COMMODITY PRICE

SIAM MONTHLY MONITOR

Jan-2024
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 “SIAM Monthly Monitor - Commodity Prices” provides information on price trends of several
commodities, that are relevant for the automobile industry. The commodities includes; Iron & Steel,
Non-Ferrous Metals, Polymers and Rubber. It also contains information on international prices of
crude petroleum, banking & lending rates, foreign exchange rates and policy related developments.

This endeavor is aimed at providing compilation of the price movement of the key commodities for
information and reference for Automobile industry and not meant for influencing commercial
transactions.

This compilation shall not in any way constitute a recommendation by SIAM or its employees for
executing any commercial transaction. The readers of this compilation should make their own careful
assessment, consult their advisors and experts before relying on this information and entering into
any commercial transaction.

DISCLAIMER These are indicative prices only and are sourced from published sources and it may vary depending
on the source.

SIAM expressly disclaims any representation or warranty, express or implied, as to the accuracy or
completeness of the material and information contained herein, and none of them shall have any
liability whatsoever, for any statements contained in, or for any omissions from, this report.

Neither SIAM, nor any of its employees is liable for errors or omissions in this document or for any
loss or damage suffered by any person because of use or placing reliance on the contents of this
document.

Society of Indian Automobile Manufacturers (SIAM)

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CONTENT
Iron & Steel 4
Non-Ferrous Metals 15
Polymers 24
Rubber 28
Crude Petroleum 34
Forex Movement 38
Other Rates 44
IRON &
STEEL
 HR Steel
Movement of HR Steel Prices (1.8 mm, IS2062) 2022-23 2023-24 Commodity HR Steel
94,500
Month-Year ₹/Tonne
89,000 Jan-23 58,750-59,750
Feb-23 60,750-61,750
83,500
Mar-23 61,200-62,200
78,000
April-23 60,750-62,000
₹/Tonne

72,500 May-23 58,750-60,125

June-23 56,500-57,625
67,000
July-23 56,500-57,625
61,500 Aug-23 57,400-58,400
Sept-23 59,000-60,000
56,000
Oct-23 58,875-60,000
50,500
Nov-23 56,300-57,400

45,000 Dec-23 56,000-57,375

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 55,100-56,200
A. In January 2024, HR Steel prices varied between ₹55,100-₹56,200 per tonne. Source: Published Data
B. Prices in January 2024 were about 6% lower than last year, 2% lower than the previous month, and nearly 10% lower than the peak witnessed in March 23.
C. HR Steel is composed of various elements, such as 0.2% carbon, 0.5% silicon, 1.6% manganese, 0.045% phosphorus, and 0.045% sulfur, with iron making up the majority
at 97.61%. Ferro silicon prices fell by 13.33% (Vs 21.14% last year), and ferro manganese prices have fallen by 9.27%(Vs -5.76% last year).
D. The construction sector consumes 48% of HR Steel. The performance of this sector is reflected by a 9.17% surge in cement production compared to 10.71% last year, and
a 6% rise in earthmoving equipment sales last month. The automotive sector consumes 9% of HR steel. Latest data of two-wheeler production rose by 5.66% (vs.13.3% last
year), three-wheelers grew by 18.6% (vs.14.9% last year), and passenger vehicle production fell by 9.27% (vs. 23% last year). The oil and gas sectors together consume 6%
of HR steel. The oil index fell by 0.27% from last year’s -1.35%, while the natural gas index increased by 5.56% from 0.91% last year.

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 CR Steel
Movement of CR Steel (0.90 mm, IS 513 Gr O) 2022-23 2023-24 Commodity CR Steel

94,000
Month-Year ₹/Tonne

88,500 Jan-23 62,500-63,500

Feb-23 64,375-65,375
83,000 Mar-23 64,200-65,200
April-23 63,500-64,750
77,500
May-23 62,125-63,250
72,000 June-23 59,500-60,750
July-23 58,875-59,875
66,500
Aug-23 60,400-61,400
61,000 62,125-63,250
Sept-23

Oct-23 62,875-64,125
55,500
Nov-23 62,300-63,400
50,000 Dec-23 62,000-63,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 61,500-62,700
Source: Published Data
A. In January 2024, CR Steel prices varied between ₹61,500-₹62,700 per tonne.
B. Prices in January 2024 were 2% lower than last year, 1% lower than the previous month, and 4% lower than the peak witnessed in February 2023.
C. CR steel is composed of various elements like chromium, pig iron, and manganese. Chromium prices have fallen by 1.76%(Vs 6.71 last year), pig iron prices have
risen by -7.8%(Vs 16.72 last year) and manganese prices have fallen by 9.27%(Vs -5.76% last year).
D. The recent performance of various sectors consuming CR steel is as follows - chemical production fell by 15.03% (vs. -6.91% last year), while shipbuilding
dropped by -12.58% (vs. 76.3% last year). Paper and fertilizer production increased by 6.23% (vs. 9.65% last year).

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 Alloy Steel – Forging
Movement of Alloy Steel (Forgings) - 20MnCr5 Prices
2022-23 2023-24
Alloy Steel - Forging
Commodity
1,14,500 (20MnCr5)

1,10,000 Month-Year ₹/Tonne

1,05,500 Jan-23 75,000

Feb-23 75,000
1,01,000
Mar-23 76,000
96,500
April-23 77,000
92,000
May-23 75,500
87,500 June-23 72,800

83,000 July-23 70,500

Aug-23 69,000
78,500
Sept-23 69,400
74,000
Oct-23 71,000
69,500
Nov-23 69,250
65,000 Dec-23 70,600
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 71,000
Source: Published Data
A. In January 2024, 20 MnCr5 Alloy Steel’s price on average was ₹71,000 a tonne.
B. Prices in January 2024 were about 5% lower than last year, 1% higher than the previous month, and 8% lower than the peak witnessed in April 2023.
C. The major inputs of alloy steel 20MnCr5 are manganese and chromium metals. Ferro chromium prices have fallen by 1.76%(Vs 6.71 last year), Ferro manganese
prices have fallen by 9.27%(Vs -5.76% last year).
D. Alloy steel is primarily used for pistons, boxes, spindles, gears, and camshafts. Gears production fell by 0.3% same as last year, Year-to-date, two-wheeler production
rose by 5.66% (vs.13.31% last year), three-wheelers grew by 18.64% (vs.14.93% last year), and passenger vehicle production fell by 9.27% (vs.23.5% last year).

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 Alloy Steel - Forging
Alloy Steel
Movement of Alloy Steel (Forgings)-EN 8 prices 2022-23 2023-24 Commodity
(EN 8)
1,09,000
Month-Year ₹/Tonne
1,03,500 Jan-23 74,000
Feb-23 74,000
98,000
Mar-23 75,000
April-23 76,000
92,500
May-23 74,500
87,000 June-23 71,800
July-23 69,500
81,500
Aug-23 68,000

76,000 Sept-23 68,400

Oct-23 70,000
70,500 Nov-23 68,250
Dec-23 69,600
65,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 70,000
Source: Published Data
A. In January 2024, EN 8 Alloy Steel’s price on average was ₹70,000 a tonne.
B. Prices in January 2024 were about 5% lower than last year, 1% higher than the previous month, and 8% lower than the peaks witnessed in April 2023.
C. The major inputs of alloy steel EN-8 are silicon and carbon. Carbon prices rose 1% this month, while silicon prices decreased 11%.
D. EN8 alloy steel primarily serves in axles, shafts, threads, and studs. Recent figures reveal a remarkable 78.16% rise in axle production.

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Pig Iron
Movement of Pig Iron Prices (For Castings – Gray Iron) Commodity Pig Iron
2022-23 2023-24

90,000 Month-Year ₹/Tonne

Jan-23 48,750
Feb-23 50,500
80,000
Mar-23 49,250
April-23 48,500
70,000 May-23 48,250
June-23 47,700
July-23 46,875
60,000
Aug-23 45,250
Sept-23 47,300
50,000 Oct-23 47,125
Nov-23 46,625
Dec-23 45,000
40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 45,875
Source: Published Data
A. In January 2024, Pig Iron’s price on average was ₹45,875 a tonne. (Punjab {Grade B}- Basic rate, excluding GST & Freight)

B. Prices in January 2024 were about 6% lower than last year, 2% higher than the previous month and about 9% lower than the peak witnessed in Feb 2023.
C. The major inputs of pig iron are Iron ore and coking coal, iron ore prices have fallen by 1% and coking coal prices increased by 1% in recent months.
D. Pig iron production in January fell by 1.7% compared to December 2023, to 261 thousand tons. Steel production for the month increased by 3% m/m - to
235.5 thousand tons.

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Stainless Steel
Movement of Stainless Steel Prices (G 304 CR Coil) 2022-23 2023-24 Stainless Steel
Commodity
(CR Coil)
3,15,000
Month-Year ₹/Tonne
2,90,000 Jan-23 2,52,500-2,56,500
Feb-23 2,40,000-2,44,000
2,65,000 Mar-23 2,29,200-2,33,600
April-23 2,15,000-2,17,500
2,40,000
May-23 2,15,500-2,18,500
June-23 2,12,000-2,14,500
2,15,000
July-23 2,08,500-2,11,500
Aug-23 2,10,500-2,13,500
1,90,000
Sept-23 2,16,750-2,18,750
Oct-23 2,12,500-2,14,500
1,65,000
Nov-23 2,04,000-2,06,000
Dec-23 1,88,750-1,91,750
1,40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 1,83,400-1,85,400

A. In January 2024, Stainless Steel prices (Cold Rolled) varied between ₹1,83,400-1,85,400 per tonne. Source: Published Data

B. Prices in January 2024 were about 27% lower than last year, 3% lower than the previous month, and 27% lower than the peak witnessed in last 12 months.
C. Major consuming industries of stainless steel are, Infrastructure and construction goods increased by 11.13% vs 7.73% last year. The manufacturing index
increased by 5.80% vs 5.16% last year, kitchen appliances decreased by 25.82% vs 38.01% last year.
D. As per the latest data, India's steel production surged to 128.15 million metric tons, with a year-on-year growth of 12.1%. Japan's output declined to 80.02
million metric tons, down by 2.8% compared to the previous year. The USA produced 73.87 million metric tons, showing a slight decrease of 0.5% year-on-year.
Meanwhile, Russia's production reached 70.20 million metric tons, marking a significant 6.4% year-on-year increase.
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 Stainless Steel
Movement of Stainless Steel Prices (G 304 HR Coil) 2022-23 2023-24 Stainless Steel
Commodity
(HR Coil)

Month-Year ₹/Tonne
2,94,000
Jan-23 2,40,000-2,44,000
Feb-23 2,28,000-2,30,750
2,62,000
Mar-23 2,18,000-2,22,400
April-23 2,04,375-2,06,000
2,30,000 May-23 2,02,750-2,05,250
June-23 1,99,000-2,01,000
1,98,000 July-23 1,96,750-2,00,250
Aug-23 2,01,250-2,04,000

1,66,000 Sept-23 2,05,250-2,09,500

Oct-23 2,01,000-2,03,000
Nov-23 1,92,000-1,94,000
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-23 1,78,000-1,81,000
Jan-24 1,72,400-1,74,400
A. In January 2024, Stainless Steel prices (Hot Rolled) varied between ₹1,72,400-1,74,400 per tonne. Source: Published Data
B. Prices in January 2024 were 28% lower than the last year, 3% lower than the previous month, and 28% lower than the peak witnessed in last 12 months.
C. The major inputs of stainless steel are Chromium, Nickel, and Pig iron. Chromium prices have fallen by 1.79% in recent months, Nickel prices fell by 2% and
pig iron prices rose by 2% this month.
D. The construction sector consumes 48% of HR Steel. The performance of this sector is reflected by a 9.17% surge in cement production compared to 10.71%
last year, Domestic appliances consumed 9% of HR Steel, its production fell by 31.33% vs (18.18% last year), industrial applications consumed 25%, its
production fell by 2.79% vs 65.29% last year.
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Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap) 2022-23 2023-24 Commodity Steel Scrap
92,000
Month-Year ₹/Tonne

82,000 Jan-23 42,025

Feb-23 44,275
Mar-23 44,925
72,000
April-23 43,500
May-23 41,625
62,000 June-23 41,840
July-23 40,650
52,000 Aug-23 41,050
Sept-23 41,360

42,000 Oct-23 40,950

Nov-23 38,800
Dec-23 38,300
32,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 37,650
Source: Published Data
A. In January 2024, Steel Scrap price on average was ₹37,650 a tonne. MG - Punjab -Basic rate
B. Prices in January 2023 were about 10% lower than last year, 2% lower than the previous month, and 16% lower than the peak witnessed in March
2023.
C. India produces about 25 million tons of scrap annually and imports about 5 million tons.
D. In FY2022/2023, the country consumed about 32 million tons of scrap metal for steel production. Imports of ferrous scrap in the period amounted
to about 9.8 million tons, a sharp increase from about 3.6 million tons in FY2021/2022.

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 Coal (Coking Coal)
Movement of Coal Prices - Premium HCC, Australia-origin in USD 2022-23 2023-24
Commodity Coal (Coking Coal)
840
Month-Year $/Tonne
Jan-23 327
690
Feb-23 380
Mar-23 362

540 April-23 289

May-23 247
June-23 243
390 July-23 244
Aug-23 267
Sept-23 319
240 Oct-23 365
Nov-23 340
Dec-23 344
90
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 347
Source: Published Data
A. In January 2024, Coking Coal’s price on average was $347 a tonne.
B. Prices in January 2024 were about 6% higher than last year, 1% higher than the previous month and 9% lower than the peak witnessed in Feb 2023.
C. India’s coal production reached 99.73 million tons, an increase of 10.86% from 89.96 million tons in the same period last year, and an increase of 7.33%
from 92.92 million tons in the previous month. India’s total coal production has been 784 million tons, an increase of 12.18% from 699 million tons in the
same period last year. Among them, the output of Coal India was 610 million tons, a year-on-year increase of 4.07%.
D. India’s total coal sales were 87.37 million tons, an increase of 6.52% from 82.02 million tons in the same period last year. India supplied 72.18 million tons
of coal to the power industry, an increase of 5.68% from 68.3 million tons in the same period last year.

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Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin) 2022-23 2023-24 Commodity Iron Ore
245
Month-Year $/Tonne
220
Jan-23 122
Feb-23 126
195
Mar-23 127
Apr-23 117
170
May-23 105
June-23 111
145
July-23 113

120 Aug-23 109

Sept-23 121
95 Oct-23 118
Nov-23 129
70 Dec-23 136
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 135

Source: Published Data

A. In January 2024, Iron Ore price on average was $135 a tonne.
B. Prices in January 2024 were about 11% higher than last year, 1% lower than the previous month and 1% lower than the peak witnessed in the Dec 2023.
C. Iron ore production grew by 8.1% to 4.54 million tonnes (MT) in January 2024 as against 4.20 MT in January 2023. Iron ore sales in the month of January 2024
stood at 4.56 MT, registering a growth of 18.75% as compared to 3.84 MT recorded in the same period a year ago.
D. Exports of iron ore by India, in the form of fines and lumps, spiralled to a nearly 3-year high of 4.86 million tonnes (mnt) in January 2024.

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Non-Ferrous
Metals
 Virgin Aluminium
Movement of Virgin Aluminium Prices 2022-23 2023-24 Commodity Virgin Aluminium

Month-Year $/Tonne
3,800
Jan-23 2,489.00
Feb-23 2,417.30
3,500
Mar-23 2,290.10
April-23 2,341.00
3,200
May-23 2,267.60

2,900 June-23 2,181.10

July-23 2,150.20

2,600 Aug-23 2,136.90

Sept-23 2,177.50

2,300 Oct-23 2,190.40

Nov-23 2,205.10

2,000 Dec-23 2,174.30

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 2,194.20
Source: Published Data
A. In January 2024, Virgin Aluminum’s price on average was $2,194.20 a tonne.
B. Prices in January 2024 were about 12% lower than last year, 1% higher than the previous month and 12% lower than the peak witnessed in last 12 months.
C. Automotive production uses 21% of aluminium. Latest data of two-wheeler production rose by 5.66% (vs.13.3% last year), three-wheelers grew by 18.6%
(vs.14.9% last year), and passenger vehicle production fell by 9.27% (vs. 23% last year).
D. China produced 3.59 million tons of aluminium, up 4.9% from a year earlier, The world's biggest aluminium producer churned out 41.59 million metric tons of
primary aluminium last year. However, the annual growth rate of 3.7% marked the third consecutive year of slowing, total annual production capacity of 44.43
million tons by the end of 2023. Output in 2023 grew modestly as capacity neared a government-imposed ceiling, and was affected by power shortages.

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 Copper
Movement of Copper Prices 2022-23 2023-24 Commodity Copper
12,200

11,400 Month-Year $/Tonne

Jan-23 8,999.80
10,600
Feb-23 8,955.20

9,800 Mar-23 8,835.70

$/Tonne

April-23 8,814.00
9,000
May-23 8,234.30

8,200 June-23 8,386.20

July-23 8,435.80
7,400
Aug-23 8,360.20

6,600 Sept-23 8,270.90

Oct-23 7,935.00
5,800 Nov-23 8,176.00
Dec-23 8,394.10
5,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 8,344.30

Source: Published Data

A. In January 2024, Copper price on average was $8,344.30 a tonne.
B. Prices in January 2024 were 7% lower than last year and 1% lower than last month, 7% lower than the peak witnessed in last 12 months.
C. During FY ’23 copper imports and exports were recorded as 0.18 MT and 0.03 MT, respectively. Due to increasing demand and a shortage in supply, copper
imports have soared 184% YoY to 0.22 MT in H1, FY’24, as compared to H1FY23.
D. India’s consumption of refined copper has scaled up drastically from 0.43 MT in FY18 to 0.7 MT in FY23. Conversely, the production plummeted from 0.77 MT
in FY18 to 0.55 MT in FY23. The Government of India’s emphasis on infrastructure development and the gradual transition towards renewable energy could
further push the domestic refined copper demand growth to about 11% in FY24-25.

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 Lead
Movement of Lead Prices 2022-23 2023-24
Commodity Lead
3,500
Month-Year $/Tonne
Jan-23 2,208.20
3,100
Feb-23 2,098.90
Mar-23 2,114.80
April-23 2,149.10
$/Tonne

2,700
May-23 2,087.50
June-23 2,118.40
2,300 July-23 2,104.70
Aug-23 2,152.00
Sept-23 2,252.90
1,900
Oct-23 2,137.60
Nov-23 2,164.60

1,500 Dec-23 2,036.40

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 2,087.50

A. In January 2024, the Lead price on average was $2,087.50 a tonne. Source: Published Data

B. Prices in January 2024 were nearly 5% lower than last year, and 2% higher than the previous month, 7% lower than the peak witnessed in September 2023.
C. Sales of lead acid batteries consume 80% of lead and 9% of lead compounds. The production of lead (ingots/ bars/ blocks and plates) grew by 28.48% Vs(3.88% last
year).
D. As per the latest available data India exported lead acid batteries to UAE (3.31$Mn), Nigeria(6.32$Mn), Germany(3.86$Mn), Turkey (0.47$Mn), Jordan(0.98$Mn).
In contrast India’s imports were - China(4.76$Mn), Vietnam(4.25$Mn), Poland(0.17$Mn), Germany(0.30$Mn), Sri lanka (0.38$Mn).

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Nickel
Movement of Nickel Prices 2022-23 2023-24 Commodity Nickel
44,000

Month-Year $/Tonne
39,000 Jan-23 28,240.50
Feb-23 26,689.80
Mar-23 23,307.20
34,000
April-23
$/Tonne

23,756.70
May-23 22,229.50
29,000
June-23 21,193.00
July-23 20,862.00
24,000 Aug-23 20,548.80
Sept-23 19,629.00

19,000
Oct-23 18,275.70
Nov-23 16,893.90
Dec-23 16,388.70
14,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 16,091.40

A. In January 2024, Nickel price on average was $16,091.40 a tonne. Source: Published Data

B. Prices in January 2024 were 43% lower than last year, 2% lower than the previous month, and 43% lower than the peak witnessed in last 12 months.
C. Nationwide Refined Nickel Production recovered in December, with a 6% Month-on-Month Increase compared to November. In January 2024, the
nationwide refined nickel production totalled 25,300 tons, representing a month-on-month increase of approximately 3.27% and a year-on-year
increase of 54.27%.
D. Stainless steel consumes 69% of nickel. Flat products of stainless steel production grew by 11.69% Vs(-7.29 last year), 13% storage batteries. Storage
batteries(Lead/Acid) production dropped by 0.82%(Vs -2.86 last year).

19
 Zinc
Movement of Zinc Prices 2022-23 2023-24 Commodity Zinc
5,400

Month-Year $/Tonne
4,950
Jan-23 3,289.40
Feb-23 3,143.70
4,500
Mar-23 2,956.30
April-23 2,772.80
$/Tonne

4,050
May-23 2,477.70
June-23 2,368.10
3,600
July-23 2,388.90
Aug-23 2,409.80
3,150
Sept-23 2,488.10
Oct-23 2,450.00
2,700
Nov-23 2,541.20

2,250 Dec-23 2,501.70

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 2,521.50

A. In January 2024, Zinc price on average was $2,521.50 a tonne. Source: Published Data

B. Prices in January 2024 were 23% lower than last year, 1% higher than the previous month, and 23% lower than the peak witnessed in last 12 months.
C. Galvanizing consumes 50% of Zinc, the production of galvanized products grew by 4.61% Vs(-1.65 last year), Alloys consume 17% Zinc, and the production of
alloys grew by 16.02% Vs(5.1% last year).
D. Quarterly mined metal production rose 8% sequentially and 7% YoY due to enhanced ore production and grades, while refined metal production saw a modest 1%
YoY increase, with integrated zinc production declining 4%.

20
Platinum
Movement of Platinum Prices 2022-23 2023-24 Commodity Platinum
5,000

Month-Year ₹/gm
4,500
Jan-23 2,810.59
Feb-23 2,575.98
4,000
Mar-23 2,599.46
April-23 2,804.29
3,500
₹/gm

May-23 2,843.06
June-23 2,618.14
3,000
July-23 2,534.13
Aug-23 2,493.26
2,500
Sept-23 2,491.53
Oct-23 2,421.69
2,000
Nov-23 2,464.57
Dec-23 2,561.08
1,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 2,508.01
Source: Published Data
A. In January 2024, the Platinum price was ₹2,508.01 a gram on average.
B. Prices in January 2024 were 11% lower than last year, 2% lower than the previous month, and 12% lower than the peak witnessed on May 23.
C. Jewellery consumes 32% of platinum, Production of platinum jewellery increased by 10.44% (Vs 21.92%), 6% consumed as chemicals, the production of
catalyst chemicals dropped by 15.03% Vs(-6.91% Last year), the glass industry consumed 5%, the production of sheet glass grew by 11.75% Vs(0.73% Last year).
Auto catalyst consumes 40% of platinum.
D. South Africa contributed 33.7 million metric tons (MT) of platinum to the global market. India imported $42.19 million from China, $33.47 million from
Germany, and $17.43 million from Korea for automotive catalysts. Additionally, India imported $106.22 million from UAE, $30.21 million from Indonesia, and
$20.12 million from the USA for jewellery.
21
Palladium
Movement of Palladium Prices 2022-23 2023-24
6,450 Commodity Palladium

6,000 Month-Year ₹/gm

5,550 Jan-23 4,636.64
Feb-23 4,164.05
5,100
Mar-23 3,828.29
4,650
April-23 4,046.03
4,200 May-23 3,979.27
3,750 June-23 3,635.16
July-23 3,385.73
3,300
Aug-23 3,369.49
2,850
Sept-23 3,339.27
2,400 Oct-23 3,115.82

1,950 Nov-23 2,864.66

Dec-23 2,908.68
1,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 2,674.05

A. In January 2024, Palladium price on average was ₹2,674.05 a gram. Source: Published Data
B. Prices in January 2024 were 42% lower than last year, 8% lower than the previous month and 42% lower than the peak witnessed in last 12 months.
C. Palladium accounts for 75% of transport equipment. Shipbuilding declined by 12.58% (compared to 76.3% last year), railway coach production rose by 12.92%
(compared to -13.24% last year), and polished diamond jewellery production dropped by 24.2% (compared to 211.04% last year).
D. In 2023, around 620,000 ounces of palladium were replaced by platinum, compared to 385,000 ounces in 2022. In 2024, the substitution is projected to reach
700,000 ounces. This shift occurs gradually, mainly with new vehicle models, representing about 15% of annual production. Both metals are largely
interchangeable in gasoline autocatalysts, which make up 80% of palladium demand. The total demand for palladium and platinum stands at 9.7 million ounces
and 8.1 million ounces.

22
Rhodium
Movement of Rhodium Prices
2022-23 2023-24 Commodity Rhodium
47,500
44,500 Month-Year ₹/gm
41,500 Jan-23 32,220.72
38,500 Feb-23 31,130.85
35,500 Mar-23 23,929.01
32,500 April-23 20,737.07
29,500 May-23 19,437.73
26,500 June-23 15,610.15
23,500 July-23 10,885.42

20,500 Aug-23 10,911.89

17,500 Sept-23 10,946.16

14,500 Oct-23 12,290.91

Nov-23 11,727.68
11,500
Dec-23 11,807.80
8,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 11,974.03
Source: Published Data
A. In January 2024, the Rhodium price on average was ₹11,974.03 a gram.
B. Prices in January 2024 were about 63% lower than last year, 1% higher than the previous month, and 63% lower than the peak witnessed in last 12 months.
C. The supply of rhodium in South Africa was forecast to stand at around 597,000 ounces making South Africa the world's largest rhodium producer. The global
supply of rhodium was forecast to amount to 724,000 ounces in the year.
D. Rhodium contribute 84% of catalyst converters. India exported catalytic converter to UK(0.63$Mn), Thailand(0.27$Mn), Indonesia(0.32$Mn), Egypt(0.66$Mn),
and imported from Korea(3.36$Mn), China(1.30$Mn), Germany(0.51$Mn), USA(0.63$Mn), Japan (0.33$Mn) to India.

23
Polymers
 Poly Propylene
Movement of Poly Propylene Prices 2022-23 2023-24 Commodity Poly Propylene
175.00
Month-Year ₹/kg
165.00
Jan-23 105.40
155.00
Feb-23 106.90
145.00 Mar-23 106.80
April-23 106.80
135.00
May-23 101.10
₹/kg

125.00
June-23 90.50
115.00 July-23 88.60

105.00 Aug-23 91.40

Sept-23 92.50
95.00
Oct-23 93.00
85.00 Nov-23 94.40

75.00 Dec-23 94.50

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 95.80

A. In January 2024, Polypropylene price on average was ₹95.80 a kilogram. Source: Published Data
B. Prices in January 2024 were about 9% lower than last year, 0.1% higher than the previous month, and 10% lower than the peak of ₹107.30 witnessed in Feb
2023.
C. The major inputs of Polypropylene are ethylene and crude oil. Ethylene prices decreased by 8.54% from 17.65% last year and crude oil prices increased by 3%
in recent months.
D. Textiles consume 21% of Polypropylene, its production fell by 46.96% vs 44.27% last year. Polypropylene films consume 16% and their production rose by
3.6% Vs(-10.2% last year).

25
 Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices Acrylonitrile Butadiene
2022-23 2023-24 Commodity
Styrene (ABS)
470.00
Month-Year ₹/kg
420.00 Jan-23 138.00

370.00 Feb-23 137.00

Mar-23 140.60
320.00
April-23 141.30
270.00 May-23 132.00
₹/kg

June-23 127.70
220.00
July-23 130.60
170.00
Aug-23 130.70
120.00 Sept-23 130.30
Oct-23 132.70
70.00
Nov-23 133.40
20.00 Dec-23 133.10
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 132.50
Source: Published Data
A. In January 2024, Acrylonitrile Butadiene Styrene price on average was ₹132.50 a kilogram.
B. Prices in January 2024 were about 4% lower than last year, 0.5% lower than the previous month, and 6% lower than the prices in the last 12 months.
C. The major inputs of ABS are Butadiene and Styrene, Butadiene production increased to 4.57% (Vs -27.14% last year) and Styrene production increased to
6.51%(Vs -2.43% last year).
D. Medical equipment uses 20% of ABS. Medical surgical accessory production dropped to -16.34% Vs 32.8% last year. Electrical equipment also consumes
20%, the storage battery production dropped to 0.82% from 2.86% last year.

26
 Poly Carbonate
Movement of Poly Carbonate Prices
2022-23 2023-24 Commodity Poly Carbonate
350
Month-Year ₹/kg
325
Jan-23 202.90
300 Feb-23 201.90

275 Mar-23 201.70

April-23 194.90
250
May-23 189.30
₹/kg

225
June-23 183.50
200 July-23 186.30

175 Aug-23 182.80

Sept-23 180.00
150
Oct-23 175.90
125
Nov-23 170.00
100 Dec-23 163.10
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 165.70

A. In January 2024, the price of Poly Carbonate on average was ₹165.70 a kilogram. Source: Published Data
B. Prices in January 2024 were about 18% lower than last year, 2% higher than the previous month and 18% lower than the peak witnessed in last 12 months.
C. In January, European contract prices for the major input of ABS namely bisphenol A (BPA) saw a decline, largely due to decreased phenol contract values.
While the broader reduction in phenol raw material prices partially offset this decline, the decrease in phenol contract values had a significant impact on BPA
prices, reflecting the pivotal role of phenol in BPA production cost structures.
D. Electrical and electronics use 27% of Polycarbonate. Electric filaments and lamp production decreased by 3.82% (from 23% last year). Optical media
consumes 12% of Polycarbonate, with lens wear production decreased by 5.04% (compared to 6.48% last year).

27
Rubber
 Natural Rubber (RSS 4)
Movement of Natural Rubber (RSS 4) Prices 2022-23 2023-24
Commodity Natural Rubber (RSS 4)

300
Month-Year ₹/kg
Jan-23 139.96
250
Feb-23 143.10
Mar-23 145.27
200
April-23 151.00
May-23 157.91
₹/kg

150
June-23 154.70
July-23 153.80
100 Aug-23 147.34
Sept-23 146.58
50 Oct-23 149.70
Nov-23 153.37
0 Dec-23 152.26
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 158.59

A. In January 2024, RSS4 price on average was ₹158.59 a kilogram. Source: Published Data

B. Prices in January 2024 were about 13% higher than last year, 4% higher than the previous month, and about 1% higher than the peak of ₹158 witnessed in
May 2023.
C. Natural rubber is mainly used as an adhesive in many manufacturing industries. The production of adhesive formulations fell by 2.11% (Vs 14.61% last year).
D. The production-consumption gap in India is observed to be expanding, with consumption reaching 13,50,000 tonnes and production at 8,50,000 tonnes
during the 2022-23 period. Import figures stood at 5,28,677 tonnes. Total world production in 2023 is expected to reach 14.34 million tonnes, reflecting a 1.9%
decrease from the previous year.

29
 Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502 Commodity Synthetic Rubber - SBR
2022-23 2023-24
300
Month-Year ₹/kg
280
Jan-23 155.19
260 Feb-23 149.95
240 Mar-23 161.93
April-23 172.68
220
May-23 177.11
200
₹/kg

June-23 162.42
180 July-23 140.19

160 Aug-23 140.55

Sept-23 146.26
140
Oct-23 160.11
120 Nov-23 165.92
100 Dec-23 159.07
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 157.92
A. In January 2024, Synthetic Rubber price on average was ₹157.92 a kilogram. Source: Published Data
B. Prices in January 2024 were about 2% higher than last year, 1% lower than the previous month, and 11% lower than the peak of ₹177.11 witnessed in May 2023.
C. LMV tyre production declined by 10.7% compared to 8.79% last year, while 2W/3W tyre production rose by 10.3% from 12.87% last year. Consumer non-
durables consume 21% of SBR, and the production of consumer non-durables dropped by 17.91% (Vs 10.74% last year).
D. Based on the most recent data, India exported synthetic rubber to various countries, including China($3.11 million), Srilanka ($1.64million), USA(0.90 million),
Thailand ($0.31 million), and the UAE ($1.02 million). In contrast, India imported synthetic rubber from Korea RP ($21.82 million), Japan ($17.33 million), China
($12.16 million), and Singapore ($11.70 million).

30
 Ethylene Propylene Diene Monomer (EPDM)
Ethylene Propylene
Movement of EPDM Prices 2022-23 2023-24
Commodity
Diene Monomer (EPDM)
Month-Year ₹/kg
450
Jan-23 329.43
400 Feb-23 304.71
Mar-23 280.57
350
April-23 263.68
May-23 255.33
300
June-23 245.67
₹/kg

250 July-23 233.61

Aug-23 229.17
200
Sept-23 227.69
Oct-23 232.50
150
Nov-23 233.27
100 Dec-23 228.83
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 223.04

A. In January 2024, EPDM price on average was ₹223.04 a kilogram. Source: Published Data
B. Prices in January 2024 were about 32% lower than last year, 3% lower than the previous month, and 32% lower than the peak witnessed in the last 12 months.
C. The main inputs for EPDM rubber are Ethylene and Propylene. Ethylene prices are constant from previous month and Propylene prices have risen by 1% in
recent months.
D. 20% EPDM is consumed by tyre manufacturing, and its production dropped by 0.98% (compared to 16.97% last year). Construction equipment also consumes
20%, with a production increase of 8.02% (up from 32.1% last year). For plastic, consuming 15%, polyethene film production rose by 3.6% (compared to -10.2%
last year).
31
Carbon Black
2022-23 2023-24
Commodity Carbon Black
Movement of Carbon Black Prices – N330
250.00 Month-Year ₹/kg
Jan-23 141.77
225.00
Feb-23 127.25

200.00 Mar-23 118.24

April-23 115.90
175.00 May-23 118.56
₹/kg

June-23 115.06
150.00
July-23 105.57
Aug-23 117.97
125.00
Sept-23 122.82
100.00 Oct-23 116.99
Nov-23 115.50
75.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-23 115.73
Jan-24 116.32
A. In January 2024, Carbon Black’s price on average was ₹116.32 a kilogram. Source: Published Data
B. Prices in January 2024 were 18% lower than last year, 1% higher than the previous month and 18% lower than the peak witnessed in last 12 months.
C. The primary carbon black inputs include coal, oil, and natural gas. Coal prices increased by 1%, while oil prices increased by 3%, and natural gas prices grew by 0.3% in
recent months.
D. Carbon black worth $4.42 million was exported from India to Thailand, $4.48 million to Sri Lanka, $4.25 million to Vietnam, $2.50 million to the USA, and $3.58
million to the UAE. In return, India imported carbon black valued at $3.18 million from China, $3.24 million from Korea, $0.78 million from Turkey, $1.90 million from the
UAE, and $0.71 million from the USA in the recent month.

32
Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2022-23 2023-24 Commodity Polybutadiene Rubber
340
Month-Year ₹/kg
320
Jan-23 185.00
300
Feb-23 166.87
280 Mar-23 162.88
260 April-23 160.12
May-23 163.51
240
June-23 151.12
220
₹/kg

July-23 138.30
200
Aug-23 135.00
180 Sept-23 140.00

160 Oct-23 152.46

Nov-23 159.96
140
Dec-23 163.80
120
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 166.92

A. In January 2024, Polybutadiene Rubber’s price on average was ₹166.92 a kilogram. Source: Published Data

B. Prices in January 2024 were about 10% lower than last year, 2% higher than the previous month and 10% lower than the peak witnessed in the last 12 months.
C. Butadiene and Styrene are the major inputs. Butadiene production increased by 4.57% (compared to -27.14% last year), and Styrene production increased by
6.51% (compared to -2.43% last year).
D. Tyre production consumes 60% of Polybutadiene, Rubber thread consumes 10%, and Plastics consume 25%. The production of rubber thread decreased by
12.59% (Vs 28.09% last year). Tyres and tubes for heavy motor vehicles grew by 5.36% (Vs 15.45% last year), and Plastic tarpaulin production grew by 111.37% (Vs
49.91% last year).

33
Crude / Petroleum
 Crude Oil
Movement of Crude Oil Prices – Europe Brent Spot Price FOB 2022-23 2023-24 Europe Brent Spot Price FOB

146
Month $/Barrel
Jan-23 82.46
134 Feb-23 82.61
Mar-23 78.46
122
April-23 84.74
110 May-23 75.47
$/Barrel

June-23 74.84
98
July-23 80.11
86 Aug-23 86.05
Sept-23 93.72`
74
Oct-23 90.78
62 Nov-23 82.94
Dec-23 77.76
50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 80.12

A. In January 2024, the Europe Brent Spot price on average was $80.12 a barrel. Source: Published Data
B. Prices in January 2024 were about 3% lower than last year, 3% higher than the previous month, and 15% lower than the peaks witnessed in September
2023.
C. As per the latest available data, Total crude oil processed during December 2023 was 22.7 MMT which is 1.9% higher than December 2022, where
PSU/JV refiners processed 15.7 MMT and private refiners processed 7.0 MMT of crude oil. Total indigenous crude oil processed was 2.6 MMT and total
Imported crude oil processed was 20.1 MMT by all Indian refineries. There was a growth of 3.3 % in total crude oil processed in April-December FY 2023 –
24 as compared to the same period of FY 2022 -23.
D. Crude Oil Indian basket price rose to $79.22bbl in January 2024 from $77.42bbl in December. Petrol VAT 19.40%.
35
 Compressed Natural Gas (CNG) Prices
DEL 2022-23 DEL 2023-24 MUM-2023-24 MUM-2022-23 Compressed Natural Gas (CNG) Prices
100
2023-24
95
Mumbai:2022-23 90
Month Delhi (IGL) Mumbai (MGL)
87 ₹/kg ₹/kg
80
Delhi:2023-24
79 Jan-23 79.60 89.50
70
71 Feb-23 79.60 87.00
Mumbai: 2023-24
Delhi: 2022-23
60 Mar-23 79.60 87.00
63
April-23 79.60 80.90
50
55 May-23 73.60 79.00
40 June-23
47 73.60 79.00
July-23 73.60 79.00
30
39
Aug-23 73.60 79.00
31 20 Sept-23 73.60 79.00
Oct-23 73.60 76.10
23 10
Nov-23 74.10 76.00
15 0 Dec-23 76.20 76.00
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Jan-24 76.60 76.00
A. In January 2024, the CNG price on average was ₹76.60 a Kg in Delhi and ₹76.00 a kg in Mumbai. Source: Published Data
B. Prices in December 2023 were about 4% lower than last year, 0.3% higher than the last month, and 4% lower than the peak witnessed in Jan 2023 in Delhi.
Whereas 15% lower than last year, same as the previous month, and 15% lower than the peaks witnessed in 12 months in Mumbai.
C. Ministry of Petroleum and Natural Gas (MoPNG) has notified the price of domestic natural gas for the period January 1, 2024 to January 31, 2024 as USD 7.82 per
million metric British thermal unit (mmBtu) on gross calorific value (GCV) basis.
D. Besides, for the gas produced by Oil and Natural Gas Corporation Limited (ONGC) /Oil India Limited (OIL) from their nomination fields, the administrative price
mechanism price will be subject to a ceiling of USD6.50/mmBtu on GCV basis for the same period.
36
Petrol-Diesel Prices
Rupees per Litre

Month/Year Delhi Mumbai

Petrol Diesel Petrol Diesel
Jan-23 96.76 89.66 106.29 89.66
Feb-23 96.76 89.66 106.29 89.66
Mar-23 96.76 89.66 106.29 89.66
Apr-23 96.76 89.66 106.29 94.25
May-23 96.76 89.66 106.29 94.25
June-23 96.76 89.66 106.29 94.25
July-23 96.76 89.66 106.29 94.25
Aug-23 96.76 89.66 106.29 94.25
Sept-23 96.76 89.66 106.29 94.25
Oct-23 96.76 89.66 106.29 94.25
Nov-23 96.76 89.66 106.29 94.25
Dec-23 96.76 89.66 106.29 94.25
Jan-24 96.76 89.66 106.29 94.25

A. In January 2024, the Petrol-Diesel prices on average were ₹96.76-₹89.66 a litre in Delhi and ₹106.29-₹94.25 a litre in Mumbai. Source: Published Data
B. In Delhi, the Prices of petrol and diesel are same as the last year, and the same as the previous month.
C. Consumption of diesel in India dropped by 2% to 7426 metric tonnes in January over last year. Consumption of Petrol in India increased by 4% to 3100 metric
tonnes.
D. In January, India's fuel consumption surged by 8.2% year-on-year, driven by robust industrial activity in the country, according to government data. Total
consumption reached 20.04 million tonnes, a significant increase from 18.51 million tonnes recorded the previous year, indicating strong demand for oil.
E. Sales of diesel, mainly used by trucks and commercially run passenger vehicles, rose by 3.5% year-on-year to 7.43 million tons in January. Cooking gas, or
liquefied petroleum gas sales rose by 7.6% to 2.70 million tons, while naphtha sales jumped by 15.2% to about 1.30 million tons, compared with last January.

37
Forex
Movement
 US Dollar
INR / US Dollar
2022-23 2023-24
2022-23 2023-24
Month
Buying Selling Buying Selling
96
April 75.88 76.41 82.03 82.60
Rupees per Unit of US Dollar

90 May 77.14 77.69 82.34 82.91

June 77.42 77.97 82.23 82.80

84
July 79.57 79.92 82.15 82.73
Aug 78.38 78.93 82.79 83.77
78
Sep 79.59 80.14 83.04 83.62
Oct 81.96 82.53 83.23 83.80
72
Nov 81.93 82.50 83.29 83.87

66 Dec 81.89 82.46 83.27 83.85

Jan 82.46 83.03 83.12 83.70
60 Feb 82.38 82.95
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
Mar 82.28 82.85
A. Indian rupee appreciated by 0.15 Paise to the US Dollar from Rs. 83.27 in December 2023 to Rs. 83.12 in January 2024. Source: Published Data
B. In the month, the US accounted for 23% of exports and 8% of imports in Indian trade. The latest trade data indicates a YoY decrease of 0.94% in exports and a 40.3% decrease
in imports with the US.
C. In the period of April- December 2023 (the latest available data), India exported 56.8 Billion USD and imported 32.7 Billion USD.
D. Manufactured goods(USD 5,621Mn), Engineering goods(USD 1,437Mn), Other manufactured goods(USD 1,193Mn), Chemical& related products(USD 1,166Mn), Electronic
goods(USD 931.Mn), Drugs, pharmaceuticals & fine chemicals(USD 753.8Mn), Gems & jewellery(USD 682.8Mn), Machinery & instruments(USD 602Mn), were top exports.
While, Manufactured good(USD 1,903Mn), Engineering goods(USD 624.5Mn), Petroleum crude & products (POL)(USD 571.6Mn), Ores and minerals(USD 448.1Mn), Coal, coke &
briquettes(USD 437.7Mn),Electronic goods(USD 379.8Mn),Chemicals and related products(USD 320.7Mn) are top imports in December 2023.

39
 Pound Sterling
BUYING 2022-23 2023-24 INR / GBP

123
2022-23 2023-24
Month
Buying Selling Buying Selling
Rupees per Unit of Pound Sterling

115
April 98.48 99.57 101.98 103.11

May 94.04 95.08 102.73 103.86

107
June 97.08 98.16 103.81 104.96
July 95.28 96.43 105.81 106.97
99
Aug 95.47 96.53 105.25 106.40
Sep 91.93 92.96 103.02 104.14
91 Oct 91.32 92.34 101.23 102.34
Nov 92.59 93.63 103.36 104.51
83 Dec 100.32 101.43 105.41 106.57
Jan 97.56 98.64 105.60 106.74
75 Feb 99.12 100.21
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 99.80 100.92

A. Indian rupee depreciated by 0.19 Paise to GBP from Rs. 105.41 in December 2023 to Rs. 105.60 in January 2024. Source: Published Data
B. In the month, the UK accounted for 4% of exports and 1% of imports in Indian trade. The latest trade data indicates a YoY decrease of 0.34% in exports and a decrease
of 4.74% in imports with the UK.
C. In the period of April- December 2023(the latest available data), India exported 9.51 Billion USD and imported 6.10 Billion USD from the UK.
D. Manufactured goods(USD 837.4Mn), Engineering goods(USD 278.4Mn), Petroleum products(USD 228.7Mn), Electronic goods(USS 135.9Mn),Other manufactured
goods(USD 127.6Mn), Readymade garments(USD 102.1Mn), Telecom instruments(USD 99.4Mn) were top exports. While, Manufactured goods(USD 481.8Mn),
Engineering goods(USD 273.9Mn), Electronic goods(USD 74.7Mn), Other manufactured goods(USD 73.3Mn), ferrous&non ferrous metal products(USD 62.6Mn), Chemical
and related products(USD 54Mn) were top imports in December 2023.

40
 Euro
2022-23 2023-24 INR / EURO
BUYING

117 2022-23 2023-24

Month Buying Selling Buying Selling
111
April 82.05 82.95 89.86 90.85
Rupees per Unit of Euro

105 May 80.34 81.22 89.48 90.44

June 82.56 83.47 89.07 90.05

99 July 81.13 82.17 90.83 91.83
Aug 79.98 80.87 90.37 91.05
93
Sep 79.07 79.94 88.74 89.70
Oct 80.20 81.09 87.83 88.79
87
Nov 81.23 82.13 89.94 90.92
81 Dec 86.43 87.38 90.84 91.85
Jan 86.53 87.48 90.76 91.73
75 Feb 88.27 89.24
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 88.04 89.03
A. Indian rupee appreciated by 0.1 Paise to Euro from Rs. 90.84 in December 2023 to Rs.90.76 in January 2024. Source: Published Data
B. In the month, Europe accounted for about 9% of exports and 4% of imports in Indian trade. The latest trade data indicates a decrease of 2.42% in exports and an
increase of over 3.75% in imports with Europe.
C. In the period of April- December 2023 (the latest available data), India exported 54.3 Billion USD and imported 47.0 Billion USD from Europe.
D. Manufactured goods(USD 6,132Mn), Petroleum and crude products(USD 2215Mn), Chemical and related products(USD 1,261.5Mn), Electronic goods(USD 847Mn),
Other manufactured goods(USD 760.7Mn), Telecom instruments(USD 542.5Mn), Drugs, pharamectuals &fine chemicals (USD 536.4Mn) are top exports. While,
Manufactured goods(USD 6,717Mn), Crude petroleum(USD 4,214Mn), Engineering goods(USD 2,683Mn), Other manufactured goods(USD 1,622Mn), Electronic
goods(USD 1,250Mn), Non-electrical machinery(USD 933.8Mn) were top imports in December 2023.

41
 Yen
BUYING 2022-23 2023-24 INR / 100 YEN
80
2022-23 2023-24
Month
Buying Selling Buying Selling
75
April 60.25 60.98 61.37 62.10
Rupees per 100 Yen

May 59.74 60.46 60.04 60.75

70
June 58.01 58.72 58.26 58.95

July 58.10 58.98 58.26 58.96

65
Aug 59.67 60.39 57.23 57.81
Sep 56.45 57.14 56.26 56.29
60
Oct 56.37 57.05 55.64 55.71
Nov 55.51 56.18 55.61 55.68
55 Dec 60.05 60.78 57.80 57.87
Jan 61.19 61.93 57.06 57.12
50 Feb 62.62 63.38
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 61.52 62.26
A. Indian rupee appreciated by 0.74 INR to 100 JPY from Rs. 57.80 in December 2023 to Rs. 57.06 in January 2024. Source: Published Data
B. In the month, Japan accounted for 2% of exports and 2% of imports in Indian trade this month. The latest trade data indicate a decrease of 0.46% in exports and a
decrease of 6.11% in imports with Japan.
C. In the period of April-December 2023 (the latest available data), India exported 3.80 billion USD and imported 13.1 Billion USD from Japan.
D. Manufactured goods(USD 412.5Mn), Engineering goods(USD 198.2Mn), Chemicals & related products(USD 122Mn), Agricultural & allied products(USD 61.2Mn),
Machinery & instruments(USD 54.9Mn), Marine products(USD 38.2Mn), were top exports. While, Manufactured goods(USD 1,336Mn), Engineering goods(USD
696.5Mn), Chemical and related products(USD 252.6Mn), Electronic goods(USD 192.4Mn), Iron &steel(USD 140.6Mn), were top imports in December 2023.

42
Renminbi (CNY)
2022-23 2023-24 INR / Renminbi (CNY)

17 Period Rate Period Rate

April-22 11.95 April-23 11.87

Rupees per Unit of Renminbi (CNY)

May-22 11.58 May-23 11.75

14 June-22 11.68 June-23 11.45

July-22 11.80 July-23 11.46

Aug-22 11.68 Aug-23 11.43

11
Sept-22 11.43 Sept-23 11.41

Oct-22 11.50 Oct-23 11.42

8 Nov-22 11.42 Nov-23 11.58

Dec-22 11.89 Dec-23 11.68

Jan-23 12.06 Jan-24 11.62

5 Feb-23 12.03
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar-23 11.94
A. Indian rupee appreciated by 0.06 paise to CNY to Rs 11.62 in January 2024 from Rs.11.68 in December 2023. Source: Published Data
B. In the month, China accounted for 6% of exports and 18% of imports in Indian trade. The latest trade data indicates an increase of 47.2% in exports and an increase
of 12.27% in imports from China.
C. In the period of April- December 2023 (the latest available data), India exported 11.9 Billion USD to and imported 76.94 Billion USD from China.
D. Non-POL (USD 1,584Mn), Manufactured goods(USD 726.2Mn), Ores&minerals(USD 598.7Mn), Agricutltural&allied products(USD 251.1Mn), Engineering goods(USD
250.2Mn), Chemicals & related products(USD 202.7Mn), Other manufactured goods(USD 132.6Mn), Marine products(USD 111.6Mn) were top exports. While,
Manufactured goods(USD 8,712Mn), Electronic goods(USD 3124Mn), Engineering goods(USD 2,946Mn), Chemical and related products(USD 1,398Mn), Electronic
components(USD 1,350.1Mn), Non-electrical machinery(USD 1,201.8Mn), Telecom instruments(USD 613Mn), Ferrous and non-ferrous metal products(USD 457.4Mn)
were top imports in December 2023.
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Banking Policy & Lending Rates
Rates Cash Reserve Ratio Bank Rate Base Rate

Unit / Year Per cent Per cent p.a. Per cent p.a.

Jan-23 4.50 6.50 8.10 – 9.40

Feb-23 4.50 6.50 8.65 - 9.40

Mar-23 4.50 6.75 8.65 - 9.40

April-23 4.50 6.75 8.75-10.10

May-23 4.50 6.75 8.75-10.10

June-23 4.50 6.75 8.75-10.10

July-23 4.50 6.75 8.85-10.10

Aug-23 4.50 6.75 8.85-10.10

Sept-23 4.50 6.75 8.85-10.10

Oct-23 4.50 6.75 8.95-10.10

Nov-23 4.50 6.75 8.95-10.10

Dec-23 4.50 6.75 8.95-10.25

Jan-24 4.50 6.75 9.10-10.25

Source: Published Data
A. RBI continued to hold Repo rates at 6.50% from February. Yields on 3-month maturity treasury bills are at 6.97% in January 2024. In the long-term interest
rates, yields on 1-year maturity AAA corporate bonds moved from 7.83% to 7.86%. The weighted average bank rate remained constant at 6.75%.
B. Interest rate tightening across the globe appears to be further slowing in January. Out of the 39 major central banks that are tracked, 2 central banks raised
interest rates compared to 3 last month. However, the average rate hike was 62bp compared to 131bp in December. This was due to a 140bp rise in Turkey, a
30bp rise in Russia, and 10bp in Norway. BP stands for Basis Points 1/100th or 1%.

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Shipping Freight Index
Baltic Dry Index (BDI) 2022-23 2023-24
Commodity Baltic Dry Index (BDI)

Month-Year Dry Bulk

4,100 Jan-23 909

3,650 Feb-23 658

Mar-23 1,410
3,200
Apr-23 1,493
2,750 May-23 1,416
June-23 1,080
2,300
July-23 1,040
1,850 Aug-23 1,134

1,400 Sept-23 1,393

Oct-23 1,868
950
Nov-23 1,831

500 Dec-23 2,538

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Jan-24 1,785
A. In January 2024, the Baltic Dry Index decreased to 1,785 compared to 2,538 in the previous month. Source: Published Data
B. Dry bulk Index in November 2023 was about 96% higher than last year, 30% lower than the previous month, and 30% lower than the peaks witnessed in the last 12 months.
C. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 147 points, or 7.3%, to 1,875, The capesize index dropped by 350 points,
or 9.7%, to 3,249, also logging its biggest daily fall since Dec. 7. Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes such as iron ore
and coal, decreased $2,910 to $26,941.
D.The Panamax index fell 71 points, or 4.4%, to a two-month low of 1,534, for its eighth straight session of declines. Average daily earnings for Panamax vessels, which usually
carry about 60,000 to 70,000 tons of coal or grain cargo, slipped by $639 to $13,810.Among smaller vessels, the supramax index was down for the 19th consecutive session. It
fell 32 points to 1,162.

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