raw Material News

India Waives Customs Duty on Key Petrochemical

India News
India last Thursday exempted imports of critical petrochemical products from customs duty for three months till June 30, giving relief to sectors such as pharmaceuticals, chemicals, and textiles, and helping ensure supply stability amid Middle East conflict, as the Economic Times reported. The government could also reduce import duties and regulate exports if necessary to ensure adequate domestic supplies of essential products whose availability is restricted by the war, said Lav Agarwal, Director General of Foreign Trade. He said the government is examining reducing import duties on critical raw materials and other essential goods. Goods which received the customs duty exemption included methanol, anhydrous ammonia, toluene, styrene, dichloromethane (methylene chloride), vinyl chloride monomer, poly butadiene, styrene butadiene, and unsaturated polyester resins.

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India's Metal & Mining Sector Set for Earnings Recovery Amid Global Headwinds

India's metal and mining sector is positioned for a near-term earnings recovery, driven by robust domestic demand from infrastructure and manufacturing. A sharp rebound in steel prices since late 2025 is expected to improve profitability in the ferrous segment. However, geopolitical tensions, particularly in the Middle East, have disrupted global supply chains, impacting aluminum supply and supporting iron ore prices. While cost pressures persist, the report projects strong EBITDA growth supported by better pricing and steady demand, with a cautiously optimistic outlook for early FY27.

India's metal and mining sector is poised for a near-term recovery, supported by improving domestic demand and a rebound in commodity prices, even as global geopolitical disruptions continue to shape supply dynamics, according to a recent report by Anand Rathi. The report highlighted that India remains structurally well-placed in the global metals cycle, driven by strong internal consumption trends. "India remains at the center of the global ferrous growth story, underpinned by strong infrastructure spending, continued urbanization, and manufacturing-led expansion," the report noted. A sharp recovery in steel prices since December 2025 is expected to drive improved profitability across the ferrous segment in the fourth quarter of FY26. Domestic steel prices have risen significantly, providing a cushion against rising input costs such as coking coal and iron ore.

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India's Services Sector Growth Slows in March Despite Strong Global Orders

India's services sector remained in expansion territory in March, though the pace of growth softened to a 14-month low. The slowdown was driven by a moderation in domestic new business, partly offset by near-record growth in international orders. Despite the easing momentum, business confidence reached its highest level in nearly 12 years, and job creation accelerated to its fastest pace in months. However, firms faced steep input cost inflation, leading to selling prices rising at a seven-month high.

India's services sector expansion moderated in March, with the HSBC PMI dipping to 57.5, marking the slowest growth rate in 14 months. The slowdown was attributed to softer domestic demand, partly influenced by external factors like the Middle East conflict. However, export orders remained a significant bright spot, nearing a series record on strong international demand. The report also highlighted a sharp acceleration in input cost inflation, the fastest in nearly four years, even as business optimism for the future reached a 12-year high.

The HSBC India Composite PMI was revised up to 57.0 in March 2026 from a flash estimate of 56.5, but eased from 59.9 in the previous month, marking the weakest reading since November 2022. Growth remained driven by services, while manufacturing expanded at a softer pace, with both sectors showing moderation. Total new orders rose at the slowest rate since November 2023, signaling some cooling in domestic demand, even as export orders increased at the fastest pace in seven months. Cost pressures intensified to their highest level in nearly four years. However, pricing trends diverged: service providers raised selling prices more aggressively, while manufacturers recorded the weakest increase in output charges in two years. At the composite level, overall inflation remained broadly stable compared to February.

Industry News

India's Services Sector Growth Slows in March Despite Strong Global Orders

India's services sector remained in expansion territory in March, though the pace of growth softened to a 14-month low. The slowdown was driven by a moderation in domestic new business, partly offset by near-record growth in international orders. Despite the easing momentum, business confidence reached its highest level in nearly 12 years, and job creation accelerated to its fastest pace in months. However, firms faced steep input cost inflation, leading to selling prices rising at a seven-month high.

India's services sector continued to expand in March, supported by strong international orders and rising business confidence even as domestic new‑business growth eased, a report said on Monday.

The HSBC India Services PMI report compiled by S&P Global said that India Services PMI or the headline figure remained above its long‑run average of 54.4.

The seasonally adjusted HSBC India Services PMI Business Activity Index eased from 58.1 in February to 57.5 in March.

Firms reported increased job creation at the fastest pace since mid‑2025 and the strongest outlook for output in almost 12 years.

"While new business gains continued to underpin growth, according to panellists, output was constrained by the detrimental impact of the Middle East war on demand, market conditions and tourism," the report said.

Indeed, intakes of new work rose but the pace was softest since January 2025 at the end of the last fiscal quarter.

Softer increases in sales were noted in three of the four broad areas of the service economy, namely Finance & Insurance, Real Estate & Business Services and Transport, Information & Communication.

All four categories recorded quicker expansions in new export orders. Subsequently, overall growth in foreign sales neared a series peak, the firm noted.

"Output across India's service economy rose at the softest pace in 14 months during March, mirroring the slowdown in growth of new business intakes but comparing with a near‑record expansion in international orders," the report said.

Meanwhile, selling charge inflation quickened to a seven‑month high amid the steepest increase in input costs since June 2022.

The slowdown in total new order growth occurred in parallel to a pick‑up in output charge inflation. Prices charged for the provision of Indian services rose to the greatest extent in seven months during March and one that was above the long‑run series average.

- IANS

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India Auto Retail Hits All-Time High of 2.97 Crore Units in Fy26, Five of Six Segments Set Records

The April-August period saw muted growth of 2-5 per cent monthly as consumers adopted a wait-and-watch approach ahead of anticipated GST 2.0 reforms.

India's automobile retail industry closed FY 2025-26 at a historic high of 2,96,71,064 units, registering a broad-based 13.30 per cent year-on-year growth that brought the market tantalisingly close to the 3-crore milestone. Five of six vehicle categories set all-time annual records, with only construction equipment bucking the trend.

The year, however, was a tale of two halves. The April-August period saw muted growth of 2-5 per cent monthly as consumers adopted a wait-and-watch approach ahead of anticipated GST 2.0 reforms. The inflection point came in September when the revised GST structure reduced effective tax burdens on mass-segment two-wheelers, small cars, three-wheelers and select commercial vehicle categories.

FADA President C S Vigneshwar characterised FY26 as "a landmark year for Indian auto retail," noting that the growth was "structurally sound, underpinned by improving affordability, widening mobility demand across urban and rural India, and a diversifying powertrain mix."

The festive period delivered spectacular results, with October recording an all-time monthly retail high of over 40 lakh units. Crucially, the momentum sustained well beyond the festive window — January, February and March 2026 each posted strong double-digit YoY growth, confirming that the demand upshift was structural rather than seasonal.

Category-wise performance

Two-wheelers finally reclaimed their pre-COVID peak, retailing 2,14,20,386 units at 13.40 per cent growth. The segment's recovery had been long awaited and was catalysed by GST-led affordability, improved rural cash flows and a broadening product portfolio spanning entry-level and aspirational segments. In March alone, two-wheelers surged 28.68 per cent YoY to 19,51,006 units.

Passenger vehicles crossed the 47-lakh mark for the first time at 47,05,056 units, growing 13.00 per cent. The segment benefited from a rich new-model pipeline, sustained urbanisation and the ongoing shift towards SUVs and alternative powertrains. PV inventory normalised dramatically from approximately 52 days in March 2025 to around 28 days by March 2026 — among the healthiest readings in recent years. Vigneshwar attributed this correction to "more disciplined dispatches, stronger retail pull, and a conscious effort by the dealer-OEM ecosystem to align wholesale more closely with ground demand."

Tractors were the standout performer, crossing 10 lakh retail units for the first time in history at 10,50,077 units, an 18.95 per cent surge driven by an excellent monsoon, strong rabi sowing and improving farm economics.

Commercial vehicles returned above the 10-lakh mark for the first time since FY19, retailing 10,60,906 units at 11.74 per cent growth. Infrastructure-driven freight demand and a particularly strong MCV sub-segment (up 22.98 per cent) powered the recovery. In March, the MCV segment stood out with 25.50 per cent growth, supported by infrastructure-linked goods movement and school-bus demand.

Three-wheelers set their third consecutive annual record at 13,63,412 units, growing 11.68 per cent, with the EV transition now accounting for over 60 per cent of the segment's retail.

Construction equipment was the sole laggard, declining 11.70 per cent to 71,227 units as project-level delays and a high base weighed on volumes.

The powertrain transition deepens

The fuel-mix data underscores how far India's powertrain transition has come. In the three-wheeler segment, EVs now command a dominant 60.95 per cent share. PV CNG share rose to 21.98 per cent (from 19.60 per cent in FY25), while PV EV share climbed to 4.25 per cent from 2.61 per cent. Two-wheeler EV share edged up to 6.54 per cent, with the monthly reading for March surging to 9.79 per cent — the highest ever, suggesting the segment is approaching critical mass.

CV electrification, while still nascent, nearly doubled its share to 1.83 per cent for the full year and hit 2.40 per cent in March. Total EV retail for FY26 stood at 24.52 lakh units, a 24.63 per cent expansion.

CNG continued to strengthen its position: PV CNG share touched 23.76 per cent in March (up from 20.75 per cent a year ago), while CV CNG held steady at around 11.79 per cent. The trend suggests that elevated fuel prices are accelerating, rather than dampening, the powertrain shift.

Rural narrows the gap

Rural India continued to close the gap with urban markets. For the full year, rural retail grew 13.05 per cent against 13.62 per cent in urban — near-parity that reflects expanding aspirational demand in the hinterland. Within PVs, rural demand meaningfully outpaced urban at 17.12 per cent versus 10.43 per cent. In March, the divergence was even sharper: total rural retail grew 26.49 per cent against 23.82 per cent in urban.

OEM market shares: key shifts

In the PV segment, Maruti Suzuki retained pole position with a 39.71 per cent share though this slipped marginally from 40.20 per cent. The more significant movement was below: Mahindra & Mahindra climbed to second position at 13.42 per cent (from 12.42 per cent), edging past Tata Motors at 13.04 per cent (from 12.87 per cent). Hyundai slipped to fourth at 12.29 per cent from 13.48 per cent. Toyota Kirloskar gained ground at 7.13 per cent (from 6.69 per cent), while Kia held steady at 5.94 per cent.

In March specifically, the picture was even more striking: Tata Motors surged to second place at 14.95 per cent, ahead of Mahindra at 13.87 per cent and Hyundai at 11.09 per cent — a sharp departure from the year-ago March when the three were clustered between 12 and 14 per cent.

In two-wheelers, Hero MotoCorp retained leadership at 28.40 per cent, Honda at 25.03 per cent, and TVS consolidated third place at 18.89 per cent (up from 17.49 per cent). Royal Enfield gained notably, rising to 5.18 per cent from 4.48 per cent. The most dramatic shift was Ola Electric's collapse from 1.82 per cent to 0.77 per cent, while Ather Energy climbed to 1.12 per cent from 0.69 per cent.

In commercial vehicles, Tata Motors led at 34.16 per cent (down from 35.69 per cent), Mahindra gained at 28.11 per cent (from 27.03 per cent), and Ashok Leyland held steady at 17.87 per cent.

Vigneshwar summed up the year: "FY'26 closes as a year of vindication for the India growth story in auto retail — where the right policy intervention, coupled with an improving macro backdrop and a confident consumer, delivered record volumes and set the stage for the next phase of structural expansion."

Life Style and Management

Six fruits and vegetables that have anti-ageing properties

The nutritionist explained that eating fresh fruits and vegetables keeps our cells "young, vibrant and disease-free"

Ageing is inevitable. However, due to our erratic and stressful lifestyle coupled with certain environmental factors, premature ageing is becoming increasingly common. But, by focusing on your diet, you can slow down this process. “We are living in a world of stress and chemicals. We are facing the greatest environmental assault in the history of mankind. Diseases and ageing are inevitable – unless you choose your food wisely,” nutritionist Anjali Mukerjee said in an Instagram post.

She explained that eating fresh fruits and vegetables keeps our cells “young, vibrant and disease-free”. “They have a major antiaging impact on our overall health,” Mukerjee added, sharing a list of plant foods that have a lot of antioxidants and help delay the ageing process.

Cabbage

Calling cabbage “a powerhouse against ageing”, the nutritionist said, “They help lower cholesterol, cut cancer risk, and boost immune function.”

Carrots
“They are a powerhouse against ageing. They help lower cholesterol, cut cancer risk and boost immune functions,” she wrote in the caption.

Grapes
Grapes contain “powerful antioxidants that can fight free radical damage to the cells in your body”.

Onions
According to the expert, onions help thin the blood, raise good cholesterol and are rich in quercetin — a powerful anti-inflammatory agent. “Just like garlic, they have powerful anti-ageing benefits,” she added.

Tomatoes 

Tomatoes have anti-ageing properties (Source: Getty Images/Thinkstock)

Tomatoes are a rich source of lycopene, Mukerjee shared. It is “a remarkable antioxidant which helps protect brain health and has powerful anti-cancer and anti-ageing properties.”

Spinach
Spinach is known to have many health benefits. But, did you know that it has anti-ageing properties, too? “The lutein in spinach has powerful anti-ageing properties and is great for eye health. Spinach is rich in folic acid which is required for DNA repair, which in turn slows down the ageing process,” the nutritionist said.

“It is important to eat vegetables for each and every meal in order to delay the ageing process,” she advised. 

Jokes All the Way......

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The Institute of Indian Foundrymen 

Western Region