ACMA - Commodity Prices - November 2020

www.pwc.
com
Commodity price
monitor
November -20
Prepared for ACMA
Strictly private
and confidential
December 2020
Contents Commodity trend dashboard
Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Contents
Commodity trend dashboard 5
Iron & Steel 8
1 Iron Ore 9
2 Pig Iron 10
3 Wire Rod 11
4 Steel Billets 12
5 Hot-Rolled (HR) Coils 13
6 Cold-Rolled (CR) Coils 14
7 Steel Scrap (Heavy Melting) 15
Ferro-alloys 16
8 Ferro titanium 17
9 Ferro chrome 18
10 Ferro molybdenum 19
11 Ferro vanadium 20
12 Ferro silicon 21
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Commodity price monitor Strictly private and confidential December 2020

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Contents
13 EN8 Alloy Steel (Forging) 22
14 Stainless Steel 23
15 20MnCr5 Alloy Steel (Forging) 24
Base Metals 25
16 Aluminium 26
17 Copper 27
18 Zinc 28
19 Lead 29
20 Nickel 30
21 Tin 31
22 Magnesium 32
Precious Metals 33
23 Precious Metals 34
Polymers & Rubber 35
24 Low density polyethylene (LDPE) 36

the sub-section

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Contents
25 Polypropylene (PP) 37
26 Rubber 38
Appendices 39
27 Forex Movement 40
28 Crude Oil 41
29 Commodity Specifications 42

the sub-section

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Commodity trend dashboard

Pw C 5
Commodity trend dashboard Quarter-on-

Quarter changes (1/2)-Rolling view
Calendar Year 19-20: Q vs. Q update
Commodity Region Q-o-Q Up Q-o-Q Down

Iron & Steel
Iron Ore International 5% p
Domestic low grade #N/A
Domestic high grade #N/A
Pig Iron International 8% p
Domestic 4% p
Stainless steel Domestic 4% p
Domestic 4% p
Wire rod International 4% p
Domestic 6% p
Steel Billets International 7% p
Domestic 2% p
Hot-rolled coils International 1 0% p
Domestic 1 2% p
Cold-rolled coils International 11% p
Domestic 1 2% p
Steel Scrap Domestic 8% p
EN8 Domestic 7% p
20MnCr5 Domestic 7% p
Ferro-alloys
Ferro titanium International N/A
Ferro chrome International 2% p
Domestic 3% p
Ferro molybdenum International N/A
Ferro vanadium International N/A
Ferro silicon International 5% p
Domestic -2% q
ND: No t dis closed by the s ource

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Commodity trend dashboard Quarter-on-

Quarter changes (2/2)- Rolling view
Calendar Year 19-20: Q vs. Q update
Commodity Region Q-o-Q Up Q-o-Q Down

Base Metals
Aluminum International 9.5% p
Domestic 8% p
Copper International 6% p
Domestic 5% p
Zinc International 9% p
Domestic 1 0% p
Lead International -2% q
Domestic 1% p
Nickel International 9% p
Domestic 11% p
Tin International 3.8% p
Domestic N/A
Magnesium International N/A
P recious Metals
Platinum International -1 % q
Palladium International 1 5% p
Rhodium International 30% p
P olymers
Low density polyethylene
International 3% p
(LDPE)
Domestic 1 2% p
Polypropylene (PP) International 6% p
Domestic 9% p
Rubber Domestic 1 4% p
Currency Exchange
Dollar International -1 % q
Pound International 0% p
Euro International 1% p
Yen International 0% q

Pw C 7
Iron & Iron & Steel

1 Iron Ore
8
9
Steel 2
3
Pig Iron
Wire Rod
10
11
4 Steel Billets 12
5 Hot-Rolled (HR) Coils 13
6 Cold-Rolled (CR) Coils 14
7 Steel Scrap (Heavy Melting) 15

Pw C 8
1 Iron Ore Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Iron Ore
180
In t ernational
160
*Int'l *Dom
140 +4% +5% +2%
+7% -2% Rs/tonne
+13% Period $/tonne
120
+2% +5%
+5% +5% 65% & 65% &
100 -7% -2%
below above
80 Nov-19 86 1 57 0 337 5
Dec-19 90 1 61 9 3235
60
Jan-20 92 1 7 04 3499
40 Feb-20 86 1 950 37 92
N ov -19 Dec-19 Jan -20 Feb-20 Mar-20 A pr-20 May -20 Ju n -20 Ju l -20 A u g-20 Sep-20 Oct-20 N ov -20
Mar-20 90 1 934 3588
S ource: Crisil
Apr-20 88 201 0 3243
6,000
Dom est ic Pr ices n ot May-20 92 1 7 68 31 1 1
r eleased
5,500
by the
Jun-20 1 04 1 834 301 4
5,000 sou r ce y et Jul-20 1 08 1 988 3223
+1%
4,500 -4%
+8% -10% +16%
+8% -5% Aug-20 116 21 20 37 50
4,000 -12% +7%
-4% -3%
3,500
3,000 Sep-20 1 22 2090 37 97
+14% +7%
+4% +8% -1%
2,500 +5% -1% +4%
+3%
2,000 Oct-20 1 20
1,500 Nov-20 1 22
1,000
Nov -1 9 Ja n -20 Ma r -20 Ma y -20 Ju l-20 Sep-20 Nov -20
S ource: Crisil *The actual prices may vary depending
on city, player, grade etc.
Ou t look
In February , international prices declined thanks t o the cor onav irus epidem ic in China hurting local dem and. In March, international prices
r ose a s Chinese fact ories resum ed pr oduction in parts of the country unaffected by the COV ID-1 9 pandem ic. In April, international prices
declined slightly am id the COV ID-1 9 pandem ic, but were supported by low pr oduction in Brazil and Australia, along side steady Chinese
demand. In May , prices rose a s production was disrupted in Brazil and the Vale as the spread of COV ID-1 9 positiv e cases caused
disruption s. Chinese dem and continued t o boost the segm ent. In June and July , int ernational prices sh owed strong recov ery due t o pent -up
demand and supply concerns a s econ om ies returned t o regular v olum e lev els. In August, international prices r ose a s Chinese in frastructure
spending was aided by a gov ernm ent st im ulus, along with supply concerns fr om Brazil. In Septem ber, international prices continued their
upturn on account of high dem and from China. In Oct ober, international prices declined due t o lower Chinese im ports, along with greater
su pply from Brazil and South Africa. In Nov ember, international prices rose on a ccount of a shortage of available supply in the market.

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2 Pig Iron Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Pig Iron
450
In t ernational Pig Ir on (Foundry grade-FOB CIS) $/t onne
400 Monthly Average Prices

+5%
+6%
-1% Period *Int'l *Dom
-15%
+4% +6%
350 +1%
+1%
+10% 0% +7%
$/tonne Rs/tonne
+6%
300
Nov-19 280 27 550
Dec-19 3 08 27 950
Jan-20 3 20 3 0450
250 Feb-20 3 20 3 0450
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20
Mar-20 3 23 3 03 50
S ource: Crisil
Apr-20 27 4 29850
May-20 290 28850
39,000
Dom est ic Pig Ir on (Foundry grade, Ex -factory) Rs/t onne
Jun-20 31 1 29650
36,000
Jul-20 31 4 293 50
+2% Aug-20 333 3 1 3 50

+1%
33,000 +7%
+9% -2% 0%
0% +3%
0% -3%
-1%
30,000 +1% Sep-20 3 54 3 1 3 50
Oct-20 3 51 3 1 7 50
27,000
Nov-20 37 0 3 2250
24,000
Nov -1 9 Ja n -20 Ma r -20 Ma y -20 Ju l-20 Sep-20 Nov -20
*The actual prices m ay vary depending on
S ource: Crisil city, player, grade etc.
Ou t look
In March, international prices were largely stable a s the growth in Chinese dem and following the reopening of factories cancelled out the
decline in the rest of the w orld. Dom estically prices declined a s the COV ID-1 9 pandem ic shut down production at factories. In April,
international prices fell as lockdown m easures caused global in dustrial dem and t o fall precipit ously . Dom estic prices declined on less
demand from foundries, partly as a result of the auto industry being shut down. In May , international prices r ose as Chinese dem and
continued t o im pr ov e, while dom est ic prices slid further. In June and July , international as well as dom estic prices r ose due t o higher Ir on
Ore prices. In August, international and dom estic prices r ose on greater dem and fr om industries, as well a s continuing sh ortage of Ir on
Ore. In Sept em ber, international prices rose on account of high Chinese demand, while dom est ic prices remained stable. In Oct ober,
international prices declined marginally , while dom estic prices r ose right before the festiv e season. In Nov em ber, international as well a s
dom estic prices rose on account of the tren d for greater dem and for steel. In Nov em ber, international prices r ose due t o supply con straints
a n d greater steel dem and, while dom estic prices rose steeply as part of t he trend for higher raw material prices.

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3 Wire Rod Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Wire Rod
In t ernational W ir e Rod (CIS Black Sea) $/t onne
Monthly Average Prices
7 00
Period ^*Int'l *Dom
6 00 ($ /tonne) (Rs/tonne)
+6%
-6%
-4% +7% +4% 0%
-2% 0% Nov-19 53 5 3 5094
-2% -2% 0%
5 00 0% Dec-19 504 3 5094
Jan-20 484 3 7 094
Feb-20 47 3 3 5994
4 00 Mar-20 47 3 3 5994
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Apr-20 463 3 5994
S ource: Crisil May -20 453 3 67 94
Jun-20 484 3 82 94
Dom est ic W ir e Rod (India 5.5 mm, In c. ex) Rs/t onne
Jul-20 484 3 8994
5 0 ,000
Aug-20 504 40494
+10%
4 5 ,000
+4% Sep-20 504 40494
0%
+2% 0%
+4%
4 0 ,000 +6% +2% Oct-20 504 40494
-3% 0%
0% Nov-20 53 5 44494
0%
3 5 ,000
3 0 ,000
*The actual prices m ay vary depending
S ource: Crisil on city, player, grade etc.
Ou t look
In Nov em ber, international a s well a s dom est ic prices rose due t o higher scrap prices. In Decem ber, international prices fell due t o lower
rebar prices and weak demand while dom estic prices remained con stant due t o stable m arket condition s. In January , international prices
fell on an ov ersupply of steel in the market, while dom est ic prices r ose a fter the g ov ernm ent im posed country -specific duties on specific
markets. In February , international prices declin ed a s the cor onav irus lockdown decim ated Chinese dem and. Dom estically , prices fell on
reduced dem and. In March, prices rem ained unchanged. In April, international prices declined owing t o lower dem and from factories.
Dom estically prices rem ain unchanged. In May , internal prices fell slightly , dom estic prices picked up on the resum ption of industrial
activ ity. In June, prices rose internationally a s well as dom est ically , owing t o higher demand fr om producers. In July , prices stabilized
globally while rising slightly dom est ically . In August, international as well a s dom estic prices r ose on the backs of growing demand,
sh ortage of inv entory . In Septem ber, int ernational and dom est ic prices rem ained stable. In Oct ober, international and dom estic prices
r em ained stable. In Nov ember, international a s well a s dom estic prices rose due t o the h igher cost of iron ore.
^Prices have been retrospectively revised by the source due to change in base year

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4 Steel Billets Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Steel Billets
700
In t ernational In t ernational Price (Black Sea Steel Billet Spot FOB) $/tonne

600
Period ^*Int'l *Dom
500
+5% ($ /tonne) (Rs/tonne)
-10% +5%
+6% -3%
-2% -4% +6% -1%
+1% Nov-19 3 86 2 9900
+7%
400 +1% Dec-19 41 1 2 903 3
Jan-20 404 3 1 800
Feb-20 3 93 3 1 650
300
Mar-20 37 9 3 1 2 00
S ource: Crisil* Apr-20 3 42 3 1 2 00
Source: Bloomberg f rom July 2019 to January 2020 May -20 3 45 3 1 2 00
Jun-20 37 1 3 2 1 00
Dom est ic Billet s (1 00^1 00 mm) Rs/t onne
9 0 ,000 Jul-20 37 3 3 2 000
8 0 ,000
Aug-20 3 96 3 1 950
7 0,000
6 0 ,000
+10% Sep-20 41 6 3 2 500
5 0 ,000
+3% +2% +2%
-1% 0% 0%
4 0 ,000 -3% 0% 0% 0% 0%
Oct-20 41 3 3 2 567
3 0 ,000 Nov-20 43 3 3 3 1 50
2 0 ,000
1 0 ,000
0
Ou t look
In Decem ber, dom est ic prices fell due t o weak demand for st eel pr oduct s like rebar. In January , international prices fell m arginally while
dom estic prices r ose on the back of ren ewed inv estm ent in infrastructure and growth in the aut om obile industry . In February, dom estic
prices rem ained consistent due t o stable m arket condit ions. In February, dom est ic prices rem ained stable. In March, dom estic prices
declined owing t o a weaker rupee and the im pact of the COV ID-1 9 pandem ic. In April, int ernational prices fell on account of declining
demand on account of lockdown m easures, while remaining stable dom estically . In May , international prices rem ained stable following the
large decline in April, while dom est ic prices were unchanged. In June, international a s well a s dom estic prices rose due t o higher input cost s
as well a s a rise in dem and. In July, international prices rose slightly whilst dom estic prices rem ained constant. In August, international
billet prices r ose on greater dem and and a sh ortage of scrap. In Sept em ber, international prices r ose, while dom est ic prices r ose on account
of higher DRI rates. In Oct ober, international prices declined while dom estic prices rem ained stable. In Nov em ber, international prices r ose
on h igher ore prices, as well as reduced supply. Dom estic prices followed suit.
Înternational prices changed due to change in the grade

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5 Hot-Rolled (HR) Coils Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Hot-Rolled (HR) Coils

800
In t ernational HR Coils (FOB Black Sea) $/t onne
700
Period *Int'l ^*Dom

600 -19% +9%
+8% -2% +1%
+1% +13% 0% ($/tonne) (Rs/tonne)
500 +15%
+4% Nov-19 3 89 3 61 50
+9%
-5%
Dec-19 448 3 7 1 50
400 Jan-20 485 3 8900
Feb-20 490 3 9800
300 Mar-20 480 3 9200
Apr-20 3 89 3 9200
S ource: Crisil May-20 3 68 3 8450
Dom est ic HR Coils (India 14G-2mm) Rs/t onne Jun-20 400 3 7 250
50,000 Jul-20 41 6 3 7 250
+5%
+4% Aug-20 469 40250
45,000 +4%
-2% +8%
+2%
+5% -2% Sep-20 51 2 42050
0%
40,000 +3% -3%
0%
Oct-20 51 2 43 550
Nov-20 51 7 45550
35,000
30,000
S ource: Crisil *The actual prices m ay vary depending

Ou t look
In March, international prices fell due t o uncertainty in the m arket ar ound the COV ID-1 9 pandem ic. Dom estic prices declin ed thanks t o the
national lockdown initiated t o contain the COV ID-1 9 pandem ic. In April, prices declined as the COV ID lockdown shut industries around the
world, while dom estic prices stay ed stable. In May , international prices declined con siderably while dom estic prices continued t o correct
downwards, as pr oducer s faced up t o a weak econ omy , lim ited industrial dem and, with m ost major pr oject s rem aining on hold. In June,
international prices rose due t o higher demand and higher input cost s, whereas dom est ic prices fell on weak local dem and. In July ,
international prices continued t o rise, while dom estic prices remained con stant. In August, international and dom estic prices rose a s
stronger dem and, prim arily from China, returned pr oduction t o pre-COV ID lev els. In Septem ber, int ernational and dom estic prices r ose on
higher ir on ore prices. In Oct ober, international prices rem ained stable due t o the new lockdowns in Eur ope, while dom estic prices r ose on
higher demand from industry before the festiv e season. In Nov em ber, prices of HR coils r ose internationally on the backs of reduced supply ,
w h ile dom estic growth was enabled by im provem ent in construction, higher ore prices and reduced availability.

Pw C 13
6 Cold-Rolled (CR) Coils Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Cold-Rolled (CR) Coils

900
In t ernational CR Coils (CIS Black Sea) $/tonne
800
Period *Int'l ^*Dom

700
+1%
+9% +1% ($ /tonne) (Rs/tonne)
+2% -10%
600 +9% 0% +12%
Nov-19 467 41 1 50
+7% -6%
+3% Dec-19 498 42 1 50
500 -1%
Jan-20 541 451 50
Feb-20 554 461 50
400 Mar-20 554 45550
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Apr-20 498 45550
S ource: Crisil May -20 467 443 50
Jun-20 461 43 3 50
Dom est ic CR Coils (Mum-1 6G) Rs/t onne Jul-20 47 4 43 3 50
9 0 ,000
8 0 ,000 Aug-20 52 9 47 3 50
7 0,000 +4%
-1% +4%
+2% -2% +4%
6 0 ,000 +7% -3% +9% Sep-20 57 8 493 50
+2% 0%
5 0 ,000 0%
Oct-20 584 51 3 50
4 0 ,000
Nov-20 590 53 3 50
3 0 ,000
2 0 ,000
1 0 ,000
0
S ource: Crisil. on city, player, grade etc.
Ou t look
In Decem ber, international prices rose m irroring HR Coil prices, while dom estic prices rose on the backs of int ernational rate increa ses. In
January, both international and dom est ic prices r ose in con junction with hot -r olled coil prices. In February, international and dom estic
prices r ose in accordance with HR Coil prices. In March, international price gr owth was halted and prices remained unchanged due t o
uncertainty around the COVID-1 9 pandem ic, Dom estic prices fell concurrently with HR Coil prices. In April, int ernational prices declin ed
on account of COV ID-induced shutdowns. In May , prices declined in line with HR Coil prices. In June, international prices declined slightly
on weak dem and, while dom estic prices declined, m irroring the decline in HR coil prices. In July , prices rose int ernationally on stronger
demand, while dom estic prices remained constant. In August, prices r ose in tandem with HR coil prices. In Septem ber, international and
dom estic prices r ose in line with HR Coil prices. In Oct ober, international prices r ose on continued strong Chinese demand, while dom estic
pr ices rose in accordance with HR Coil prices. In Nov ember, international and dom estic prices r ose in tandem with HR coil prices.

Pw C 14
7 Steel Scrap (Heavy Melting) Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Steel Scrap (Heavy Melting)
Mont hly Average

Prices
Period *Dom
42,000
Dom est ic St eel scrap (Heavy melting, Excl. GST) Rs/T onne
(Rs/Tonne)
35,000 Nov-19 2 1 3 50
Dec-19 2 1 550
+2% Jan-20 2 3 4 50
28,000 -2% +6% Feb-20 2 3 000
+9% -4% +10%
+1% -5% 0% Mar-20 2 2 000
0% 0%
-1% Apr-20 2 2 000
21,000 May -20 2 1 000
Jun-20 2 0800
Jul-20 2 0800
14,000
Aug-20 2 2 800
S ource: CRISIL
Sep-20 2 3 3 00
Oct -20 2 3 3 00
Nov-20 2 4 800

Ou t look
In Sept ember, dom estic prices began to inch up due t o stronger sentiment following the stabilisation of international prices. In October, the
pr ices returned to decreasing, due t o weak demand and uncertainty around the t rade war. In Nov ember, prices rose on account o f increased
pu blic spending. In Decem ber, prices r ose owing to stronger steel demand in the market. In January, dom estic prices rose stro ngly owing to
h igher dem and for st eel, buoy ed by the performance of the infrastructure and autom otive sectors. In February, prices correcte d as
sen t iments were weakened by the spread of t he coronavirus. In March, prices declined as the national lockdown shut all factor y production
a cross the country. In April, dom estic prices remained constant. In May , dom estic prices declined a s t raders r educed orders d ue t o logistical
con cerns during t he lockdown. In June, dom estic prices declined on the back of continued weak demand and ov ersupply in the m a rket,
w h ile in July, prices r emained constant. In August, dom estic prices rose as In dian manufacturers had t o contend with global p rice rise. In
Sept ember, prices continued to r ise on the backs of strong Chinese demand. In October, prices remained stable . In Nov em ber prices rose on
a ccount of h igher dem and for st eel.

Pw C 15
Ferro-alloys Ferro-alloys
8 Ferro titanium
16
17
9 Ferro chrome 18
10 Ferro molybdenum 19
11 Ferro vanadium 20
12 Ferro silicon 21
13 EN8 Alloy Steel (Forging) 22
14 Stainless Steel 23
15 20MnCr5 Alloy Steel (Forging) 24

Pw C 16
8 Ferro titanium Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Ferro titanium
Mont hly Av erage
Prices
Period ^*Int ’l
($ /kg)
7.15
In t ernational Fer rotitanium (Europe-7 0% In Warehouse Rotterdam) $/kg Nov -19 4 .3 4
Dec-19 4 .2 8
6.50
Jan-20 4 .2 5
Pr ices n ot
a v ailable Feb-20
5.85 y et Mar-20
Apr-20
5.20 May -20
Jun-20
-1% Jul-20
4.55 -1%
Aug-20
3.90
Sep-20
Grade specifications changed from Metal Bulletin to Asian Metals
S ource: Bloomberg
Oct -20
Nov -20

Ou t look
In Oct ober 201 8, high-v olum e sales t o Europe from Russia dragged down prices. Fr om Nov em ber 201 8, ferr otitanium prices hav e
witnessed con sistently declining trend owing t o unfav ourable m arket condition s which has continued till February 201 9. In March,
ferrotitanium prices increa sed owing t o increa sed dem and and potentially reduced supply fr om one m ajor supplier. In April, increasing
trend in prices continued. In May , supply worries from a m ajor pr oducer in UK forced prices t o continue an upward trend. In June, prices
trended m arginally downward due t o fears of weakening demand fr om the European steel market. In July , poor dem and fr om m ajor
markets such as Eur ope pushed prices down significantly . In August, the price r ose thanks t o growing demand. In Sept em ber, international
prices fell owing t o week dem and in the Eur opean steel m arket following a weak summ er. In Oct ober, international prices fell due t o weak
European dem and. In Nov em ber, international prices kept falling due t o unfav ourable m arket condit ions. In Decem ber, prices rem ained
fa irly steady, with a slight decline. In January, the downward trend in prices continued on muted demand.
Înternational prices changed due to change in grades at the source

Pw C 17
9 Ferro chrome Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Ferro chrome
990
In t ernational Fer ro Chrom e (FOB Hong Kong, Cr 5 0%) $/t onne
960

930
+1%
+3%
-6% 0% Period *Int'l *Dom
900
+2%
-4% -1%
+1% +2% 0% ($ /tonne) (Rs/tonne)
870 +1%
+2%
Nov-19 890 62 000
840
Dec-19 83 9 58000
Jan-20 847 602 00
810
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Feb-20 856 61 000
S ource: Crisil Mar-20 82 2 57 500

Apr-20 83 9 57 500
100,000
Dom est ic Fer ro Chrom e (Cr:60%, Ex Fac) Rs/t onne May -20 856 60500
Jun-20 87 3 63 1 00
90,000 Jul-20 865 597 00
Aug-20 865 61 3 00
80,000 -2%
+10%
70,000 +1% -5% -5% Sep-20 890 67 3 00
+4% +4%
-6% -6% +5% +3%
Oct-20 890 661 00
0%
60,000 Nov-20 899 62 600
50,000
S ource: Crisil on city, player, grade etc.
Ou t look
In March, international a s well a s dom estic prices were hurt by bearishness in the stainless steel market caused by the COVID-1 9 crisis and
it s containm ent m easures. In April, international prices r ose a s Chinese fact ories reopened, while South African m ines were shut, reducing
su pply . Dom estic prices rem ained stable. In May , prices r ose globally as South African m ines continued t o face logistical challenges from
lockdown m easures, while Chinese dem and continued t o be strong. In June, international prices rose due t o greater demand from China,
while dom estic prices r ose in tandem . In July , international prices declined slightly , while dom estic prices fell on weaker demand. In
August, international prices stay ed stable, while dom estic prices r ose on sh ortage of supply . In Septem ber, international and dom estic
prices rose substantially due t o a chrom e ore sh ortage in India, which depressed v olum es but helped raise prices. In Oct ober, international
prices rem ained stable, while dom estic prices fell due t o weaker export and excess inv entory . In Nov em ber, international prices rem ained
fairly stable on strong dem and, while dom estic prices continued t o correct, a s pr oducer s held excess supply in expectation of higher
dem and.

Pw C 18
10 Ferro molybdenum Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Ferro molybdenum
Period *Înt'l
In t ernational
($ /kg)
Fer ro-m olybdenum (China-60% EX W) $/kg
Nov-19 15
32 Pr ices n ot
a v ailable
Dec-19 15
y et Jan-20 16
Feb-20
24
Mar-20
+3% Apr-20
+4%
May-20
16
Jun-20
Jul-20
8
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Aug-20

S ource: Bloomberg
Sep-20
Oct-20
Nov-20

city, player, grade etc.
Ou t look
In Septem ber, prices rem ained stable. Prices increased in Oct ober 2018. Prices witnessed declining trend since Nov em ber 2018, following
the price m ov em ents in other ferr o-alloy s. In February 2019, declining trend was rev ersed. In March, prices increased owing t o dem and
growth. In April, increasing trend in prices continued. In May , stable m arket conditions r esulted in stable prices. In June, prices decreased
due t o ea sing demand from major steel pr oducer s such as China. In July , prices increa sed due t o lim ited av ailability of raw materials such as
m oly bdenum concentrate. Strong sentim ent spilt into the Moly bdenum m arket, with a rise in raw m aterial price raising prices ov erall. In
August, int ernational prices rallied aft er a shortage of supply in China led t o a gr owth in the Chinese dom estic m arket. In Septem ber,
international prices fell on the back of rigid dem and in the m arket. In Oct ober, prices continued t o fall through the quarter due t o weak
m etal dem and and weak demand in the ferro-alloy s market. In Nov em ber, prices continued t o fall a s pr oducer s sold th eir st ocks at
discounts and demand was affect ed by weak dem and for stainless st eel. In Decem ber, m oly bdenum prices slowly began t o stabilise after
m on ths of decline. In January, prices rose on the backs of strong industrial demand from autom otive and other industries.

Pw C 19
11 Ferro vanadium Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Ferro vanadium
Mont hly Av erage

Prices
Period *Int 'l
($ /kg)
100 Nov -19 29

In t ernational Fer ro Vanadium (China-80% FOB) $/kg
Dec-19 29
Jan-20 29
80 Feb-20
Pr ices n ot
a v ailable Mar-20
y et
Apr-20
60
May -20
Jun-20
Jul-20
40 -2%
-1%
Aug-20
20
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Sep-20
S ource: Bloomberg Oct -20
Nov -20

Ou t look
Pr ices rem ained unchanged in February 2019 due t o stable m arket condition s. In March, prices rem ained unchanged due t o stable m arket
conditions. In April, prices increa sed due t o strong demand fr om Chinese market, which in turn can be partly attributed t o increase in
demand arising fr om the im plem entation of new rebar manufacturing standards in China. In May , prices continued t o decline due t o
sluggish demand from the European autom otiv e sect or. In June, prices continued t o fall sharply due t o weak summ er demand in China &
Europe. In July , Ferro Vanadium prices decreased m arginally due t o alm ost stable market condit ions com pared t o June. In August, there
was an increa se in price boosted by im prov ing demand. In Septem ber, prices internationally fell on account of a str ong Chinese m arket
dissuading foreign im porter s, with a large gap between Chinese and European prices. In Oct ober, prices continued t o decrea se as Eur opean
pr oducer s worked t o offload excess inv entory in a tim e of weak demand. In Nov em ber, international prices fell due t o a sudden increase in
Chinese pr oduction. In Decem ber, prices continued t o fall due t o v anadium being substituted with niobium , along side slow enforcem ent of
n ew r ebar regulations in China. In January prices fell minim ally on stable market conditions.

Pw C 20
12 Ferro silicon Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Ferro silicon
1,320
In t ernational Fer ro silicon (Si 75%, FOB China)$/tonne
1,290
+5%
1,260
1,230 Monthly Average Prices

+1%
+3% -4%
1,200 0% +4%
+2% Period *Int'l *Dom
1,170 -2%
0% +5%
-3%
1,140 ($ /tonne) (Rs/tonne)
-2%
1,110
Nov-19 1 1 45 66,1 00
1,080 Dec-19 1 1 45 7 2 ,1 00
1,050 Jan-20 1 1 80 81 600
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Feb-20 1 1 80 90600
S ource: Crisil Mar-20 1 1 32 88600
110,000 Apr-20 1 097 88600
Dom est ic Fer ro silicon (Si 70%, In dia Ex -Fac) Rs/t onne May-20 1 07 6 84600
-2% Jun-20 1 1 32 7 83 00
100,000
+11% Jul-20 1 1 52 7 3 050
-5%
0% -4%
90,000 -7% +14% Aug-20 1 1 32 83 050
+13%
-4%
-7%
80,000 -1%
+9% Sep-20 1173 80050
Oct-20 1 1 87 7 7 050
70,000
Nov-20 1 2 42 7 6450
60,000
Ou t look
In February, international prices remained stable while dom estic prices continued t o rise aggressiv ely due t o continued raw m aterial
sh ortage in Bhutan. In March, international prices fell as trading activ ity declined on the back of the COV ID-1 9 crisis, Dom est ic dem and
was sim ilarly hurt by lockdown m easures. Dom estic prices hav e been hurt by the lack of in -person trading caused by the COV ID-1 9
lockdown. In April, international prices fell on account of the decline in industrial activ ity. Dom estic prices remained stable. In May , prices
declined as dem and from steelm akers rem ained weak, while dom estic pr oducers began to cut capacity on poor econom ic env ironm ent. In
June and July , international prices pick ed up as indu stries reopen ed across Europe and China, particularly in the solar energy space. In
June and July , dom est ic prices declined on weak dem and. In August, prices declined internationally , while dom estic prices r ose on higher
demand. In Septem ber, int ernational prices r ose due t o supply concerns in China’s Inner Mong olia region. Dom estically , prices dipped after
a heavy jum p in August. In Oct ober, international prices r ose globally on tight supply , whilst declining dom estically on weakened dem and.
In Nov ember, international prices rose on stronger dem and, while dom estic prices fell on excess supply in the m arket.

Pw C 21
13 EN8 Alloy Steel (Forging) Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
EN8 Alloy Steel (Forging)
Monthly Average
Prices
*Dom
Period
(Rs/tonne)
Nov-19 56500
70,000 Dec-19 56500
Dom est ic A lloy Steel (forging)-EN8 In dia Rs/t onne
Jan-20 56500
68,000 +2%
+3% Feb-20 56500
66,000 Mar-20 58500
+3%
Apr-20 58500
64,000
+2% May -20 58500
62,000 0% +3% Jun-20 60000
0%
+4% Jul-20 60000
60,000 0%
0%
58,000 0% Aug-20 61 000
0%
56,000
Sep-20 63 000
54,000
Oct-20 65000
S ource: PwC Re search
Nov-20 662 50

Ou t look
In May , market con dition s continued t o remain unchanged resulting in stable prices. In June, prices rem ain unchanged once again,
stemm ing from stable market condition s. In July , prices declined marginally due t o a lower growth forecast in India. In August, global
prices fell due t o the fall in the price of Nickel. In Septem ber, dom estic prices rem ained unchanged due t o stable market condition s. In
Oct ober, the prices rem ained con stant. In Nov em ber prices declined due t o a difficult dem and env ironm ent caused by the struggles of the
autom otiv e and manufacturing sect or s. In Decem ber, prices rem ained constant on stable market condition s. In January,, prices rem ained
unchanged thanks t o stable m arket condition s. In February prices remained stable. In March, dom estic prices r ose thanks t o higher
demand and im prov ed indu strial activ ity prior t othe national lockdown. In April, prices remained stable. Prices rem ained stable in May . In
June, prices rose a s indu stries reopened across the country. In July , prices were unchanged. In August, prices r ose dom estically as part of
the trend t o higher steel prices. In Septem ber, prices r ose further as steel prices r ose on a tight supply . In Oct ober, prices continued t o rise
du e t o increased steel demand from industry. In Nov em ber, prices continued t o rise, on account of higher steel demand.

Pw C 22
14 Stainless Steel Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Stainless Steel
Monthly Domestic Average Prices
*G304 HR *G304 CR
Dom est ic G3 04 HR Coil
Period
(Rs/tonne) (Rs/tonne)
1 80,000
-2% +1% Nov-19 1 287 00 1 3 8250
+4% +2% +1%
-4% +2% +4%
0% Dec-19 1 287 00 1 3 8250
0% 0% 0%
Jan-20 1 23 7 00 1 3 3 250
1 20,000
Feb-20 1 287 00 1 3 8250
Mar-20 1 257 00 1 3 5250
Apr-20 1 257 00 1 3 5250
6 0 ,000 May-20 1 27 7 00 1 3 7 250
Jun-20 1 27 7 00 1 3 7 250
Jul-20 1 27 7 00 1 3 7 250
Dom est ic G3 04 CR Coil
240,000 Aug-20 1 3 27 00 1 42250
-2% +1% Sep-20 1 3 47 00 1 44250

180,000 +4% +1% +1%
-4% +1% +4%
0%
0% 0% 0% Oct-20 1 3 67 00 1 46250
Nov-20 1 3 7 7 00 1 47 250
120,000
60,000
S ource: PwC Re search
Ou t look
In August, global prices fell on weak demand and high inv entories. In Septem ber, international prices rose owing t o sky rocketing Nick el
prices. This increase was m irrored by dom estic prices. In Oct ober, prices remained stable dom estically and internationally . In Nov em ber,
dom estic a s well a s int ernational prices continued t o rem ain unchanged. In Decem ber, international and dom estic prices rem ained
unchanged on stable m arket condition s. In January, prices fell due t o an excess of supply ov er demand in the m arket. In February,
international as well a s dom estic prices corrected t o their long t erm Decem ber lev els. In March, dom estic prices fell a s the COV ID-1 9
pandem ic r ocked industrial activ ity all around the world. In April, international and dom est ic prices rem ained stable. In May , prices r ose
marginally despite a weak dem and env ironm ent both in In dia and globally . In June and July , prices rem ained stable and unchanged. In
August, international and dom estic prices rose due t o higher demand, partly in China, and lower scrap av ailability . In Septem ber, HR Coil
prices r ose on the back of continued m om entum in st eel prices. In Oct ober, dom estic prices r ose on account of higher industrial dem and. In
Nov em ber, dom estic prices rose on increased demand for steel as a result of n ew gov ernment st imulus announcements.

Pw C 23
15 20MnCr5 Alloy Steel (Forging) Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
20MnCr5 Alloy Steel (Forging)
*Dom
Period
(Rs/tonne)
Nov-19 57 500
7 5 ,000
Dom est ic A lloy Steel (Forging) -20MnCr5 In dia Rs/t onne Dec-19 57 500
Jan-20 57 500
7 0,000 +2% Feb-20 57 500
+3%
Mar-20 59500
+3% Apr-20 59500
6 5 ,000 +2%
+3% May-20 59500
+3% 0% Jun-20 61 000
0%
0% 0%
6 0 ,000 0% Jul-20 61 000
0%
Aug-20 62000
5 5 ,000
Sep-20 64000
S ource: PwC Re search Oct-20 66000

Nov-20 67 250

Ou t look
In April, market conditions rem ained unchanged, reflecting in the prices for the m onth. In May , m arket condition s continued to rem ain
unchanged resulting in stable prices. In June, prices continued t o h old stable. In July , prices declined m arginally due t o a lower growth
for ecast in In dia. In August, prices continued t o fall, owing t o weakening demand and ov ersupply of inv entory . In Sept em ber, dom estic
prices managed t o stay con stant as the auto slowdown was followed by a large decrease in production. In Oct ober, prices remained stable.
In Nov em ber, prices fell due t o weak demand, partly down t o the Auto slowdown. In Decem ber, prices remained unchanged. In January,
prices rem ained unchanged thanks t o stable m arket condition s. In February prices rem ained stable. In March, prices r ose on stronger
indu strial activ ity and demand prior t o the COVID-1 9 lock down. In April, prices rem ained stable. In May , prices rem ained stable. In June,
prices rose on account of the gradual unlocking of the econ omy. In July , prices remained stable. In August, prices r ose on stronger dem and.
In Septem ber, prices r ose as st eel prices continued t o trend upwards. In Oct ober, price m ov em ent continued upwards as industrial dem and
fr om segments such as autom otive continued t o rise. In Nov ember, prices rose, following the trend of rising st eel prices.

Pw C 24
Base Base Metals

16 Aluminium
25
26
Metals 17
18
Copper
Zinc
27
28
19 Lead 29
20 Nickel 30
21 Tin 31
22 Magnesium 32

Pw C 25
16 Aluminium Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Aluminium
2,100
In t ernational A luminium (Al99.70) $/tonne
+7%
2,000
1,900 +3%
-5% Mont hly Average Prices
0% +1%
0% +6%
1,800
-4% *Int 'l *Dom
+5%
1,700 -10% Period
+7% ($ /t onne) (Rs/kg)
1,600
0% Nov-19 1772 1 33
1,500
Dec-19 1770 1 34
1,400 Jan-20 1771 1 42
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Feb-20 1 685 1 39
S ource: LME Mar-20 1 61 1 1 35
180 Apr-20 1 457 1 33
Dom est ic A luminium (min 99.7%) Rs/kg May -20 1 460 1 31
170 Jun-20 1 564 1 36
+7%
Jul-20 1 63 9 1 39
160
+3% Aug-20 1 7 34 1 46
+5%
150 +6% 0%
-3%
-2% +2%
+4% Sep-20 1 7 45 1 45
+1% -2%
140 -1%
Oct -20 1 803 1 50
130 Nov-20 1 93 2 1 60
120
S ource: MCX* on city, player, grade etc.
*Source updated in July 2019
Ou t look
In March, international prices declined due t o ov ersupply in the m arket by Chinese pr oducers, while dom estic prices fell thanks t o weaker
local dem and. In April, international prices declined on account of declining demand from pr oducer s. Dom estic prices fell on account of the
COVID-1 9 lockdown. In May , prices rem ained stable internationally , but continued t o declin e in the dom estic market, as inv entories built
up and play ers worked t owards lowering the pr oduction cost on it. In June and July , international as well as dom estic prices began t o clim b
upwards on pent-up demand, aft er bott om ing out for m onths during lockdown. In August, prices r ose on greater demand fr om con struction
indu stries, particularly in Eur ope. Dom estic prices rose in tandem . In Septem ber, international prices r ose slightly while dom estic prices
remained stable a s while m acroecon om ic indicat ors suggest ed a global recov ery was ong oing, supply and inv entories had risen
simultaneou sly . In Oct ober, international prices rose due t o a surge in Chinese dem and, while dom estic prices r ose on account of higher
demand from dom estic m anufacturers following econ om ic reopening. In Nov em ber, international prices rose on account of im prov ing
dem and in China and the United States, leading to h igher prices dom estically as well.

Pw C 26
17 Copper Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Copper
In9t ernational
,000 Copper (Grade A) $/t onne
8 ,5 00
8 ,000
+5%
7 ,5 00 +2%
+3%
7 ,000 0% *Int'l *Dom
+11%
+3% -6% Period
6 ,5 00 0%
-9% +10%
($/tonne) (Rs/kg)
6 ,000
+4%
-3% Nov-19 5859 43 8
5 ,5 00
Dec-19 6062 440
5 ,000
Jan-20 6049 444
Feb-20 5686 43 0
S ource: LME
Mar-20 51 7 9 403
900
Apr-20 5048 3 97
Dom est ic Copper (Grade 1 : B1 15) Rs/kg
May-20 523 4 407
800
Jun-20 57 42 443
Jul-20 63 54 494
700
+5%
Aug-20 6497 51 6
+4%
600 +12% +2%
0%
-3%
+1% -6% +9% Sep-20 67 1 2 524
500 0% +3%
-2%
Oct-20 67 03 524
400
Nov-20 7 063 545
300
S ource: MCX on city, player, grade etc.
Ou t look
In January , international prices rem ained unchanged whereas dom estic prices r ose m ildly thanks t o better macro-econ om ic sentim ent. In
February, international prices fell as markets reacted t o the cor onav irus outbreak in China, and dom estic prices followed suit. In March,
international prices declin ed on account of the COV ID-1 9 pandem ic, and dom estic prices sim ilarly fell a s a result of the national lockdown.
In April, international and dom est ic prices continued their downward traject ory on account of the COV ID-19 crisis. In May , prices r ose after
m onths of downturn on the h opes of an econ om ic rev ival and the slow rem ov al of lockdown m easures in India and abr oad. In June and
July , international as well a s dom est ic prices r ose aggressiv ely , due t o supply disruption s in South Am erica and greater optim ism in the
global econ om ic recov ery. In August, international and dom estic prices r ose as dem and returned t o n orm al around the w orld. In
Septem ber, prices r ose int ernationally and dom est ically a s labor issues in Chile caused concerns about future supply . In Oct ober,
international and dom estic prices rem ained stable. In Nov em ber, international prices rose on account of greater dem and from China,
r educed availability of supply. Dom estic prices rose in tandem .

Pw C 27
18 Zinc Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Zinc
4,500
In t ernational Zin c (min 99.995%) $/t onne
4,000
Mont hly Av erage Prices
3,500
*Int 'l *Dom
+2%
3,000 -10% +9% Period
+11% ($ /t onne) (Rs/kg)
+4%
-7% 0%
2,500 -10% +7%
+3% Nov -19 2432 1 90
+4%
-1% Dec-19 227 3 1 83
2,000
Jan-20 2 3 57 1 81
Feb-20 21 20 1 63
1,500
N ov -19 Jan -20 Mar-20 May -20 Ju l -20 Sep-20 N ov -20 Mar-20 1 9 05 1 44
S ource: LME Apr-20 1 89 4 1 49
280 May -20 1 963 1 55
Dom est ic NCDEX Zin c (m in 99.995%) Rs/kg Jun-20 2 02 1 1 62
Jul-20 21 62 173
240
+9% Aug-20 2 4 07 1 92
0%
+2%
+11%
-4% -10%
200 +4%
-1% Sep-20 2 4 51 1 93
+7%
-12% +5%
+4% Oct -20 2442 1 96
160 Nov -20 267 0 21 3
120
Ou t look
In February , international prices fell as markets reacted t o the outbreak of coronav irus in China and around the w orld, with dom estic prices
falling simultaneou sly . In March, global zinc prices saw a marked decline due t o pressure from the COV ID-1 9 crisis. Dom estic prices were
also hurt by the halting of industrial activ ity. In April, the international price decline stabilised a s China reopened fact ories, while dom estic
prices r ose slightly . In May , international prices r ose on greater demand while dom est ic prices were supported by a decline in output. In
June and July , international and dom estic prices r ose despite gr owing unsold inv ent ory , as inv est or s continued t o be bullish about the
global recov ery . In August, prices r ose int ernationally as well a s dom estically as restriction s on m ining were ea sed globally , and supply
concerns regarding South Am erica persist ed. In Septem ber, international prices r ose on str onger Chinese demand, while dom estic prices
remained stable. In Oct ober, international prices rem ained stable, while dom estic prices r ose on account of greater dem and from
con suming industries. In Nov ember, international as well a s dom estic prices r ose on h igher dem and, r educed availability.

Pw C 28
19 Lead Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Lead
2,400
In t ernational Lea d ($/Tonne)
2,200
Mont hly Average Prices
-7%
+7% +8% *Int 'l *Dom
+1% -7% -6%
2,000 -3% -3%
Period
+4% ($ /t onne) (Rs/kg)
+7%
1,800 -5%
Nov-19 2 03 1 1 55
-2%
Dec-19 1 ,89 9 1 53
Jan-20 1 925 1 51
1,600 Feb-20 1 87 2 1 45
Mar-20 1 7 44 1 35
S ource: LME Apr-20 1 6 52 1 34
200 May -20 1 61 8 1 32
Dom est ic MCX Lea d (Rs/kg) Jun-20 1 7 39 1 41
Jul-20 1 81 2 1 47
180
Aug-20 1 935 1 54
-4% +5% +4%

160 -1% -3%
-1% Sep-20 1 881 1 49
+4% 0%
-7%
+7%
Oct -20 1777 1 48
-1%
140 -1% Nov-20 1 91 4 1 55
120
S ource: MCX on city, player, grade etc.
Ou t look
In January , international prices rem ained fairly stable, still affected by poor dem and. Dom estic prices fell m arginally . In February,
international a s well as dom estic prices fell a s the cor onav irus outbreak im pacted indu strial dem and in China and around the w orld. In
March, int ernational prices fell on account of global uncertainty ar ound the COV ID-1 9 pandem ic, and dom estic prices fell on account of the
halting of production following containm ent m easures. In April, prices declined on account of decrea sed indu strial activ ity internationally
and in India. In May prices declined slightly , continuing their downward traject ory . In June and July , international as well a s dom estic
prices r ose on account of continued bullishness fr om inv est or s and fears of supply disruption s. In August, international and dom estic prices
r ose in tandem t o higher dem and as in dustries returned t o pre-COV ID n orm ality. In Septem ber, international a s well a s dom estic prices
declined a s inv entory lev els r ose following m onths of upward price m ov em ent. In Oct ober, international prices fell on weak dem and while
dom estic prices rem ained stable. In Nov em ber, prices rose on the backs of an econ om ic upturn, and dem and fr om battery dev elopers.
Dom est ic prices r ose in tandem a s the economy continued t o recover.

Pw C 29
20 Nickel Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Nickel
28,000
In t ernational Nickel (m in 99.80%) $/t onne
26,000
24,000
Mont hly Av erage Prices
22,000
20,000 *Int 'l *Dom

+4% Period
18,000 +2%
+3% ($ /t onne) (Rs/kg)
-9% -6% +9%
16,000 -2% +5%
-7% +5%
14,000 +3% Nov -19 1 51 9 5 1 1 04
-1%
Dec-19 1 37 97 1 01 6
12,000
Jan-20 1 3 54 9 1 003
10,000
Feb-20 1 27 40 941
Mar-20 1 1 87 0 9 01
S ource: LME
Apr-20 1 1 7 53 921
2,100
Nickel (4”*4” cut Nickel min 99.80%) Rs/kg May -20 1 21 35 930
Dom est ic
Jun-20 1 2 7 03 969
1,800 Jul-20 1 3341 1 01 3
Aug-20 1 4 4 87 1 09 7
1,500
+5%
+8% +3%
-8% 0%
Sep-20 1 4 86 6 1 09 7
1,200 -6% +2% +9%
-1% -4% +1% 0%
Oct -20 1 52 1 9 1 1 29
900 Nov -20 1 57 9 6 1 1 87
600
Ou t look
In February, international prices fell harshly as inventories piled up ov er the Chinese lockdown. Dom estic prices were hurt by weakening
m arket sentiment thanks to the coronavirus ou tbreak in China affecting supply chains. In March, international as well as dom e stic prices
w ere hurt by the reduction in stainless steel dem and, a s well a s lower production of electric vehicles. In April, internation al prices declined,
t h ough supply shocks prevented further fall. Dom estically, prices r ose thanks t o a supply shock and higher spot dem and. In Ma y,
in t ernational and dom estic prices rose on account of g reater demand from a lloy makers. In June and July, international prices continued to
r ecov er, buoy ed by strong Chinese demand. Dom estic prices rose in June, but rem ained m ore or less stable in July. In August, Nickel prices
r ose a s part of t he trend of higher metals prices, buoy ed by a strong Chinese econom ic recov ery. In September, international prices rose on
st r ong Chinese demand whilst dom estic prices remained stable. In October, international prices r ose due to r obust dem and from the
st a inless steel industry, and concurrently rose dom estically t oo. In Nov em ber, international prices rose on account of greater Chinese
dem and, with the continued Indonesian export ban and typhoons in Philippines im pacting supply. Dom estic prices r ose in tandem .

Pw C 30
21 Tin Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Tin
22,500
In t ernational Tin (min 99.85% ) $/tonne
21,000

19,500 +2%
+1%
+2%
+1% *Int'l *Dom
+4%
18,000 +4% -4% Period
0% +9%
-7% ($ /tonne) (Rs/kg)
16,500 +2%
-2% Nov-19 1 63 60 1 ,1 69
Dec-19 1 7 083 1 21 6
15,000 Jan-20 1 7 062 1 21 6
Feb-20 1 6447
S ource: LME Mar-20 1 53 1 5
1,800
Dom est ic Apr-20 1 503 9
MCX T in (m in 99.85%) Rs/kg
May -20 1 5409
1,700
Pr ices n ot
Jun-20 1 6806
a v ailable
1,600 y et Jul-20 1 7 453
1,500 Aug-20 1 7 67 2
1,400
Sep-20 1 7 946
1,300 +4%
0%
Oct-20 1 81 54
1,200 Nov-20 1 8568
1,100
S ource: Bloomberg on city, player, grade etc.
Ou t look
In Nov em ber international prices corrected slightly downwards, alongside dom estic prices. In Decem ber, international prices finally look ed
t o be picking up thanks t o posit iv e dem and and the h opes of a US-China trade agreem ent. Dom est ic prices also r ose in tandem with
international prices. In January , international and dom estic prices both rem ained unchanged. In February, tin prices fell internationally
due t o slackened dem and. In March, int ernational prices declined a s m ajor sem iconduct or markets Japan and South Korea rapidly curtailed
indu strial activ ity to contain COV ID-1 9. In April, prices fell due t o lower dem and. In June, international prices edged upwards on account of
indu strial activ ity resum ing globally . In June and July prices r ose a s supply constraints, particularly in South Am erica, coincided with the
reopening of econ om ic activ ity . In August, int ernational prices r ose slightly . In Sept em ber, prices rose internationally on account of
stronger dem and for electronics, particularly in Ma inland China. In Oct ober, international prices rose slightly on In Oct ober, prices rose a s
su pply was con strained due t o lockdown in Peru. In Nov em ber, international prices r ose on the back of a resurgent global economy,
pa rticularly in China, along with continued strong dem and for electronic products during the pandemic.

Pw C 31
22 Magnesium Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Magnesium
Mont hly Av erage
Prices
*Int ’l
Period
($ /t onne)
Nov -19 2 ,2 1 2
In t ernational Dec-19 21 62
Magnesium (China Shanghai Changjiang Spot Price) Jan-20 2 2 07
CNY /tonne
Feb-20
3 ,200 Pr ices n ot Mar-20
a v ailable Apr-20
y et
May -20
2 ,800 Jun-20
Jul-20
2 ,400 +2% Aug-20

-2%
Sep-20
2 ,000
Oct -20
S ource: Bloomberg Nov -20

Ou t look
In May , June and July , m agnesium prices hav e witnessed increasing trend owing t o fav ourable m arket conditions. In August, prices
continued t o rise. In Septem ber, prices rose on account of t ighter supply . In Oct ober, magnesium prices continued with increasing trend. In
Nov em ber and Decem ber 2018, m agnesium prices rose on account of tight m arket supply primarily fr om China and decreased in January
2019 with fall in dem and. In February , m agnesium prices continued t o fall. In March, price trend was rev ersed. In April, prices fell owing t o
subdued dem and. In May, the declining trend in prices continued due t o low demand across global m arkets. In June, prices fell due t o
ov er supply in the m arket fr om Turkey . In July , prices continued t o slide due t o lower dem and from international m arket s. In August, a
surplu s of supply in the market led t o a continued dr op in prices g lobally . In Sept em ber, the trend of international prices falling continued
due t o weak demand fr om buy ers. In Oct ober, prices fell further due t o weak dem and in China and internationally . In Nov em ber, prices
continued on their downward traject ory due t o weak market condition s. In Decem ber, the downward trend of prices continued. In January,
m agnesium prices rebounded slightly

Pw C 32
Precious Precious Metals

23 Precious Metals
33
34
Metals

Pw C 33
23 Precious Metals Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Precious Metals
1,400
In t ernational Pl a tinum International Price $/troy oz.
1,200 -20%
-3%
+7% -4%
+9% +4%
+2% -4%
1,000 +5%
+3% Monthly Average Prices ($/Oz)
+6%
-1%
800
Period Pt Pd Rh
600
N ov -19 Dec -1 9 Jan-20 Feb -20 Mar -20 A pr -20 May -20 Jun-20 Jul -20 A ug-20 Sep-20 Oc t -20 N ov -20 Nov-19 907 1777 57 28
6,000 Dec-19 929 1 909 6046
In t ernational Pa l ladium International Pr ice $/troy oz. Jan-20 993 2258 8609
Feb-20 968 2544 1 1 67 1
4,000 -15%
+13% +6%
+18% -10% +6% 0% Mar-20 772 21 7 0 1 061 7
+6% +2%
-1%
+7% 0% Apr-20 7 62 21 56 8545
2,000
May-20 805 1 949 7 824
Jun-20 831 1 952 847 4
0 Jul-20 869 2062 8603
N ov -19 Dec -1 9 Jan-20 Feb -20 Mar -20 A pr -20 May -20 Jun-20 Jul -20 A ug-20 Sep-20 Oct-20 N ov -20
45,000
Aug-20 949 21 91 11177
In t ernational Rh odium International Price $/troy oz.
30,000 Sep-20 91 5 231 4 1 3647

+22%
-9% +30% +8%
+36% -20% +2% +2% Oct-20 881 2369 1 397 7
+42% +8%
15,000 -8%
+6% Nov-20 91 8 2368 1 507 8
0
N ov -19 Dec -1 9 Jan-20 Feb -20 Mar -20 A pr -20 May -20 Jun-20 Jul -20 A ug-20 Sep-20 Oc t -20 N ov -20

S ource: Johnson Matthey on city, player, grade etc.
Ou t look
In April, lockdown m easures continued t o cause downward pressure on prices of all three m etals, with auto pr oduction and other industries
shut. In May , prices of Palladium and Rh odium continued t o trend downwards fr om their earlier highs, while platinum prices r ose a s
inv est ors sh owed interest in it. In June and July , Rhodium and Palladium prices r ose on the back s of growing autom otiv e dem and.
Platinum prices rose due t o interest fr om inv est ors. In August, Rhodium prices rose rapidly as South African supply chains struggled t o
keep up with rising dem and post -lockdown. Platinum prices continued t o return t o pre-COV ID lev els, while Palladium prices benefit ed
fr om usage in electric v ehicle pr oduction. In Septem ber, rhodium prices r ose on the backs of continued dem and from autom otiv e
manufacturers, with supply still constrained at m ines in South Africa. Palladium prices r ose on higher econ om ic opt im ism , while platinum
prices declined slightly . In Oct ober, rhodium and palladium prices rode upwards thanks t o continued growth in autom otiv e pr oduction,
while platinum prices fell on ov ersupply in the market. In Nov em ber, Rhodium and Platinum prices trended upwards, whereas Palladium
pr ices remained stable and unchanged.

Pw C 34
Polymers Polymers & Rubber

24 Low density polyethylene (LDPE)
35
36
& Rubber 25
26
Polypropylene (PP)
Rubber
37
38

Pw C 35
24 Low density polyethylene (LDPE) Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Low density polyethylene (LDPE)

1,000
In t ernational LDPE (C&F Far East Asia) $/tonne
Pr ices n ot
a v ailable
y et Monthly Average Prices
900 -4%
+6%
Period *Int'l *Dom
-6% +6%
0%
-1% ($ /tonne) (Rs/tonne)
+5%
800 -6% -1%
+3%
Nov-19 81 0 847 47
0% Dec-19 800 83 81 4
Jan-20 847 8492 2
700
Feb-20 81 3 853 09
Mar-20 7 67 863 09
S ource: Crisil
Apr-20 7 21 863 09
LDPE (RIL 1 6MA400 Ex -Mumbai) Rs/t onne May -20 7 21 863 09

Dom est ic
Pr ice n ot available Jun-20 7 44 83 005
for A pril, May: Jul-20 779 8862 6
1 20,000 a ssum ed constant
+5% Aug-20 7 67 91 403
+5%
1 05 ,000
+4% Sep-20 81 3 951 03
+3%
+7%
+1% -4%
+1% 0% Oct-20 81 2 .95 9987 9
9 0 ,000 0% 0%
-1%
Nov-20 1 051 06
7 5 ,000
S ource: Reliance I ndustries Ltd. on city, player, grade etc.
Ou t look
In Oct ober, international prices rose thanks t o tighter spot supply , while dom estic prices fell as supply was n orm alised. In Nov em ber prices
fell internationally and dom est ically as producers sought to drop their excess inv entory , due t o ov erproduction in the United States. In
Decem ber, prices internationally and dom estically continued t o decline as ov ersupply in the market m et sluggish dem and. In January,
international prices r ose due t o plant shutdowns in Japan and Thailand, with dom estic prices also rising. In February , dom estic prices
remained unchanged. In March, international prices declined a s a result of the fall in crude oil prices and the COVID-1 9 lockdown. In April,
low crude prices caused further decline in international prices. In June, international prices r ose, corresponding with the rise in oil prices.
In July , dom estic prices continued their upturn. In August, international prices declined slightly , while dom estic prices rose on account of
higher oil prices. In Septem ber, dom estic prices r ose on the back s of higher con sum er goods sales as the festiv e sea son appr oaches. In
Oct ober, dom estic prices continued t o rise a s pr oducer s receiv e higher export dem and, with lim ited av ailability and high shipping cost s. In
Nov em ber, dom estic prices rose on the back of h igher crude oil prices.

Pw C 36
25 Polypropylene (PP) Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Polypropylene (PP)
1,900
In t ernational
1,800 International Price (PPHP) $/tonne
1,700 Pr ices n ot
a v ailable
1,600 y et Mont hly Average Prices
1,500
1,400 Period *Int 'l *Dom
1,300 +5%
1,200 ($ /t onne) (Rs/t onne)
+10% +1%
1,100 -3% +8%
-4%
-1% -7% -2%
1,000 +4% Nov-19 951 8953 3
-8%
900 Dec-19 92 7 851 1 6
800 Jan-20 91 4 85862
700 Feb-20 87 3 85482
Mar-20 81 2 83 1 2 0
S ource: Crisil Apr-20 7 51 83 1 2 0
1 1 5,000 May -20 7 82 83 1 2 0
Dom est ic Domestic Price (RIL D1 20MA) Rs/tonne
Jun-20 863 83 61 6
1 1 0,000 Pr ice n ot available
for A pril, May: Jul-20 903 86491
a ssum ed constant
1 05 ,000
Aug-20 883 8563 6
1 0 0,000 +7%
Sep-20 954 8591 7

9 5 ,000 +5%
-5%
+3% 0%
Oct -20 964.2 5 90503
9 0 ,000 +1% -3% -1%
0% +1% Nov-20 96407
0%
0%
8 5 ,000

S ource: Reliance I ndustries Ltd. on city, player, grade etc.
Ou t look
In Oct ober, international prices r ose, while dom estic prices were cut t o try and incentiv ize buy ing. In Nov em ber, prices fell dom estically and
internationally on account of ov ersupply and a period of weak demand from the plastics industry . In Decem ber, international and dom estic
prices continued t o decline, with am ple inv entory in the m arket a s buy ers resist ed building up st ock s. In January , the trend of falling
international prices continued thanks t o a production surge in China, while dom estic prices r ose on t ighter availability of product in the
dom estic m arket. Zin February , dom estic prices rem ained unchanged. In March, the dram atic decrease in crude oil prices led t o the fall in
Poly propy lene prices internationally as well a s dom estically . In April, prices declined on low crude cost s. In June, international prices r ose
on higher oil prices. Dom estic prices followed suit. In July , dom estic prices rose on account of higher oil prices. In July , dom estic prices
continued their upturn. In August, prices r ose on account of higher oil prices. In Septem ber, dom estic prices rem ained stable. In Oct ober,
dom estic prices r ose on greater dem and from exports, a s well a s a sh ortage of supply in the m arket. In Nov em ber, dom estic prices
con t inued t o trend u pwards.

Pw C 37
26 Rubber Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Rubber
Mont hly Av erage

Prices
Period *Dom
(Rs/kg)
Nov -19 1 28
Dec-19 1 31
Dom est ic
Domestic Price (RSS 4) Rs/Kg Pr ice unavailable Jan-20 1 35
for A pril: a ssumed
Feb-20 1 35
u n changed
Mar-20 1 30
2 00
Apr-20 1 30
+10% May -20 116
Jun-20 1 20
+6%
+3% -4% +1% Jul-20 1 27
1 50 +3% 0% -11% +4%
0% +6%
+4%
Aug-20 1 32
1 00 Sep-20 1 34
Oct -20 1 42
S ource: Rubber board
Nov -20 1 56

Ou t look
In Septem ber, dom estic prices continued t o fall due t o weak dem and fr om auto manufacturers as well as large inv ent ories held by rubber
manufacturers. In Nov em ber, prices r ose dom est ically a s continuing rains prev ented tapping, leading t o weak production. In Decem ber,
rubber prices rose due t o the Pestalotiopsis disease on rubber plantation s lowering international supply , alongside the higher oil price and
the breakthrough in US-China trade relations. In January prices continued t o trend upwards due t o wor sening supply problem s. In
February, dom estic prices rem ained m ost ly unchanged despit e buy ers fears regarding the im pact of the cor onav irus crisis. In March,
dom estic prices fell a s the COV ID-1 9 pandem ic halted all industrial activ ity , including in the tyre indu stry . In June and July , prices of
rubber r ose on str onger demand and supply disruption s. In August, prices r ose m irroring a continued upward trend in global m arkets. In
Septem ber, prices r ose on strong Chinese demand and supply challenges in South Ea st Asia. In Oct ober, prices continued t om ov e upwards
due t o continued dem and in China. In Nov em ber, dom estic prices continued t o m ov e upwards, with str ong dem and fr om China along with
su pply constraints in Thailand and ot her parts of Southeast Asia partly r esponsible.

Pw C 38
Appendices Appendices
27 Forex Movement
39
40
28 Crude Oil 41
29 Commodity Specifications 42

Pw C 39
27 Forex Movement Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Forex Movement
85 105
Dollar /Rs Euro /Rs
+1% 100
-1%
80 -1% -1% 95 +7% +5% +2%
+3%
0%
+3% -1% -2% -2% -1%
90 0%
-2%
+4% +2% +1%
0% 0%
75 85
-2% -1%
+1%
80
70 75
Nov -1 9 Ja n -20 Ma r -20 Ma y -20 Ju l-20 Sep-20 Nov -20 Nov -1 9 Ja n -20 Ma r -20 Ma y -20 Ju l-20 Sep-20 Nov -20
110 80
Pound /Rs +4% 1 00 Yen/ Rs
+4% 78
105 0% -1%
-4% 76
-2% -1%
+1% -4% +1% -2%
100 74
+3% +4% +1% +2%
-1% +8% 0%
72
0% 0% 0%
95 70 0%
68 -2%
90 0%
66
85 64
Nov -1 9 Ja n -20 Ma r -20 Ma y -20 Ju l-20 Sep-20 Nov -20 Nov -1 9 Ja n -20 Ma r -20 Ma y -20 Ju l-20 Sep-20 Nov -20
S ource: Reserve Bank of India
Mon t h ly Average Prices (Rs)
Nov -19 Dec-19 Ja n -20 Feb-20 Ma r -20 A pr -20 Ma y -20 Ju n -20 Ju l -20 A u g-20 Sep-20 Oct -20 Nov -20
$ 72 71 71 71 74 76 75 76 75 75 73 73 74
₤ 93 93 92 93 93 96 92 96 94 98 94 95 99
€ 79 79 79 77 83 83 82 86 86 88 87 86 88
¥ 66 65 65 65 70 71 70 71 70 71 69 69 71

Pw C 40
28 Crude Oil Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Crude Oil
100
Crude-European brent spot price FOB $/barrel
90
80 -15%
+6%
70
-7%
60 -57% -10%
+5% +22%
+4%
50 +24% -7%
+137%
40
30 -40%
20
10
Nov -1 9 Dec-1 9 Ja n -20 Feb-2 0 Ma r -20 A pr-20 Ma y -20 Ju n -20 Ju l-20 A u g-20 Sep-20 Oct -20 Nov -20
S ource: EIA
Mon t h ly Average Prices ($/barrel)
Nov -19 Dec-19 Ja n -20 Feb-20 Ma r -20 A pr -20 Ma y -20 Ju n -20 Ju l -20 A u g-20 Sep-20 Oct -20 Nov -20
65 69 59 54 24 14 34 42 43 45 41 38 46

Pw C 41
29 Commodity Specifications Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Commodity Specifications
Commodity International Domestic
Iron Ore IOECI635 Index (CIF China) Crisil
- (Fe63.5%) CIF China - Grade 1: 58% to below 60% Fe Fines
- Grade 2: 60% to below 62% Fe Fines
- Grade 3: 62% to below 65% Fe Fines
- Grade 4: 65% and above Fe Fines
Pig Iron Crisil Crisil
-Foundry grade FOB CIS -Foundry grade ex-factory, India
Stainless steel NA PwC Research
-G 304 CR Coil
-G 304 HR Coil
Crisil Crisil
Wire rod -CIS Black Sea (US $/Tonne) - Wire rods: 5.5 mm (Prices are inclusive of
excise duty by exclusive of VAT/Sales tax)
Steel Billets Crisil Crisil
-FOB CIS Black Sea - 100^100 mm (Avg. prices collated from 2-
Previously: Bloomberg 3 locations)
Black Sea Steel Billet Spot FOB
Hot-rolled coils Crisil Crisil
-FOB Black Sea - 14G 2mm (Avg. prices collated from 2-3
locations)
Cold-rolled Crisil Crisil
coils -(CIS) FOB Black Sea - Mumbai 16G (Avg. prices collated from 2-3
locations)
Steel Scrap NA Crisil
- Heavy melting (excl. GST)
EN 8 NA PwC Research
-EN8 Alloy forging
20MnCr5 NA PwC Research
-Alloy forging
Ferro titanium Ferrotitanium (Europe-70% In NA
Warehouse Rotterdam)
Previously: Ferrotitanium (min 70% in
warehouse Rotterdam, Europe) $/kg
Ferro chrome Crisil : FOB Hong Kong Cr 50% Crisil: Ex-factory Cr 60%
Ferro Ferro-molybdenum (China-60% EXW) NA
molybdenum Previously: Ferro-molybdenum (65%min
in warehouse Rotterdam, Europe) $/kg

Pw C 42
Ferro Ferro Vanadium (China -80% FOB) $/kg NA
vanadium Previously: Ferrovanadium 78-82% V
max 1.5% Si FOB North America
warehouse USD/lbs
Ferro silicon Crisil Crisil

- FOB China Si 75% - Ex-factory Si 70%
Aluminium LME NCDEX, MCX (July’19 onwards)
-Primary aluminium with impurities no -Primary aluminium 99.7% purity
greater than the chemical (minimum) form: ingots, T -bars,
composition of one of the registered
designations:
•P1020A in the North American and
International Registration Record
entitled “International Designations and
Chemical Composition Limits
for Unalloyed Aluminium” (revised
March 2007)
•Al99.70 in the GB/T 1196-2008
Standard entitled “Unalloyed
aluminium ingots for remelting”
Copper LME MCX
-Grade A copper must conform to the - Grade 1 electrolytic copper as per B115
chemical composition of one of specification
the following standards:
•BS EN 1978:1998 - Cu-CATH-1
•GB/T 467-2010 - Cu-CATH-1
•ASTM B115-10 - cathode Grade 1
Zinc LME NCDEX, MCX (July’19 onwards)
-Special high-grade zinc of 99.995% - Zinc of 99.995% minimum purity. Zinc
purity (minimum) must conform to must conform with the
the chemical composition of one of the 99.995% graded chemical composition of
following standards: BS EN 1179:1996 Standard
•BS EN 1179:2003 - 99.995% grade entitled “Zinc and Zinc alloys primary Zinc”
•ISO 752:2004 - ZN-1 grade Form: ingots
•ASTM B6-12 - LME grade
•GB/T 470-2008 - Zn99.995 grade

Pw C 43
Lead LME MCX
- Lead of 99.97% purity (minimum) - Lead ingots with minimum purity of 99.97%
conforming to BS EN 12659:1999
- GB/T 469/2005
Nickel LME NCDEX, MCX (July’19 onwards)
- Nickel of 99.80% purity (minimum) - 4”*4” approved pure cut Nickel of 99.80%
conforming to B39-79 (2013) purity (minimum)
- GB/T 6516-2010
Tin LME Bloomberg
- Tin of 99.85% purity (minimum) - Tin (min 99.85% ) $/tonne
conforming to BS EN 610:1996
Magnesium Magnesium (China Shanghai NA
Changjiang Spot Price) CNY /tonne
Previously: Magnesium (99.8% FOB
China Main Ports Spot Price) $/tonne
Platinum Metal in sponge form with minimum purities of 99.95% for platinum and palladium,
and 99.9% for rhodium
Palladium
Rhodium
Low density International price (C&F FEA) $/tonne RIL-16MA400 grade

polyethylene
(LDPE)
Polypropylene International Price (PPHP) $/tonne RIL-D120MA grade
(PP)
Rubber Prices NA NCDEX/Rubber board
- RSS 4 (Ribbed Smoked Sheet 4) ex-
warehouse Kochi exclusive of all taxes
Forex RBI reference rates
Movement
Crude European Brent spot price FOB $/barrel – Energy Information Administration (EIA)

Pw C 44
Disclaimer
This document has been prepared solely for [ACMA] Automotive Component Manufacturers Association of India, being the
express addressee to this document. PwC does not accept or assume any liability, responsibility or duty of care for any use of
or reliance on this document by anyone, other than (i) ACMA, to the extent agreed in the relevant contract for the matter to
which this document relates (if any), or (ii) as expressly agreed by PwC in writing in advance.
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional
advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained
in this publication, and, to the extent permitted by law, PwC, its members, employees and agents accept no liability, and
disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the
informationcontained inthis publication or for any decision based on it.
This publication contains certain examples extracted from third party documentation and so being out of context from the
original third party documents; readers should bear this in mind when reading the publication. The copyright in such third
party material remains owned by the third parties concerned, and PwC expresses its appreciation to these companies for
having allowed it to include their information in this publication. For a more comprehensive view on each company’s
communication, please read the entire document from which the extracts have been taken. Please note that the inclusion of a
company in this publication does not imply any endorsement of that company by PwC nor any verification of the accuracy of
the informationcontained in any of the examples.
This publication contains various forward looking statements, which by their nature involve numerous assumptions, inherent
risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward looking
statements will not be achieved. We caution readers of this publication not to place undue reliance on these forward looking
statements, as a number of important factors could cause actual future results to differ materially from the plans, objectives,
ex pectations, estimates, and intentions expressed in such forward looking statements.
This publication (and any extract from it) may not be copied, paraphrased, reproduced, or distributed in any manner or form,
whether by photocopying, electronically, by internet, within another document or otherwise, without the prior written
permission of PwC. Further, any quotation, citation, or attribution of this publication, or any extract from it, is strictly
prohibited without PwC’s prior written permission.
PwC contacts for ACMA Knowledge Partnership

- Kav an Mukhtyar, Partner & Leader-Automotive, PwC India - kavan.mukhtyar@in.pwc.com/ +912261198735
- Somnath Chatterjee, ACMA Knowledge Partnership Manager –somnath.chatterjee@in.pwc.com / +91124620724
© 2020 PricewaterhouseCoopers Private Limited. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers
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Iron & Steel 8

5 Hot-Rolled (HR) Coils 13

6 Cold-Rolled (CR) Coils 14

7 Steel Scrap (Heavy Melting) 15

To navigate this report

Commodity price monitor Strictly private and confidential December 2020

15 20MnCr5 Alloy Steel (Forging) 24

Polymers & Rubber 35

24 Low density polyethylene (LDPE) 36

To navigate this report

Commodity price monitor Strictly private and confidential December 2020

To navigate this report

Commodity price monitor Strictly private and confidential December 2020

Commodity trend dashboard

Commodity price monitor Strictly private and confidential December 2020

Commodity trend dashboard Quarter-on-

Commodity Region Q-o-Q Up Q-o-Q Down

ND: No t dis closed by the s ource

Commodity price monitor Strictly private and confidential December 2020

Commodity trend dashboard Quarter-on-

Commodity Region Q-o-Q Up Q-o-Q Down

Commodity price monitor Strictly private and confidential December 2020

Iron & Iron & Steel

Commodity price monitor Strictly private and confidential December 2020

Commodity price monitor Strictly private and confidential December 2020

400 Monthly Average Prices

+2% Aug-20 333 3 1 3 50

Commodity price monitor Strictly private and confidential December 2020

Commodity price monitor Strictly private and confidential December 2020

Monthly Average Prices

Period ^*Int'l *Dom

Commodity price monitor Strictly private and confidential December 2020

Hot-Rolled (HR) Coils

Period *Int'l ^*Dom

S ource: Crisil *The actual prices m ay vary depending

Commodity price monitor Strictly private and confidential December 2020

Cold-Rolled (CR) Coils

Period *Int'l ^*Dom

Commodity price monitor Strictly private and confidential December 2020

Steel Scrap (Heavy Melting)

Mont hly Average

*The actual prices m ay vary depending

Commodity price monitor Strictly private and confidential December 2020

Commodity price monitor Strictly private and confidential December 2020

*The actual prices m ay vary depending

^International prices changed due to change in grades at the source

Commodity price monitor Strictly private and confidential December 2020

Monthly Average Prices

S ource: Crisil Mar-20 82 2 57 500

Commodity price monitor Strictly private and confidential December 2020

Monthly Average Prices

Grade specifications changed from Metal Bulletin to Asian Metals

*The actual prices m ay vary depending on

Commodity price monitor Strictly private and confidential December 2020

Mont hly Av erage

Period *Int 'l

100 Nov -19 29

Period ^Int'l Dom

Period Int'l ^Dom

Period Int'l ^Dom

20,000 Int 'l Dom