India' ship-breaking melting scrap prices in Gujarat's Alang market decreased by INR 400/t d-o-d on 9 Dec'24. According to BigMint's assessment, HMS (80:20) stood at INR 34,200/t ($404/t) ex-yard. Semi-finished steel prices declined in the region following limited trade activity in the previous session. This, along with average trade activities in scrap, prompted suppliers to reduce their offers today.

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India: Shyam Metalics and Energy posts 51% y-o-y growth in stainless steel sales in Nov'24

Shyam Metalics and Energy's stainless steel sales touched 6,064 t in Nov'24, surging 51% from 4,025 t in Nov'23. Additionally, average realisations rose 6% y-o-y to INR 124,592/t. However, on a m-o-m basis, sales volumes dropped by 7% and realisations declined by 9%. The company's stainless steel capacity is 0.3 MTPA. Meanwhile, sales of aluminium foil climbed up by 30% y-o-y, with realisations increasing by 10% y-o-y.

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Indian fastener market holds significant growth potential

India's fastener market, bolstered by the thriving automotive sector, is projected to grow significantly. Valued at about US$9.06 billion in 2022, it is expected to reach nearly US$17.87 billion by 2030, with a compound annual growth rate (CAGR) of 7.9%. The automotive industry remains a key driver, alongside rising urbanization and industrialization, which have increased demand for infrastructure and construction projects.In 2023, China exported about US$359.32 million worth of fasteners to India, making India the 6th largest destination for Chinese exports in this sector. Conversely, China's imports of Indian fasteners totaled around US$13.46 million, ranking India 19th among China's import sources.
While India remains the fastest-growing large economy, with an average growth rate of 6.5% since 2021, the International Monetary Fund (IMF) forecasts a slowdown. Growth is expected to dip from 7% in 2024 to 6.5% in 2025.

Industry News

Tata Motors to hike prices by up to 3% from January 2025

Tata Motor's upcoming price increase reflects the broader trend of rising car prices by several manufacturers in India.

Tata Motors announced today that it will take a price increase of up to 3% across its passenger vehicles portfolio, including EVs. Effective January, 2025, the price increase will vary depending on model and variant, and is being taken to partially offset the rise in input costs and inflation, the company said.

This move aligns with similar price adjustments across the automotive industry, where manufacturers are grappling with higher costs of raw materials, energy, and logistics.

Maruti Suzuki India announced plans to increase the prices of its vehicles starting January 2025. The hike, which is expected to be up to 4%, will vary across different models. The decision comes as a response to escalating input costs and rising operational expenses, according to a statement from the company.

Hyundai Motor India Ltd announced it will increase prices across its entire model lineup, effective January 1, 2025. The decision comes as Hyundai said it is facing mounting input costs, unfavorable exchange rates, and rising logistics expenses.

German luxury car manufacturer Audi (India) announced an increase in prices across its entire model range effective January 1. The hike will see ex-showroom prices rise by up to 3%. Audi attributed the price hike to escalating input and transportation costs.

BMW India too, recently announced a price hike of up to 3% across its entire model range, effective January 1, 2025. The decision was part of the company's strategy to address rising costs and maintain premium quality standards.

Ducati India recently announced a price revision for select models in its motorcycle lineup, which will take effect from January 1, 2025. The adjustment will be applicable to the ex-showroom prices of specific models and variants at all Ducati dealerships across India, including locations in New Delhi, Mumbai, Pune, Bengaluru, Chennai, Kochi, Hyderabad, Chandigarh, Ahmedabad, and Kolkata.

Similiarly, Mercedes-Benz India will revise ex-showroom prices of its entire model range, effective from January 2025. The price increase will be up to 3%, depending on the model. This adjustment was attributed by Mercedes-Benz to rising input costs, inflationary pressures, and increased logistics expenses, which have been impacting the company's operational costs and overall financial performance.

Industry analysts suggest that while such hikes may impact demand in the short term, they are often essential for manufacturers to ensure long-term financial stability and continued innovation in vehicle design and technology.

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Govt plans to cut logistics costs to single digit in 2-3 years: Nitin Gadkari

The government aims to cut the logistics costs in the country to single-digit levels in the next two-three years, according to Union Minister of Road Transport and Highways, Nitin Gadkari.**The logistics cost in India is currently 14-16 per cent and “we will reduce the logistics costs as far as speed is concerned. I am sure that within two to three years, the logistics cost will be nine per cent, which would significantly enhance India’s economic competitiveness”, said the minister.

The government has launched several strategic policies to address logistics sector constraints, including the Prime Minister Gati Shakti-National Master Plan (PMGS-NMP) and the National Logistics Policy (NLP).Addressing an event in Mumbai, the minister emphasised the need to explore hydrogen as a key fuel source for the future, highlighting the potential of biomass and biodigester technologies to produce hydrogen and CNG.

The minister said the country will also lead the world in alternate and biofuels within the next 10 years.Currently, the total toll income currently stands at Rs 52,000 crore. Within two years, this income is projected to reach Rs 1.4 lakh crore.

“We are building green express highways and there is no issue regarding funding because every project we undertake is economically viable," Gadkari said at the ‘CNBC-TV18 India Business Leader Awards’ event.“We also have strong support from the Finance Ministry, with a budget of Rs 2.8 lakh crore. Most importantly, Prime Minister Narendra Modi has prioritised infrastructure development, focusing on sectors such as water, power, transport, and communication,” the minister emphasised.

Addressing challenges in infrastructure development, Gadkari stressed the importance of innovative strategies and collaborative efforts to overcome obstacles and ensure timely execution.From 2000 to 2022, India’s goods export increased from $48.5 billion to $467.5 billion while industrial exports grew from $39.6 billion to $317.4 billion. The government aims to reach $2 trillion in exports of goods and services by 2030.

Life Style and Management

On Humans, Robots and the Future of Work

Automation takes the pain and repetitive strain out of manufacturing. But as the technologies proliferate, we still have one challenge left: to finally tap into the full potential of the human workforce.In our everyday coverage , we often encounter themes and executive stressors that never seem to fade. We have, for example, the issue of skilled labor deficits, which has persisted in the industry for decades. Or we have the worry about job-stealing robots and machines, which goes back centuries. And behind it all, we have the steady drive of operational and technological improvements that pushes the industry ever forward… while also stirring the other issues ever back to the fore.

In today’s manufacturing environment, though, these “evergreen” concerns are especially sharp.On one hand, as unemployment sinks to progressively lower rates and operations become progressively more high-tech, the challenge to find enough skilled workers to take on the new opportunities this economy presents is enormous. In many cases, it’s simply impossible.

On the other side, a new breed of automation solutions—from cobots and low-code traditional bots to machine learning and AI (and everything in between) seem to offer a range of capabilities so broad that many worry they will not only help fill all of our unfillable positions but also eat into existing high-wage jobs.

These are significant issues and concerns that permeate the entire manufacturing industry.So, rather than just touching on the subjects in our usual mix, we decide to attempt to tackle it all—to tell a complete story of what expanded automation can mean to the manufacturing workforce and their safety, to operations and efficiency, and how to develop a strategy for it all that really works.

We encounter a lot of recurring themes, but the one that really connects it all hardly deals with robots at all. It’s about people.And that is exactly where the focus needs to be.

Oh, the HumanityUntil fairly recently, robots have served one primary purpose: to overcome the physiological limitations of human beings. They allow us to lift the unliftable and move the unmovable at speeds beyond natural comprehension.In the process, they have allowed us to build bigger, better products, to grow and develop our society and meet its expanding needs. They gave our industries superhuman strength, leaving us to handle human-powered work.

But now, automation has changed. The new robot generation has a different purpose: to overcome both the physiological and psychological limitations of human beings.With traditional robots doing the heavy lifting, human workers are often left with the remaining repetitive tasks—running small, detailed operations, piece after piece, every shift, every day, forever without end. However—as carpel tunnel cases and end-of-shift quality metrics can attest—this work runs counter to how both our bodies and our minds work.

Simply put, it’s not what humans are for.And now, robots are beginning to save us from this as well. But in the process, we need to ask ourselves a very serious question: If humans aren’t pallet trucks or pick-and-place machines, then what is our role in manufacturing?

This is the fundamental question of our times, and one every manufacturer and every executive needs to be asking.The human asset goes far beyond labor. Every worker on the floor is filled with ideas, insights, perspectives and abstract creative genius that no machine and no software can duplicate. The challenge now is to redefine our strategies to tap into that, to harness the true human potential.

But, if any of this is going to work, that process must occur in concert with automation. If not, we risk gaining productivity at the cost of innovation—a miscalculation no business can afford to make. In today, we need to address some of the most significant challenges in the manufacturing industry, with a particular focus on leadership, training, and the technologies of smart manufacturing.

Jokes All the Way......

The Institute of Indian Foundrymen

Western Region

The Institute of Indian Foundrymen

The Institute of Indian Foundrymen