Daily Pour

Date: 30/01/2026   Issue No.: 3795/25-26

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear all,

74th Indian Foundry Congress & IFEX, 12-14 Feb 2026, Mumbai

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Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

*** India: Melting scrap prices decrease by INR 500/t d-o-d in Alang

*** India: Foundry scrap prices firm up led by western and southern India

*** India: Chennai ferrous scrap prices remain stable w-o-w amid moderate steel demand 

*** India: BigMint's ferrous scrap index gains INR 200/t d-o-d amid positive market sentiment

*** India: CR busheling prices rise by around INR 600/t in latest auction from leading automaker

*** India: Bids decline by INR 100/t in NMDCs latest pig iron auction

*** Indian metallurgical coke prices rally on rising costs, tight supply

*** India: Major stainless steel coil manufacturer raises coil prices on cost pressure

Raw Material News

India-EU FTA: A "Mother of All Deals" to Boost Auto, Defence & Textiles

A report by EY characterizes the newly concluded India-EU Free Trade Agreement as one of the most forward-looking trade packages India has negotiated. The deal promises significant impacts, including slashing auto import duties to spur competition and lowering tariffs to boost EU aerospace exports to India. It grants Indian textiles zero-duty access to the EU market, restoring competitiveness lost after the GSP withdrawal. The agreement also facilitates easier movement of IT professionals and aims to establish structured Social Security Agreements.

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India: Melting scrap prices decrease by INR 500/t d-o-d in Alang

Ship-breaking melting scrap prices in Gujarat's Alang fell by INR 500/t d-o-d on 29 Jan'26, according to BigMint's assessment. HMS (80:20) prices stood at INR 32,500/t ($353/t) exy. Trade activity for both semi-finished and finished steel remained sluggish in yesterdays session, accompanied by a price drop of INR 400-500/t. Only moderate scrap demand from local buyers prompted suppliers to reduce their offers today.

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India: CR busheling prices rise by around INR 600/t in latest auction from leading automaker

In a prominent automaker's auction for 5,600 t of low-manganese CR busheling scrap from its Gurgaon-Haryana plant on 28 Jan'26, bids reached INR 36,800-37,000/t ex-works, up by around INR 600/t from 8 Jan's 4,000-t auction, which closed at INR 36,200-36,400/t. The rise reflects buoyant steel market sentiments, with primary producers hiking HR and CR coil prices.

Industry News

India's Growth Pegged at 6.8-7.2% for FY27, Survey Sees Strong Domestic Engine

The Economic Survey tabled in Parliament projects India's GDP growth for FY27 in the range of 6.8% to 7.2%, reflecting medium-term strength. It identifies resilient domestic demand, particularly urban consumption, as the main anchor for the economy. While external stability provides insulation, the survey cautions that risks from a fragile global environment and geopolitical tensions remain elevated. The positive outlook is supported by structural reforms and sustained macroeconomic stability.

India's economic growth remains resilient with strong domestic demand acting as the main anchor, even as the global environment continues to remain fragile, according to the Economic Survey of India tabled in Parliament on Thursday.

Taking an optimistic view of the economy, the Economic Survey estimated India's potential growth at around 7 per cent. It also projected that India's GDP growth in FY27 is likely to remain in the range of 6.8 per cent to 7.2 per cent, reflecting the economy's medium-term strength supported by reforms and macroeconomic stability.

The Survey noted that while global economic conditions remain uncertain and fragile, India's overall outlook continues to be positive. It highlighted that India's growth is holding up better than expected compared to many other economies, although risks remain elevated due to global uncertainties.

According to the Economic Survey, India's external stability continues to be a key strength for the economy. This has helped the country remain relatively insulated from global volatility. However, the report cautioned that the impact of global shocks could surface with a lag, and policymakers need to remain vigilant.

The Survey emphasised that domestic demand continues to be the primary driver of economic growth. Strong consumption demand, particularly in urban areas, has supported overall economic activity. It noted that tax rationalisation measures undertaken in recent years have contributed to an improvement in urban consumption, providing further momentum to growth.

The Economic Survey also highlighted that India's medium-term growth trajectory remains strong, supported by structural reforms and sustained macroeconomic stability. These factors have helped improve economic fundamentals and enhance the economy's ability to withstand external shocks.

While acknowledging that growth has been better than initially expected, the Survey pointed out that risks to growth remain elevated due to a fragile global environment. It stated that geopolitical tensions, global financial conditions, and external economic uncertainties could pose challenges going forward.

Despite these risks, the Survey maintained a positive outlook for India, citing strong domestic fundamentals, stable external indicators, and ongoing reforms as key factors supporting growth.

Overall, the Economic Survey presented a balanced assessment, recognising both the strengths and risks facing the economy.

- ANI

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A "Mother of All Deals" to Boost Auto, Defence & Textiles

A report by EY characterizes the newly concluded India-EU Free Trade Agreement as one of the most forward-looking trade packages India has negotiated. The deal promises significant impacts, including slashing auto import duties to spur competition and lowering tariffs to boost EU aerospace exports to India. It grants Indian textiles zero-duty access to the EU market, restoring competitiveness lost after the GSP withdrawal. The agreement also facilitates easier movement of IT professionals and aims to establish structured Social Security Agreements.

The India-European Union Free Trade Agreement represents one of the most forward-looking and wide-ranging concession packages India has negotiated so far, highlighted a report by EY.

According to the report, the India-EU FTA truly represents an agreement between two economic giants.

It stated "The India-EU FTA represents one of the most forward-looking and wide-ranging concession packages India has negotiated this far".

The report noted that the agreement has the potential to significantly impact several key sectors, including automobiles, defence, aerospace, textiles and information technology.

In the automobile sector, the FTA proposes a phased reduction of import duties on completely built units (CBUs) from around 110 per cent to approximately 10 per cent, with an annual quota of 250,000 vehicles.

EY said this move may encourage greater competition and innovation in the Indian auto sector, benefiting consumers through more choices and potentially lower prices.

Additionally, lower import duties on completely knocked down (CKD) units, at around 15 per cent, are expected to support continued investments by European, Japanese and Korean manufacturers in local assembly operations. This is likely to strengthen domestic manufacturing, generate employment and help maintain price stability for consumers.

On strategic defence integration and industrial collaboration, the report highlighted the Security and Defence Partnership framework under the agreement.

EY said the framework lays the foundation for deeper industrial collaboration between Indian and European aerospace and defence firms, enabling technology exchange and improving interoperability.

Lower tariffs are also expected to improve the price competitiveness of EU aerospace exports to India, while supporting Indian original equipment manufacturers (OEMs) in building integrated supply chains with European partners.

The report added that the broader economic opening, along with defence cooperation, could accelerate localisation of critical aerospace technologies, such as complex radar systems or structural assemblies, through foreign direct investment and joint ventures.

In the textile sector, the agreement provides zero duty access to the EU market from Day 1. EY noted that this restores India's competitiveness, fully neutralising the impact of the earlier withdrawal of the Generalized System of Preferences (GSP). This will allow Indian textile products to enter the EU market at significantly more competitive prices.

For the IT sector, the report said that seamless movement of professionals and workers across EU countries may provide faster and easier access to new markets, particularly in the era of new AI technologies.

The agreement also creates a pathway for structured engagement on Social Security Agreements over the next five years, addressing a long-pending industry demand to reduce dual social security contributions. India already has Social Security Agreements with 12 EU countries, the report added.

The India-EU FTA was concluded on January 27, and it marked a watershed moment in India's global trade strategy. Both sides described this FTA as the "mother of all deals."

Prime Minister Narendra Modi, European Commission President Ursula von der Leyen and European Council President Antonio Costa jointly announced the conclusion of the India-European Union FTA at the 16th India-EU Summit, held during the visit of the European leaders to India.

Life Style and Management

16 Signals You’re Moving in the Right Direction

In professional life, it can be hard to tell if you’re moving in the right direction. These 16 signals can help you check if you’re on the right path:

- Making tough decisions – you don’t shy away from difficult choices and take responsibility.

- Learning from your own mistakes – you analyze mistakes and grow from them.

- Sharing experience without fear – you openly share knowledge with your team and colleagues.

- Trying new ways of working – you experiment with approaches and methods.

- Creating small daily wins – you recognize even small achievements every day.

- Finding unconventional solutions – you look for creative, out-of-the-box solutions.

- Observing without judging – you carefully observe without criticizing.

- Supporting colleagues in growth – you help others develop and reach their goals.

- Learning to listen and truly hear – you listen deeply to understand others’ needs.

- Exploring new professional horizons – you aren’t afraid to step beyond the usual.

- Adapting to change without fear – you respond flexibly to changes and new circumstances.

- Feeling when it’s time to act – you sense the moment to take decisive steps.

- Boldly setting ambitious goals – you set bold, high-reaching goals.

- Learning to work with different styles – you interact effectively with diverse people.

- Investing time in meaningful connections – you build valuable and genuine professional relationships.

- Believing in your own ideas – you trust your ideas and take action on them.

Remember: Moving in the right direction isn’t just about big achievements — it’s about the    small daily steps. Celebrate them and keep moving forward!

 

Jokes All the Way......

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The Institute of Indian Foundrymen 

Western Region

706, Madhava, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051