Daily Pour

Date: 12/08/2025   Issue No.: 3736/25-26

Compiled By: Aarti Ghag, Sr. Officer - WR

B. Ramchandran, Chennai

IIF News

Dear Exhibitor,

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

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

*** India: BigMint's scrap index gains INR 100/t w-o-w amid moderate demand

*** Falling Indian rupee dampens imported scrap demand

*** India: Imported, domestic stainless steel scrap prices dip w-o-w amid LME nickel fluctuations

*** India: Jindal Stainless urges anti-dumping duties to protect domestic industry

*** India: Imported pet coke offers remain stable w-o-w amid muted demand

*** Chinese High Purity Ferro Silicon prices weaken

*** Chinese Silicon Metal Prices steady

Raw Material News

India: Ferro chrome prices tickup w-o-w amid tight supply, improving demand

Selective buying persists as demand improves

LME nickel prices remain rangebound

Indian high-carbon ferro chrome (HC60%, Si:4%) prices edged up by INR 800/t ($9/t), as compared to the last assessment on 30 July, supported by limited supply and modest demand recovery, while stainless steel demand stayed weak.

Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices were assessed at INR 100,500/t ($1,146/t) exw-Jajpur, as per BigMints assessment on 6 August. Around 640 t of deals were concluded last week within the price range of INR 100,000102,000/t ($1,140-1,162/t) exw.

Prices for low-silicon high-carbon ferro chrome inched up by INR 900/t ($10/t) w-o-w to INR 105,400/t ($1,201/t) exw-Jajpur. Approximately 1,450 t were traded within the range of INR 105,500107,000/t ($1,2021,220/t) exw. Meanwhile, prices for low-carbon ferro chrome (C: 0.1%) went up by INR 1,700/t ($19/t), reaching INR 199,700/t ($2,276/t) exw-Durgapur.

Market recap (31 July- 6 Aug)

Limited supply lifts domestic offers: The ferro chrome market witnessed a mild supply crunch, as several producers are already booked or supplyingto export orders. Additionally, some key sellers have shifted production to low-silicon and low-carbon ferro chrome, further reducing the availability of standard-grade material in the local market.

In response, sellers have raised their offers to INR 102,000/t and above. Although buyers remainedcautious, a gradual improvement in demand has supported a slight w-o-w price uptick.

Chinese prices remain stable w-o-w:Ferro chrome (HC 60%) prices in China inched up by RMB 100/t ($14/t) week-on-week to RMB 7,950/t ($1,106/t) ex-works, Inner Mongolia. Production capacity utilization remained stable, ensuring sufficient market supply. However, weak downstream demand continued to dampen trading activity.

With no recent policy changes affecting the industry, market sentiment stayed cautious. Traders largely adopted a wait-and-watch approach in anticipation of potential announcements on steel production quotas.

While raw material costs provided some cost support, profit margins remained thin, keeping pressure on smelters. Liquidity stayed balanced, with no signs of speculative activity, pointing to a subdued yet stable market environment.

Mixed trends in stainless steel market

BigMint's benchmark assessment for 304 grade HRC dropped marginally by INR 2,000/t w-o-w to INR 185,000/t ex-Mumbai. Market sentiment in India's stainless steel sector stayed muted, as buyers remained cautious following the newly announced BIS certification rules for imports and ongoing fluctuations in LME nickel prices.

At the time of reporting, three-month nickel prices on the London Metal Exchange (LME) stood at $15,100/t, range-bound w-o-w. Nickel stocks at LME-registered warehouses stood at 211,254 t, up 3% w-o-w compared to 204,912 t in the previous week. Demand for stainless steel may improve after monsoon, driven by seasonal restocking ahead of festivities.

Outlook

Ferro chrome prices are likely to fluctuate in the near term, supported by tight supply and subdued demand from the stainless steel sector.

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

Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 8 Aug'25. According to BigMint's assessment, HMS (80:20) prices were at INR 31,800/t ($363/t) ex-yard. Average trade activity was observed for semi-finished and finished steel during yesterday's trading session in the region. Additionally, moderate buying inquiries for scrap by Bhavnagar-based IF steel mills prompted suppliers to keep their offers stable today.

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India: Imported, domestic stainless steel scrap prices dip w-o-w amid LME nickel fluctuations

Stainless steel scrap prices ease w-o-w
LME nickel rises 2% w-o-w
India's imported and domestic stainless steel (SS) scrap prices see downtrends w-o-w amid moderate trading activity driven by sufficient inventory levels at mills and bid offer disparities. Meanwhile, nickel prices on the London Metal Exchange (LME) recorded a modest drop w-o-w.

According to BigMint's assessment, domestic 304-grade SS scrap stood at INR 111,000/tonne (t) ex-Delhi, down INR 1,000/t w-o-w. On the other hand, the imported variant of the same grade, sourced from nearshore regions, was priced at $1,270/t CFR Mundra, down $10/t w-o-w.

LME nickel prices rise w-o-w

Nickel prices on the LME showed a uptrend. The three-month LME nickel price was recorded at $15,080/t, up 2% from last week's $14,840/t. Nickel stocks in LME-registered warehouses were up by 2% to 208,692 t against the previous week's 204,456 t.

Market updates

Trading activity in India's stainless steel scrap market stayed moderate this week as mills largely stayed on the sidelines, preferring to monitor demand trends before committing to fresh purchases. Comfortable inventory levels and a mismatch between buyer bids and seller offers kept overall volumes subdued.

A few deals were heard at $1,270-1,275/t CFR for 304-grade scrap from Far East Asia, but most market participants reported limited urgency to book larger lots.

Sentiment was further tempered by weak finished stainless steel sales and cautious downstream buying, with mills adopting a wait-and-watch stance ahead of any clear demand recovery.

BigMint's daily scrap assessments

Nearshore-origin SS 316 scrap (loose) stood at $2,470/t, down by $10/t w-o-w.

Nearshore-origin SS 201 scrap (loose) was assessed at $650/t, down $30/t w-o-w.

Nearshore-origin SS 430 scrap (loose) was assessed at $590/t, steady w-o-w.

SS 316 scrap, ex-Delhi, stood at INR 211,000/t, down INR 1,000/t w-o-w.

Industry News

US tariffs if persist longer could hit India's growth by up to 0.8%, 6th round talks important: Morgan Stanley

If the recently announced US tariffs on Indian goods persist for a longer period, the impact on India's economic growth could be between 0.4 per cent and 0.8 per cent, Morgan Stanley has said in a report.
The US has increased tariffs on Indian goods to 50 per cent. According to the report, if tariffs remain at these high levels for 12 months, India's growth could see downside risks, assuming no mitigating factors.
"To assess the impact of tariffs on India's GDP, we use inferences from the input-output table modelled by our global team," the report said.
The report analyzed that assuming all goods exports are subject to a 50 per cent tariff rate, the direct impact on growth is likely to be 60bps (basis points), while the indirect impact could be of a similar magnitude over a 12-month period.
A similar sensitivity analysis for the 67 per cent of non-exempted goods suggests that the direct impact could be 40bps, while the indirect impact could be of the same magnitude, taking the total impact to 80bps.
The sensitivity analysis is based on a linear impact from the external demand shock and does not consider mitigating factors such as domestic policy response or export market diversification.
The report also noted that policy support could step up to bolster domestic growth conditions if downside risks persist.

Breaking down the tariff impact, the report explained that the primary impacts account for the decline in value-added GDP from lower demand, either in the sector or product that is tariffed, or in all goods from a country if it faces a blanket tariff.
The secondary impacts look at how lower initial demand causes global ripple effects in intermediate inputs linked to the goods initially impacted. Reduced output from these effects can lead to a decline in value-added production, which, if sustained, could result in falling wage bills or employment losses.

The report also shared that there is also a tertiary impact, arising from smaller operating profits and a weaker business environment, which could discourage investment.
"We will closely monitor geopolitical developments and high frequency growth data. On the trade side, the sixth round of negotiations between India and the US, currently slated for August 25, will be important to track," Morgan Stanley said.

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PM E-Drive Scheme Extended till FY28 end; e2Ws, e3Ws Subsidies to End in FY26 end
The scheme, which is initially supposed to expire on March 31, 2026, is a fund-limited scheme and will be closed if the fund expires before March 31, 2028.

The government has extended the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme by two years, until March 2028, according to a notification from the Ministry of Heavy Industries. However, the subsidies on electric two-wheelers and three-wheelers will be terminated by March 31, 2026.

The Rs 10,900-crore scheme, which provides incentives on the purchase of electric vehicles and setting up charging infrastructure, was launched on October 1, 2024, and was initially supposed to expire on March 31, 2026. The recent notification extended the expiry date of the scheme to March 31, 2028.

PM E-Drive scheme comes with a target of providing demand incentives worth Rs 3,679 crore on the purchase of electric two-wheelers, three-wheelers, ambulances and trucks, while Rs 7,171 crore has been set aside to boost the adoption of electric buses, improve public charging infrastructure and upgrade testing infrastructure. The target is to support 24.79 lakh electric two-wheelers, 3.16 lakh three-wheelers and 14,028 buses and trucks, as well as 88,500 electric vehicle charging sites.

The government began subsidizing electric two- and three-wheelers from October 2024 under PM E-Drive scheme. However, subsidies for electric trucks were only announced in July 2024. Additionally, guidelines for subsidies on electric ambulances and supporting charging infrastructure are still being finalized.

“This is a fund-limited scheme. Total payout under the Scheme shall be limited to the scheme outlay of Rs 10,900 crore. In case the funds for the Scheme or its relevant sub-components are exhausted prior to the terminal date of the Scheme i.e., March 31, 2028, then the scheme or its relevant subcomponents will be closed accordingly i.e. no further claims will be entertained. However, the terminal date for registered e-2W, registered e-rickshaws & e-cart and registered e-3W (L5) shall be March 31, 2026,” the notification said.

Autocar Professional had previously reported that the government is likely to end the demand incentives for electric two-wheeler and three-wheelers as senior officials believe that only those segments that have not reached 10% electric vehicle penetration will require demand incentives from 2026.

The subsidies given on the purchase of electric vehicles are instrumental in driving the early-stage adoption of electric vehicles as incentives help in reducing the upfront cost of the vehicle. As EV adoption grows, the government has been progressively scaling back subsidies, signaling a deliberate policy shift away from fiscal dependency.

The PM E-Drive scheme started with a subsidy of Rs 5,000 per kWh for electric two-wheelers in October last year and a cap of Rs 10,000 per vehicle. The incentive was halved to ₹2,500 per kWh in April this year. Electric rickshaws were getting a subsidy of Rs 5,000 per kWh with a cap of Rs 25,000 per vehicle, while passenger and cargo electric autos received a subsidy of Rs 5,000 per kWh with a cap of Rs 50,000 per vehicle last year. These subsidies were also halved from April 2025.

In July this year, the government came out with guidelines for electric truck subsidies, which says incentives are applicable for electric trucks with gross vehicle weight exceeding 3.5 tonnes but not more than 55 tonnes. The incentive will be calculated as ₹5,000 per kilowatt-hour (kWh) of battery capacity, or up to 10% of the vehicle’s ex-factory price, whichever is lower.

For electric ambulances, the guidelines are expected to finalised by the end of this year. “One electric ambulance was homologated last month and other OEMs are in the process of making electric ambulances. We expect that by December or January, electric ambulances will be out,” said Hanif Qureshi, additional secretary at the Ministry of Heavy Industries said recently.

One of the major highlights of PM E-Drive has been its higher focus on supporting the charging infrastructure. The scheme targets to support 22,100 fast chargers for four-wheelers, 1,800 for buses, and 48,400 for two and three-wheelers with an outlay of Rs 2,000 crore. The guidelines are subsidies to be given for setting up charging stations are also being finalised.

Life Style and Management

Smelling lemons makes you feel thinner: Study

Did you know that lemons can not only help you get over a hangover but can also make you feel slimmer.

Yes, a new study has established that olfactory and auditory stimuli might change how we perceive our body!

For example, people tend to feel thinner and lighter when exposed to the smell of lemon, while they feel heavier and more corpulent when they smell vanilla.

This is one of the results of the investigation recorded in the article 'As Light As Your Scent Effects of Smell and Sound on Body Image Perception', which explores the relation between smell and body shape.

The findings were presented at the meeting IFIP Conference on Human-Computer Interaction.

The research team has demonstrated that the image we have of our own body changes depending on the stimuli we encounter, such as olfactory. Exposure to different smells can make us feel slimmer or more corpulent.

Another sense that influences this is hearing. Through a device adapted to a pair of shoes, developed by the Universidad Carlos III de Madrid in 2015 in collaboration with University College London and the University of London's School of Advanced Study, researchers have analysed how our perception of our body changes when the frequency spectrum of steps taken during physical activity was modified in real-time.

"By increasing high frequencies, people feel lighter, happier, walk in a more active way and as a result, they find it easier to exercise," explains Ana TajaduraJimenez, a lecturer in the Computer Science and Engineering Department at the UC3M and one of the authors of both investigations.

This technology, based on audio stimulus, that was used successfully both in 2017 to treat people with chronic pain and in 2019 to promote physical activity, is combined with olfactory stimuli in the current investigation to show that both senses combined have a large influence over the perception we have of our body image.

Jokes All the Way......

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The Institute of Indian Foundrymen