Daily Pour

Date: 09/09/2025   Issue No.: 3750/25-26

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear all,

 

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

*** India: Melting scrap prices remain unchanged d-o-d in Alang 

*** India: BigMint's scrap index rises INR 400/t d-o-d on strengthening steel prices

*** Chinese Magnesium Ingot suppliers hold prices steady

*** Chinese Ferro Moly price stays stable

*** Chinese Cerium Metal prices stable

*** Chinese Metallurgical coke prices decline 

*** Chinese Carburiser prices stay stable

*** Chinese Silicon Manganese suppliers offer remain stable

Raw Material News

India: Melting scrap prices remain unchanged d-o-d in Alang

Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 8 Sep'25. According to BigMint's assessment, HMS (80:20) prices were at INR 31,700/t ($360/t) ex-yard. The regional market witnessed average trade volumes in semi-finished and finished steel in the previous trading session. Furthermore, moderate scrap procurement interest from Bhavnagar-based IF mills led suppliers to maintain stable pricing today.

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India's stainless steel scrap prices inch up w-o-w on improved buying interest

SS scrap prices rise on alloy costs, steady demand

LME nickel dips 1%, inventories up 3%

India's stainless steel (SS) scrap market edged higher w-o-w on improved buying interest coupled with rising raw material costs, firmer ferro-molybdenum and chrome prices, and stronger-than-expected finished steel demand. Global stainless steel producers have also raised bids or increased surcharges, signalling surge in momentum in overseas markets.

BigMint assessed domestic 304-grade scrap at INR 113,000/t ex-Delhi, up INR 1,500 from last week, while imported 304-grade scrap from nearshore origins rose $20 to $1,280/t CFR Mundra.

"Enquiries have always been there. However, a leading SS manufacturer was selling billets to scrap consumers which disrupted pricing. But demand has been consistent," a trader said.

A major buyer observed, "The increase in prices looks like a short term thing. The chrome hike is supply-driven, 316 availability is tight, but the October-December quarter could be positive as suppliers destock ahead of winter holidays."

LME nickel remains rangebound

Nickel prices on the London Metal Exchange (LME) softened 1% on the week, with the three-month contract at $15,275/t versus $15,380/t last week. LME-registered nickel stocks rose 3% to 215,310 t from 209,676 t.

BigMint's scrap assessments

Nearshore-origin SS 316 scrap (loose): $2,480/t, up $20/t w-o-w

Nearshore-origin SS 201 scrap (loose): $640/t, up $15/t w-o-w

Nearshore-origin SS 430 scrap (loose): $600/t, up $10/t w-o-w

SS 316 scrap ex-Delhi: INR 213,000/t, up INR 1,500/t w-o-w

Outlook

Stainless steel scrap prices are expected to remain on an upward trajectory in the near term as alloy costs, particularly molybdenum and chrome, continue climbing and availability stays tight, keeping supply-driven price pressure intact.

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India: Bids drop in SAIL-RSP's latest pig iron auction

SAILs Rourkela Steel Plant (RSP) conducted an auction on 5 Sept'25 for 5,000 t of steel-grade pig iron in which 3,500 t was booked at an average price of INR 32,800/t exw. This marked a decrease of INR 650/t compared to the previous auction on 13 Aug, in which the total quantity of 1,200 t was sold at INR 33,450/t exw.

5,000 mt of Indonesian High-Grade NPI Traded at 960 yuan/mtu

According to SMM, today 5,000 mt of Indonesian high-grade NPI was traded at a bottom price of 960 yuan/mtu, with nickel content of 10-12%, for September month-end delivery.

Industry News

Rising demand for India's exports in other countries to cushion US tariff blow

India has succeeded in diversifying its exports to countries in the Middle East, Europe, Latin America and Australia in recent years, which is expected to help the country cushion the blow from the US tariff hike.

While the United States remains the largest export destination, most of the major items shipped to the US are also exported to more than 15 other key markets across the world in the last three financial years, according to an article in the European Times.

“India’s export story is clearly at a turning point. While the US will continue to be a vital partner, the extraordinary growth of exports to countries such as the Netherlands, UAE, Australia, Saudi Arabia, South Africa, Brazil, and Mexico demonstrates that India is no longer dependent on a single market. These nations are not only absorbing India’s product basket but also offering avenues for expansion into advanced technologies and sustainable products,” the article states.

Collectively, exports to these major destinations amounted to $162 billion in 2024-25. The average growth rate of 19 per cent in Indian exports to these countries over the last three years is higher than 15 per cent in the case of the US. This reflects the potential of India’s diversified trade portfolio.

The large size of India’s domestic market, which reduces reliance on external demand, also insulates the country from the extent of harm that the US tariff hike can cause the economy, which is growing at the fastest pace in the world, according to global ratings agency Fitch.

The ratings agency kept India’s FY26 forecast unchanged at 6.5 per cent while projecting a higher 6.3 per cent growth for FY27, up from 6.2 per cent in its December update.

A recent Morgan Stanley report had also stated that India is the “best placed country in Asia,” amid the global uncertainty triggered by US President Donald Trump’s threat to jack up tariffs, because of the nation’s low goods exports to GDP ratio and strong domestic market.

“While India is exposed to direct tariff risks, we believe on balance India is less exposed to global goods trade slowdown, considering that it has the lowest goods exports to GDP ratio in the region,” the report stated.

India’s GDP growth accelerated to a robust 7.8 per cent in the first quarter (April-June) of the current financial year compared to the growth of 6.5 per cent during the same quarter of FY 2024-25.

The agriculture sector bounced back with a strong growth rate of 3.7 per cent in the first quarter of 2025-26, as compared to the growth rate of 1.5 per cent registered in the first quarter of the last financial year when farm output was hit by an erratic monsoon.

The manufacturing sector posted a growth of 7.7 per cent, and the construction sector grew by 7.6 per cent.

The growth rate of the tertiary sector, which includes services, shot up to 9.3 per cent during the first quarter of 2025-26 compared to the corresponding figure of 6.8 per cent in Q1 of FY 2024-25.

Gross Fixed Capital Formation, which reflects the amount of investment being made in the economy, went up to 7.8 per cent during the quarter from the corresponding figure of 6.7 per cent in the same quarter of the previous financial year.

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Tata Motors to Pass Full GST Reduction Benefit to Commercial Vehicle Customers

India's largest commercial vehicle manufacturer announces price cuts ranging from Rs 30,000 to Rs 4.65 lakh across its entire range, effective September 22

Tata Motors announced it will transfer the complete benefit of the recent GST reduction on commercial vehicles to its customers, effective September 22, 2025, when the revised tax rates take effect.

The company will reduce prices across its entire commercial vehicle portfolio following the GST Council's decision to lower the tax rate on commercial vehicles to 18 percent.

Price reductions will vary by vehicle category, with heavy commercial vehicles seeing cuts between Rs 2.8 lakh and Rs 4.65 lakh, while small commercial vehicles and pickups will benefit from reductions ranging from Rs 30,000 to Rs 1.1 lakh.

Girish Wagh, Executive Director at Tata Motors, described the GST reduction as "a bold and timely step towards revitalizing India's transport and logistics backbone." He stated the company would extend the full benefit to customers across the country as part of its commitment to supporting India's transport sector.

The price cuts affect multiple vehicle segments including heavy commercial vehicles, intermediate light and medium commercial vehicles, buses and vans, small commercial vehicle passengers, and small commercial vehicles with pickups. Buses and vans will see price reductions between Rs 1.2 lakh and Rs 4.35 lakh, while passenger small commercial vehicles will benefit from cuts of Rs 52,000 to Rs 66,000.

Tata Motors aims to reduce the total cost of ownership for transporters, fleet operators, and small businesses through these price reductions. The company expects this will accelerate fleet modernization and provide greater access to advanced mobility solutions, enabling transporters to improve operational efficiency and increase profits.

Commercial vehicles serve as the backbone of India's logistics and transport network, connecting communities and enabling trade across the country. The sector plays a crucial role in supporting economic growth by facilitating the movement of goods and services.

As India's largest commercial vehicle manufacturer, Tata Motors holds a leading position in the domestic market. The company is part of the $180 billion Tata Group and operates as a $52 billion organization with global operations spanning India, the UK, South Korea, Thailand, and Indonesia.

The company has encouraged customers to book their preferred vehicles early for delivery during the upcoming festive season. Exact pricing for specific vehicle variants can be confirmed at authorized Tata Motors showrooms.

Life Style and Management

Do you know the secret to successful teams ???

As leaders, we aspire to get the most out of our leaders, and we challenge them to get the most out of the team they lead.

And that can be achieved by the "10-80-10" Principle ! Let's talk about it.

Every team or organization consists of three groups -

The top 10 percent: disciplined, driven, self-motivated, want to be great, and work relentlessly.

The 80 percent: the majority—those who do a good job and are relatively reliable.

The bottom 10 percent: disinterested and defiant.

The key to success is moving as many of the 80 percenters into the top 10 percent as you can.Time is a limited resource. Stop wasting it trying to motivate the bottom 10 percent.

Four approaches to move the 80 percenters into the top 10 percent:

Mastery and belief - remind them of the quality of leadership; let them know they are being taught by masters of their craft.

Harness the power of the elite - everybody wants to be around the top 10 percenters. Use them to motivate the 80 percenters.

Ownership- the more sense of ownership you can instill in your people, the more motivated they will be to push into the top 10 percent.

Positive peer pressure - everybody is pushing each other to get better.

As the leader of your organization you’re probably continuously aware of it’s potential, and particularly your people’s upside talents. 

Jokes All the Way......

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The Institute of Indian Foundrymen