SIAM Commodity Price Monitor - August 2022

COMMODITY PRICE
SIAM MONTHLY MONITOR
August
2022
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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)
2
CONTENT
Iron & Steel 4
Non-Ferrous Metals 15
Polymers 24
Rubber 28
Crude Petroleum 34
Other Rates 36
IRON &
STEEL
HR Steel
Movement of HR Steel Prices (1.8 mm, IS2062) 2021-22 2022-23 Commodity HR Steel
99,000 Month-Year ₹/Tonne
Aug-21 67,606-68,494
93,500
Sept-21 65,906-66,794
88,000 Oct-21 67,906-68,794
Nov-21 69,906-70,794
₹/Tonne
82,500
Dec-21 65,906-66,794
77,000 Jan-22 64,906-65,794
Feb-22 66,406-67,294
71,500
Mar-22 74,600-75,600
66,000 April-22 77,500-78,500
May-22 71,125-72,125
60,500
June-22 62,900-63,900
July-22 60,500-61,500
55,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Aug-22 58,375-59,375
Source: Published Data

A. In August 2022 HR Steel prices varied between₹58,375-59,375 per tonne.
B. Prices in August 2022 were about 13.6% lower than last year, 3.5% lower than the previous month and nearly 24.7% lower than the peaks witnessed in Apr 2022.
August 2022 prices were also the lowest in the last 13 months.
C. Poor demand in domestic as well as the export markets and slow buying from trade led to downward price revision by Indian steelmakers.
D. Developments pertaining to the removal of steel export duty (whose imposition has affected the trade channel) are being keenly watched as that can help push
up sales and in turn lead to a reduction in inventory.
5
CR Steel
Movement of CR Steel (0.90 mm, IS 513 Gr O) 2021-22 2022-23 Commodity CR Steel
1,09,000
Month-Year ₹/Tonne
1,03,500 Aug-21 78,406-79,295
Sept-21 75,406-76,295
98,000
Oct-21 78,406-79,295
92,500 Nov-21 80,406-81,295
Dec-21 76,406-77,295
87,000
Jan-22 71,056-71,945
Feb-22 72,056-72,945
81,500
Mar-22 80,400-81,400
76,000 April-22 85,750-86,750
May-22 79,250-80,250
70,500
June-22 69,900-70,900
65,000 July-22 67,375-68,375

Aug-22 66,625-67,500
A. In August 2022 CR Steel prices varied between ₹66,625-67,500 per tonne.
B. Prices in August 2022 were 15% lower than last year, 1.1% lower than the previous month and 22.3% lower than the peaks witnessed in Apr 2022.
August 2022 prices were also the lowest in the last 16 months.
C. Falling prices in the key input coking coal and reduced demand due to general contraction in the world economies exerted pressure on CR Steel price.
D. Indian steel mills cut prices and made a downward revision to align more closely with the trade channel prices.
6
Alloy Steel – Forging
Movement of Alloy Steel (Forging) - 20MnCr5 Prices 2021-22 2022-23
Commodity Alloy Steel - Forging
1,18,000
1,13,500
Aug-21 79,000
1,09,000
Sept-21 78,250
1,04,500 Oct-21 80,000
Nov-21 83,375
1,00,000
Dec-21 82,000
95,500
Jan-22 78,375
91,000 Feb-22 78,750
86,500 Mar-22 83,500
April-22 89,600
82,000
May-22 89,250
77,500
June-22 85,875
73,000 July-22 84,200
Aug-22 83,000
A. In August 2022 MnCr5 Alloy Steel price on an average was ₹83,000 a tonne. Source: Published Data
B. Prices in August 2022 were about 5% higher than last year but about 1.4% lower than the previous month and more than 7.3% lower than the peaks
witnessed in Apr 2022. The prices show a decline for the fourth consecutive month now.
C. India imported USD 37 mn of alloy steel in FY22 and exported USD 15 mn. In FY23, data available till date shows a 120% increase in value of alloy steel
imports while in quantity terms it is only a 70% increase. while dollar appreciation contributed to increased prices, it was balanced by the fact that
Chinese prices were 22% lower than average and China alone contributed to 40% of the volume growth.
. 7
Alloy Steel - Forging
Movement of Alloy Steel (Forging)-EN 8 prices Commodity Alloy Steel
2021-22 2022-23
1,17,000 Month-Year ₹/Tonne

Aug-21 78,000
1,11,500
Sept-21 77,250
Oct-21 79,000
1,06,000
Nov-21 82,375
1,00,500 Dec-21 81,000
Jan-22 77,375
95,000
Feb-22 77,750
89,500 Mar-22 82,500
April-22 88,600
84,000
May-22 88,250
78,500 June-22 84,875
July-22 83,200
73,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Aug-22 82,000

A. In August 2022 EN 8 Alloy Steel price on an average was ₹82,000 a tonne.
B. Prices in August 2022 were about 5.13% higher than last year but about 1.4% lower than the previous month and more than 7.45% lower than the
peaks witnessed in Apr 2022. The prices show a decline for the fourth consecutive month now.
C. The prices of EN8 alloy moved in line with all other grades of steel. However, it is slightly cheaper since it is 97.5% iron compared to 95.9% iron in
20MNCr5 alloy steel. 20MNCr5 alloy has greater quantities of chromium, manganese, silicon and phosphorus.
8
Pig Iron
Movement of Pig Iron Prices (For Castings – Gray Iron) Commodity Pig Iron
2021-22 2022-23
90,000 Month-Year ₹/Tonne

Aug-21 45,250
Sept-21 45,675
80,000
Oct-21 48,500
Nov-21 46,875
70,000
Dec-21 46,100
Jan-22 47,500
60,000 Feb-22 50,125
Mar-22 61,875
April-22 67,200
50,000
May-22 66,000
June-22 58,750
40,000 July-22 54,200

Aug-22 54,000

(Punjab {Grade B}- Basic rate, excluding GST & Freight)
A. In August 2022 Pig Iron price on an average was ₹54,000 a tonne.
B. Prices in August 2022 were about 19.3% higher than last year but a marginal 0.4% lower than the previous month and about 20% lower than the peak
witnessed in April 2022. The prices show a decline for the fourth consecutive month now.
C. Hectic lobbying by Indian steel makers for domestic consumption of iron ore had caused restrictions on exports and the imposition of export duty had
made Indian iron ore unattractive in the international market, especially in China.
9
Stainless Steel
Movement of Stainless Steel Prices (G 304 CR Coil) 2021-22 2022-23 Stainless Steel
Commodity
3,15,000
(CR Coil)
2,90,000 Aug-21 1,67,750-1,77,750
Sept-21 1,76,750-1,86,750
2,65,000
Oct-21 1,86,750-1,96,750
Nov-21 1,76,750-1,86,750
2,40,000
Dec-21 1,71,750-1,81,750
Jan-22 1,61,750-1,71,750
2,15,000
Feb-22 1,66,750-1,76,750
*Mar-22 -
1,90,000
*April-22 -
May-22 2,78,750-2,82,250
1,65,000
June-22 2,59,400-2,61,800
July-22 2,46,250-2,49,250
1,40,000
Aug-22 2,48,500-2,52,500
Source: Published Data *NA
A. In August 2022 Stainless Steel prices (Cold Rolled) varied between ₹2,48,500-2,52,500 per tonne.
B. Prices in August 2022 were about 48.1% higher than last year about 1.3% higher than the previous month and more than 11.7% lower than the peak
witnessed in May 2022. After a decline for two consecutive months, prices have slightly increased in August 2022.
C. With demand slightly picking up and domestic steel prices continuing to stay at huge discounts to global rates, primary steel producers have been
prompted to raise product prices, albeit slightly, for August.
10
Stainless Steel
Movement of Stainless Steel Prices (G 304 HR Coil) Stainless Steel
2021-22 2022-23 Commodity
(HR Coil)
2,94,000
Aug-21 1,58,500-1,67,900
Sept-21 1,67,500-1,76,900
2,62,000
Oct-21 1,77,500-1,86,900
Nov-21 1,67,500-1,76,900
2,30,000 Dec-21 1,62,500-1,71,900
Jan-22 1,52,500-1,61,900
1,98,000 Feb-22 1,57,500-1,66,900
*Mar-22 -
*April-22 -
1,66,000
May-22 2,58,750-2,62,250
June-22 2,39,200-2,41,800
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-22 2,34,500-2,37,000
Aug-22 2,35,500-2,39,250
Source: Published Data *NA

A. In August 2022 Stainless Steel prices (Hot Rolled) varied between ₹2,35,500-2,39,250 per tonne.
B. Prices in August 2022 were about 48.6% higher than last year ,about 0.5% higher than the previous month but almost 9% lower than the peak
witnessed in May 2022. After a decline for two consecutive months, prices have slightly increased in August 2022.
C. The slight uptick in demand and the huge gap between domestic and global prices for hot rolled stainless steel has driven steel producers
optimistically to higher prices.
11
Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap) 2021-22 2022-23 Commodity Steel Scrap
92,000
Aug-21 39,500
82,000
Sept-21 39,250
Oct-21 42,500
72,000 Nov-21 44,400
Dec-21 41,400
62,000 Jan-22 41,000

Feb-22 43,525
Mar-22 51,075
52,000
April-22 54,680
May-22 50,750
42,000 June-22 42,750
July-22 46,600
32,000 Aug-22 49,325

MG - Punjab -Basic rate
A. In August 2022, Steel Scrap price on average was ₹49,325 a tonne
B. Prices in August 2022 were about 24.9% higher than last year when the prices were at the 52-week low. August prices are also about 5.8% higher than the
previous month but more than 9.7% lower than the peak witnessed in April 2022. The price has increased for the second month in a row now.
C. As mentioned in last month's report, Steel Scrap was set to get valuable as it reduces Greenhouse Gases emissions by 58% as mentioned in India’s National
Steel Policy.
D. With imported scrap steel prices rising, medium and small steelmakers in India, who are secondary manufacturers using sponge iron/scrap steel in electric arc
furnaces to make steel, are facing the heat.
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Coal (Coking Coal)
Movement of Coal Prices - Premium HCC, Australia-origin in USD Commodity Coal (Coking Coal)
2021-22 2022-23
840
Month-Year $/Tonne
Aug-21 228
690
Sept-21 350
Oct-21 398
Nov-21 368
540
Dec-21 342
Jan-22 414
390 Feb-22 445

Mar-22 617
April-22 474
240 May-22 539
June-22 407
July-22 264
90
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Aug-22 255

A. In August 2022, Coking Coal price on an average was $255 a tonne.
B. Prices in August 2022 were about 11.8% higher than last year but almost 3.5% lower than the previous month and more than 58.7% lower than the peak
witnessed in March 2022. The prices show a decline for the third consecutive month now.
C. The Russia-Ukraine conflict had resulted in a surge in demand for coking coal amidst surging energy prices.
D. Indian steelmakers have found a new alternative in Russian coking coal as it yields lower per-tonne steel production costs compared to coal from other
traditional origins - Australia, Canada and the USA.
13
Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin)
2021-22 2022-23 Commodity Iron Ore
245
Month-Year $/Tonne
220
Aug-21 162
Sept-21 125
195
Oct-21 124
Nov-21 95
170
Dec-21 116
145 Jan-22 133
Feb-22 143
120 Mar-22 150
April-22 151
95 May-22 134
June-22 130
70
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-22 107
Aug-22 106
A. In August 2022 Iron Ore price on average was $106 a tonne. Source: Published Data
B. Prices in August 2022 were about 34.6 % lower than the peak in July last year when real estate, construction and infrastructure projects in China
were booming. The prices seem to have stabilised now, not changing much from the previous month. The prices show a decline for the fourth
consecutive month now.
C. The Russia-Ukraine conflict and the continued impact of COVID-19 in China that have dampened demand for steel make for a discouraging outlook
for iron ore in the near future.
D. Iron Ore exports from India, especially low-grade ore, have come to a ‘virtual standstill’ with the imposition of export duty.
14
Non-Ferrous
Metals
Virgin Aluminium
Movement of Virgin Aluminium Prices 2021-22 2022-23 Commodity Virgin Aluminium
Month-Year $/Tonne
3,800
Aug-21 2,601.83
Sept-21 2,852.11
3,500
Oct-21 2,954.48
Nov-21 2,640.68
3,200
Dec-21 2,694.38
Jan-22 3,002.18
2,900
Feb-22 3,259.70
Mar-22 3,536.72
2,600
April-22 3,256.60
2,300 May-22 2,826.40

June-22 2,562.90
2,000 July-22 2,401.60

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Aug-22 2,431.30

A. In August 2022, Virgin Aluminium price on average was $ 2,431.30 a tonne.
B. Prices in August 2022 were about 6.5% lower than last year but 1.2% higher than the previous month and more than 31.25% lower than the peak
witnessed in March 2022. The prices seem to have plateaued after a decline for four consecutive months.
C. Steady increase in demand, especially from the electrical and automobile industries, and supply constraints have stabilised falling aluminium prices
which now show increasing trends.
16
Copper
Movement of Copper Prices 2021-22 2022-23 Commodity Copper
12,200
11,400 Month-Year $/Tonne

Aug-21 9,371.67
10,600
Sept-21 9,345.67
9,800 Oct-21 9,776.36

$/Tonne
Nov-21 9,840.50
9,000
Dec-21 9,555.56
8,200 Jan-22 9,773.10
Feb-22 9,938.60
7,400 Mar-22 10,235.80
April-22 10,183.10
6,600
May-22 9,362.80
5,800 June-22 9,033.10
July-22 7,529.80
5,000
Aug-22 7,961.00
A. In August 2022, Copper price on an average was $7,961.00 a tonne. Source: Published Data
B. Prices in August 2022 were more than 15% lower than last year and more than 30% lower than the peak of $10,720 witnessed on 7th March 2022.
But they have risen by about 5.7% compared to July 2022. After a decline for four consecutive months, prices have increased in August 2022.
C. Inflation data from Germany and Japan and statements from European and U.S. central bankers suggestive of interest rate rises is driving up USD and
pressurising dollar-priced copper, making it costlier for buyers with other currencies.
D. Producing only 6% of the copper concentrate requirements of the copper smelters, Indian copper industry is being battered by ASEAN Free trade
agreements (FTAs) as since other Asean countries get their concentrate at 0% import rates among themselves.
17
Lead
Movement of Lead Prices 2021-22 2022-23 Commodity Lead
3,500
Month-Year $/Tonne
Aug-21 2,319.95
3,100
Sept-21 2,219.25
Oct-21 2,338.21
Nov-21
$/Tonne
2,700 2,398.65
Dec-21 2,303.62
Jan-22 2,341.28
2,300 Feb-22 2,298.43
Mar-22 2,358.11
April-22 2,396.70
1,900
May-22 2,145.20
June-22 2,067.40
1,500 July-22 1,976.30

Aug-22 2,077.90

A. In August 2022, Lead price on an average was $2077.90 a tonne.
B. Prices in August 2022 were nearly 10.4% lower than last year and more than 13.4% lower than the peak of $2398.65 witnessed in November 2021.
Month on month however, prices have increased about 5%. This increase comes after three consecutive months of falls.
C. Increased demand from large lead-acid battery companies with production of ternary batteries hitting a historical high, propped up lead prices.
However, constant overcapacity of secondary lead ensures that lead prices do not fluctuate as much as other metals.
D. Prices were also driven upwards due to tightness in supply brought on by COVID-19 supply chain issues.
18
Nickel
Movement of Nickel Prices 2021-22 2022-23 Commodity Nickel
44,000
Month-Year $/Tonne
39,000
Aug-21 19,159.62
Sept-21 19,349.55
Oct-21 19,412.14
34,000
$/Tonne
Nov-21 19,678.50
Dec-21 20,179.38
29,000
Jan-22 22,312.75
Feb-22 24,167.00
24,000 Mar-22 37,790.30
April-22 33,298.40
May-22 27,950.00
19,000
June-22 25,837.50
July-22 21,483.30
14,000

A. In August 2022, Nickel price on average was $21,997.7 a tonne.
B. Prices in August 2022 were 15% higher than last year, 2.4% higher than the previous month and more than 41.8% lower than the peak of $37,790
witnessed in March 2022. After a decline for three consecutive months, prices have increased in August 2022.
C. Increase in demand of the metal for ternary batteries along with in-line increase from the stainless steel industry has resulted in prices stabilising and
rising.
D. Rigid long-term orders keep nickel prices steady in the range of $19,000 - $22,000 a tonne unless there are extreme events.
19
Zinc
Movement of Zinc Prices 2021-22 2022-23 Commodity Zinc
5,350
Month-Year $/Tonne
Aug-21 2,995.52
4,900
Sept-21 3,052.23
Oct-21 3,368.83
4,450
Nov-21 3,316.00
$/Tonne
Dec-21 3,304.44
4,000 Jan-22 3,608.63
Feb-22 3,643.13
3,550 Mar-22 3,972.93
April-22 4,371.00
3,100 May-22 3,759.50
June-22 3,644.00
July-22 3,097.20
2,650
A. In August 2022, Zinc price on an average was $3,572.9 a tonne.
B. Prices in August 2022 were 19.3% higher than last year, 15.36% higher than the previous month but more than 18% lower than the peak of $4,371
witnessed in April 2022. After a decline for four consecutive months, prices have increased in August 2022.
C. 60% of produced zinc is used for galvanization in the Iron & Steel industry for rust-proofing.
D. Zinc prices have seen a dramatic increase month on month due to sky-high energy prices forcing European smelters to continuously cut output,
leading to larger shortages. Energy now accounts for 80% of the smelters’ costs.
20
Platinum
Movement of Platinum Prices 2021-22 2022-23 Commodity Platinum
5,000
Month-Year ₹/gm
4,500 Aug-21 2,422.86
Sept-21 2,324.92
4,000 Oct-21 2,468.74
Nov-21 2,498.53
3,500
₹/gm
Dec-21 2,314.62
Jan-22 2,394.26
3,000 Feb-22 2,552.96
Mar-22 2,591.72
2,500 April-22 2,388.14
May-22 2,411.58
2,000 June-22 2,407.51
July-22 2,249.76
1,500 Aug-22 2,348.89

A. In August 2022, Platinum price on an average was ₹2,348.89 a gram.
B. Prices in August 2022 were 3% lower than last year but 4.4% higher than the previous month. The prices have generally remained steady relative to
other metals and in the range of ₹2,200-₹2,600 a gram.
C. 50% of the world’s platinum demand is in catalytic converters for cars, trucks and buses. 30% of the demand comes from jewellery. The remaining is
mostly for electrodes in medical equipment.
D. Russia is the second-largest platinum producer and the continued conflict with Ukraine is buoying prices up.
21
Palladium
Commodity Palladium
Movement of Palladium Prices 2021-22 2022-23
7,600 Month-Year ₹/gm

Aug-21 6,097.15
7,150
Sept-21 5,062.84
6,700 Oct-21 4,906.97
Nov-21 4,849.57
6,250
Dec-21 4,411.39
5,800 Jan-22 4,859.60
5,350 Feb-22 5,703.33

Mar-22 6,485.26
4,900
April-22 5,761.41
4,450 May-22 5,200.39

June-22 4,865.55
4,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-22 5,089.17
Aug-22 5,508.69
A. In August 2022, Palladium price on an average was ₹5,508.69 a gram.
B. Prices in August 2022 were 9.6% lower than last yearbut 8.2% higher than the previous month. After the price slide of two months it has been two
months of rapid price rise.
C. Palladium is platinum’s twin in its application as catalytic converters, jewellery and electrodes for medical equipment. The effect of slowing economic
growth was offset by jewellery sales.
D. 44% of the world’s palladium is produced by Russian company Norilsk Nickel and the continued conflict between Russia and Ukraine is bolstering
prices. Meanwhile, high inflation along with the global slowdown of economic activity are keeping a check on prices from extreme rises.
22
Rhodium
Co
Movement of Rhodium Prices 2021-22 2022-23 Rhodium
mmodity
83,000 Month-Year ₹/gm
76,500 Aug-21 44,019.18
Sept-21 34,701.11
70,000
Oct-21 33,534.23
63,500 Nov-21 33,904.27
Dec-21 33,982.47
57,000
Jan-22 39,507.40
50,500 Feb-22 43,578.30
Mar-22 47,558.04
44,000
April-22 46,246.30
37,500 May-22 39,837.22
June-22 35,028.86
31,000
July-22 36,485.26
24,500

A. In August 2022, Rhodium price on an average was ₹36,986.23 a gram.
B. Prices in August 2022 were about 16% lower than last year but 1.4% higher than the previous month and nearly 22.5% lower than the peak of
₹46,246.3 witnessed in March 2022. This is the second consecutive month of price rise .
C. 80% of rhodium use is in catalytic converters in the automobile industry (to combat N2O emissions). While South Africa produces 80%, Russia
produces 7% of the total rhodium.
D. As global demand for automobiles returns, the price of Rhodium has increased. However, with electric vehicles fast gaining market share, the prices
are unlikely to reach their March highs.
23
Polymers
Poly Propylene
Movement of Poly Propylene Prices 2021-22 2022-23
Commodity Poly Propylene
Month-Year ₹/kg
190
Aug-21 113.70
Sept-21 115.80
172 Oct-21 124.50
Nov-21 131.70
Dec-21 119.40
154
₹/kg
Jan-22 115.90
Feb-22 124.00
136 Mar-22 133.50
April-22 139.90
May-22 129.60
118
June-22 121.50
July-22 115.60
100
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Aug-22 108.70
A. In August 2022, Polypropylene price on an average was ₹108.7 a kilogram.

B. Prices in August 2022 were about 4.4% lower than last year and nearly 6% lower than the previous month and more than 22.3% lower than the peak
of ₹139.9 witnessed in April 2022. The prices show a decline for the fourth consecutive month now.
C. With the devaluation of major Asian currencies against the USD, pricing fundamentals remained sluggish. The increase in material supplies coupled
with surplus availability supported the price fall.
D. Major Indian producers, RIL and IOCL have scheduled maintenance shutdowns in September and October suggesting limited supply and a bottoming
of prices.
25
Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices Acrylonitrile Butadiene
2021-22 2022-23 Commodity
Styrene (ABS)
470
Month-Year ₹/kg
420 Aug-21 190.50
370 Sept-21 218.50

Oct-21 241.90
320
Nov-21 229.70
270 Dec-21 201.10
₹/kg
Jan-22 181.90
220
Feb-22 179.30
170 Mar-22 206.80
120 April-22 209.40

May-22 181.20
70
June-22 174.80
20 July-22 171.00
Aug-22 170.60
A. In August 2022, Acrylonitrile Butadiene Styrene price on an average was ₹170.60 a kilogram.
B. Prices in August 2022 were about 10.5% lower than last year, a tad lower than the previous month and nearly 30% lower than the peak of ₹241.9
witnessed in October 2021. The prices show a slight decline for the fourth straight month and signs of stabilisation.
C. Despite increasing demand from India, cheap import options from China and South Korea have kept the ABS prices subdued.
D. While the government’s initiative of self-reliant India provides excellent opportunities for new entrants, the complexities and high capital investment
involved in the manufacturing of ABS are dampeners.
26
Poly Carbonate
Movement of Poly Carbonate Prices 2021-22 2022-23 Commodity Poly Carbonate
490
Month-Year ₹/kg
435 Aug-21 265.20
Sept-21 291.70
380 Oct-21 302.60
Nov-21 288.80
325
Dec-21 273.20
₹/kg
270 Jan-22 253.40
Feb-22 245.90
215
Mar-22 285.10
160 April-22 275.50
May-22 266.70
105
June-22 241.90
50 July-22 234.70
Aug-22 234.20

A. In August 2022, Poly Carbonate price on an average was ₹234.2 a kilogram.
B. Prices in August 2022 were about 11.68% lower than last year, almost the same as the previous month and more than 17.5% lower than the peak of
₹285.1 witnessed in March 2022. The prices show a decline for the fourth consecutive month now.
C. Polycarbonate prices have followed a stable trend in India due to lower usage in the commercial sectors (medical devices and automobiles) on one
hand and the Russia-Ukraine conflict on the other which is raising prices.
D. Increased environmental awareness has also dampened general demand outlook for polycarbonate.
27
Rubber
Natural Rubber (RSS 4)
Movement of Natural Rubber (RSS 4) Prices 2021-22 2022-23 Commodity Natural Rubber (RSS 4)
300
Month-Year ₹/kg
Aug-21 177.36
250
Sept-21 174.12
Oct-21 171.14
200
Nov-21 182.79
Dec-21 175.90
₹/kg
150
Jan-22 162.16
Feb-22 163.85
100 Mar-22 170.76
April-22 170.72
50 May-22 172.70
June-22 176.46
0 July-22 176.25
Aug-22 164.94
A. In August 2022, RSS4 price on an average was ₹164.94 a kilogram.
B. Prices in August 2022 were about 7% lower than last year, 6.4% lower than the previous month and about 10% lower than the peak of ₹182.79
witnessed in November 2021. The prices have fallen after 3 months of continuous increase.
C. Erratic rains, subdued industrial demand and a bearish trend in the international market hev kept natural rubber prices subdued.
D. High inflation, weak Chinese demand, mass arrival of imports and the onset of the peak tapping season have further added pressure on prices.
29
Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502 Commodity Synthetic Rubber - SBR
2021-22 2022-23
Month-Year ₹/kg
260
Aug-21 160.71
Sept-21 167.79
220 Oct-21 162.03
Nov-21 162.06
180 Dec-21 155.48

₹/kg
Jan-22 147.70
Feb-22 151.98
140
Mar-22 173.29
April-22 197.53
100 May-22 194.65
June-22 178.80
60 July-22 173.88
Aug-22 182.52

A. In August 2022, Synthetic Rubber price on average was ₹182.52 a kilogram.
B. Prices in August 2022 were about 13.6% higher than last year, 4.9% higher than the previous month but about 7.6% lower than the peak of ₹197.53
witnessed in April 2022.The prices have risen after a decline for three consecutive months now.
C. India imports more than 57% of its Synthetic Rubber requirements and the dollar appreciation has led to an uptick in prices.
D. Largest use of synthetic rubber is in the tyre industry. That apart, synthetic rubber prices largely correlate with crude oil prices.
30
Ethylene Propylene Diene Monomer (EPDM)
Ethylene Propylene
Movement of EPDM Prices 2021-22 2022-23 Commodity
Diene Monomer (EPDM)
600 Month-Year ₹/kg

Aug-21 370.92
Sept-21 367.82
500
Oct-21 374.58
Nov-21 437.47
400 Dec-21 442.82
₹/kg
Jan-22 437.35
300 Feb-22 450.02
Mar-22 323.55
April-22 332.92
200
May-22 337.61
June-22 340.32
100 July-22 343.21
Aug-22 346.26
A. In August 2022, EPDM price on an average was ₹346.26 a kilogram. Source: Published Data
B. Prices in August 2022 were about 6.6% lower than last year but nearly 0.8% higher than the previous month and They were 23% lower than the peak
of ₹450.02 witnessed in February 2022. The prices show an increase for the fourth consecutive month now.
C. EPDM is used in vehicles for its valuable sealing attributes and noise reduction properties. With the re-emergence of demand in the automotive
industry, its prices are on an upward trend.
D. India is a major importer of EPDM, importing USD 136.35 Mn USD and exporting USD 4.62 Mn in FY22. Dollar appreciation saw imports increasing by
72% (value terms) and 15% (quantity terms) in the first couple of months of FY23 showing the impact of dollar appreciation.
31
Carbon Black
2021-22 2022-23 Commodity Carbon Black
Movement of Carbon Black Prices – N330
250 Month-Year ₹/kg

Aug-21 194.44
225
Sept-21 194.44
Oct-21 203.69
200
Nov-21 203.69
175 Dec-21 203.69

₹/kg
Jan-22 224.13
150 Feb-22 224.13
Mar-22 119.50
125
April-22 131.54
May-22 142.83
100
June-22 136.90
July-22 127.04
75
Aug-22 136.17
A. In August 2022, Carbon Black price on average was ₹136.17 a kilogram. Source: Published Data
B. Prices in August 2022 were nearly 30% lower than last year but nearly 7.2% higher than the previous month and about 39.2% lower than the peak of
₹224.13 witnessed in February 2022. After a decline for two consecutive months, prices have increased.
C. The global carbon black market is driven by its extensive application in the tyre sector.
D. Continued political turmoil in Sri Lanka which accounts for 16% of exports, dollar appreciation impact and renewed tyre demand have created an uptick in
prices.
32
Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2021-22 2022-23 Commodity Polybutadiene Rubber
2,38,000 Month-Year $/Tonne

Aug-21 1,80,910
2,23,000 Sept-21 1,80,790
Oct-21 1,64,520
2,08,000
Nov-21 1,71,670
Dec-21 1,76,510
1,93,000
Jan-22 1,73,490
1,78,000 Feb-22 1,70,510
Mar-22 1,86,180
1,63,000 April-22 2,06,040
May-22 2,09,960
1,48,000
Jun-22 2,14,760
July-22 2,13,420
1,33,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Aug-22 2,29,700
A. In August 2022, Polybutadiene Rubber price on average was ₹2,29,700 a tonne.

B. Prices in August 2022 are at the 13-month high, about 27% higher than last year, 7.6% higher than the previous month. The prices continue to rule at the
year’s high.
C. Prices that seemed to be stabilising saw a sudden rise most possibly due to the severe impact of dollar appreciation.
D. India is among the major importers of PBR. Though import quantities declined by 3%, imports in value terms have gone up in double digits, by 42%.
33
Crude
Petroleum
Crude Oil
Movement of Crude Oil Prices – Europe Brent Spot Price FOB 2021-22 2022-23 Europe Brent Spot Price FOB
146 Month $/Barrel

Aug-21 71.02
134 Sept-21 75.32
Oct-21 84.12
122
Nov-21 80.24
110 Dec-21 78.16
$/Barrel
98 Jan-22 90.12
Febr-22 99.36
86
Mar-22 123.60
74 Apr-22 103.92
May-22 117.66
62
June-22 116.83
50 July-22 113.53
Aug-22 98.87
A. In August 2022, the Europe Brent Spot price on an average was $98.87 a barrel. Source: Published Data
B. Prices in August 2022 were about 40% higher than last year but 12.9% lower than the previous month and 20% lower than the peaks witnessed in
March 2022. The prices show a decline for the third consecutive month now.
C. India spent about USD 99 Billion on oil imports in April-August 2022, more than the USD 62 Billion spent in the entire 2020-21 (April 2020 to
March 2021) fiscal.
D. INR has depreciated by more than 7% against the USD and has made crude oil dearer.
35
Other
Rates
Banking Policy & Lending Rates
Rates Cash Reserve Ratio Bank Rate Base Rate
Unit / Year Per cent Per cent p.a. Per cent p.a.
April-2022 4.00 4.25 7.25 – 8.80
May-2022 4.00 4.65 7.25 – 8.80
June-2022 4.50 5.15 7.25 – 8.80
July-2022 4.50 5.15 7.25 – 8.80
Aug-2022 4.50 5.15 7.75 – 8.80
Sept-2022 4.50 5.65 7.75 – 8.80
A. Interest rates in August continued to tighten due to the RBI repo rate hike by 50 basis points on August 6th . This took the repo rate to a three-year
high of 5.40%. This is a 140 basis point(bp) increase compared to the levels witnessed in April 2022. Resultantly, overnight MIBOR rates went up from
4.9% to 5.3%, 3 month T-Bill yield from 5.5% to 5.8%, and 3 month CD rates from 5.8% to 6.0%
B. 12 major central banks apart from India have hiked the policy rates in August 2022.The hikes were as follows - Argentina(900 bp), Australia(50 bp),
UK(50 bp), Isreal(75 bp),Iceland(75 bp),Mexico(75 bp),Norway(50 bp),New Zealand(75 bp), Peru(50bp),Philippines(50 bp),Serbia(25 bp) , Thailand(25
bp) . BP stands for Basis Points 1/100th of 1%
37
Foreign Exchange Rate – US Dollar
Rupees per Unit of US Dollar
2021-22 2022-23
2021-22 2022-23
Month
Buying Selling Buying Selling
96.00
Apr 74.65 75.18 75.88 76.41
Rupees per Unit of US Dollar
90.00 May 73.23 73.75 77.14 77.69
June 72.68 73.20 77.42 77.97

84.00 July 74.22 74.75 79.57 79.92
Aug 73.98 74.51 78.38 78.93

78.00 Sep 73.18 73.70 79.59 80.14
Oct 74.73 75.26
72.00
Nov 74.12 74.65
Dec 75.37 75.90
66.00
Jan 73.89 74.41
Feb 75.33 75.86
60.00
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Mar 75.98 76.52
A. Indian rupee depreciated by 1.21 INR to the US Dollar in September 2022, from Rs 78.93 in August 2022 to Rs. 80.14 in September 2022. Source: Published Data
B. The US accounts for 17.9% of exports and 7.1% of imports in Indian trade. The latest trade data indicates an increase of 30.8% in exports and an
increase of 36.4% in imports with the US.
C. In the period of Apr-Jun 2022 (the latest available data), India exported 21.6 Billion USD and imported 13.4 Billion USD.
D. Diamonds (USD 812 Mn), Medicine for Retail sale (USD 238 Mn), Gold Jewellery (USD 185 Mn), Shrimp (USD 167 Mn), and Hydrocarbon Mixtures
(USD 140.2 Mn) are the major exports. Medicines has been the new entrant into the top 5. Crude Petroleum (USD 832 Mn), Diamonds (USD 617 Mn),
Coking Coal (USD 367 Mn), LNG (USD 170 Mn) and Aluminium Scrap (USD 84 Mn) are the major imports in this period.
38
Foreign Exchange Rate - Pound Sterling
BUYING Foreign Exchange Rate - Pound Sterling
2021-22 2022-23
123
2021-22 2022-23
Month
Rupees per Unit of Pound Sterling
115
Apr 102.25 103.38 98.48 99.57
May 102.80 103.93 94.04 95.08

107
June 102.32 103.45 97.08 98.16
July 102.85 103.99 95.28 96.43

99
Aug 102.45 103.58 95.47 96.53
Sep 101.12 102.24 91.93 92.96

91 Oct 101.54 102.66
Nov 98.86 99.96
83 Dec 99.47 100.57
Jan 100.18 101.29
75 Feb 101.75 102.88
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 99.84 100.94
A. Indian rupee appreciated by 3.57 INR to the GBP in September 2022, from Rs 96.53 in August 2022 to Rs.92.96 in September 2022. Source: Published Data
B. The UK accounts for 2.3% of exports and 1.2% of imports in Indian trade. The latest trade data indicates an increase of 21% in exports and 59% in
imports with the UK.
C. In the period of Apr- Jun 2022(the latest available data), India exported 2.73 Billion USD to and imported 2.36 Billion USD from the UK.
D. Smartphones (USD 59 Mn), Basmati Rice (USD 23 Mn), Medicine for Retail sale (USD 22 Mn), Turbojets (USD 21 Mn) and Diamonds (USD 16 Mn)
were the top export items though the value of exports have fallen. Semi manufactured forms of silver (USD 393 Mn), Silver Bars (USD 75 Mn),
Aluminium and other scrap (USD 37 Mn), Turbojets (USD 28 Mn) and Unsorted waste & Scrap (USD 33 Mn) were the top import items in this period.
39
Foreign Exchange Rate - Euro
Foreign Exchange Rate - Euro
BUYING 2021-22 2022-23
117 2021-22 2022-23

Month
111
Apr 88.55 89.52 82.05 82.95
Rupees per Unit of Euro
105 May 88.26 89.22 80.34 81.22
June 88.25 89.22 82.56 83.47

99 July 87.89 88.85 81.13 82.17
Aug 86.72 87.67 79.98 80.87

93
Sep 86.37 87.32 79.07 79.94
Oct 86.18 87.13
87
Nov 84.59 85.52
81 Dec 84.96 85.89

Jan 83.59 84.51
75 Feb 85.07 86.00
Mar 83.84 84.76
A. Indian rupee appreciated by Rs.93 Paise to Euro in September 2022, from Rs 80.87 in August 2022 to Rs. 79.94 in September 2022. Source: Published Data
B. Europe accounts for about 15.9% of exports and 7.4% of imports in Indian trade. The latest trade data indicates an increase of nearly 46.19 % in exports and a
increase of over 12.0% in imports with Europe.
C. In the period of Apr-Jun 2022 (the latest available data), India exported 19.2 Billion USD to and imported 14.0 Billion USD from Europe.
D. ATF(USD 682 Mn to Netherlands), Automotive diesel fuel ( USD 218 Mn to France), Automotive diesel fuel not containing bio-diesel (USD 140 Mn to
Netherlands) and Aluminium Ingots (USD 72 Mn to Netherlands) were the top export items for the major Euro economies. Petroleum Crude (USD 200 Mn from
Netherlands), Power project equipment (USD 44 Mn from Germany), Turbojets (USD 29 Mn from France) and Vehicle accessories & Parts (USD 29 Mn from
Germany) were the top import items from the major Euro economies.
40
Foreign Exchange Rate - Yen
BUYING 2021-22 2022-23 Foreign Exchange Rate - Yen
80
2021-22 2022-23
Month
75
Apr 67.88 68.69 60.25 60.98
Rupees per 100 Yen
May 66.59 67.39 59.74 60.46

70
June 66.15 66.95 58.01 58.72
July 67.18 67.99 58.10 58.98

65
Aug 66.85 67.64 59.67 60.39
Sep 66.43 67.22 56.45 57.14

60
Oct 66.62 67.41
Nov 64.68 65.46
55 Dec 66.18 66.97
Jan 63.59 64.36
50 Feb 65.11 65.89

Mar 65.23 66.01
A. Indian rupee appreciated by INR. 3.25 to 100 JPY in September 2022, from Rs 60.39 in August 2022 to Rs. 57.14 in September 2022.
B. Japan accounts for 1.2% of exports and 2.1% of imports in Indian trade. The latest trade data indicates an increase of 0.4% in exports and an increase of
2.1% in imports with Japan.
C. In the period of Apr-Jun 2022 (the latest available data), India exported 1.4 Billion USD to and imported 4.0 Billion USD from Japan.
D. Shrimp (USD 26 Mn), Diamonds (USD 23 Mn), Smartphones (USD 21 Mn), Aluminium Ingots (USD 18 Mn) and Turbojets (USD 15 Mn) were the major
exports while Noble Metal Solutions (USD 154 Mn), Cathodes (USD 52 Mn), Gear Boxes (USD 36 Mn) and PVC Resin (USD 31 Mn) were the major imports
in this period.
41
Foreign Exchange Rate – Renminbi
Foreign Exchange Rate – Renminbi
2021-22 2022-23
17 Period Rate Period Rate

Rupees per Unit of Renminbi (CNY)
April 2021 11.50 April 2022 11.95
May 2021 11.38 May 2022 11.58

14 June 2021 11.44 June 2022 11.68
July 2021 11.51 July-2022 11.80
Aug 2021 11.46 Aug-2022 11.68

11
Sept 2021 11.41
Oct 2021 11.71
8 Nov-2021 11.65
Dec-2021 11.90
Jan-2022 11.59
5 Feb-2022 11.86
Mar-2022 12.08

A. Indian rupee depreciated by 12 paise to CNY in September 2022, from Rs 11.80 in August 2022 to Rs. 11.68 in September 2022.
B. China accounts for 3.8% of exports and 12.8% of imports in Indian trade. The latest trade data indicates a decrease of nearly 31.1 % in exports and an
increase of over 12.8 % in imports with China.
C. In the period of Apr-Jun 2022 (the latest available data), India exported 4.6 Billion USD to and imported 24.2 Billion USD from China.
D. Light Naptha (USD 188 Million), Shrimp (USD 141 Mn) and Broken Rice (USD 94 Mn) were the major exports while Personal Computers (USD 478
Mn), Integrated Circuits (USD 322 Mn) and Lithium Ion (USD 140 Mn) were the major imports in this period.
42
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COMMODITY PRICE

SIAM MONTHLY MONITOR

Society of Indian Automobile Manufacturers (SIAM)

77,000 Jan-22 64,906-65,794

66,000 April-22 77,500-78,500

Source: Published Data

92,500 Nov-21 80,406-81,295

65,000 July-22 67,375-68,375

1,04,500 Oct-21 80,000

86,500 Mar-22 83,500

1,17,000 Month-Year ₹/Tonne

78,500 June-22 84,875

Source: Published Data

90,000 Month-Year ₹/Tonne

60,000 Feb-22 50,125

40,000 July-22 54,200

Source: Published Data

2,30,000 Dec-21 1,62,500-1,71,900

1,98,000 Feb-22 1,57,500-1,66,900

Source: Published Data *NA

62,000 Jan-22 41,000

32,000 Aug-22 49,325

390 Feb-22 445

Source: Published Data

145 Jan-22 133

2,300 May-22 2,826.40

2,000 July-22 2,401.60

Source: Published Data

11,400 Month-Year $/Tonne

9,800 Oct-21 9,776.36

8,200 Jan-22 9,773.10

1,500 July-22 1,976.30

Source: Published Data

Source: Published Data

3,550 Mar-22 3,972.93

3,100 May-22 3,759.50

Source: Published Data

7,600 Month-Year ₹/gm

5,350 Feb-22 5,703.33

4,450 May-22 5,200.39

Source: Published Data

Source: Published Data

A. In August 2022, Polypropylene price on an average was ₹108.7 a kilogram.

370 Sept-21 218.50

120 April-22 209.40

Source: Published Data

435 Aug-21 265.20

270 Jan-22 253.40

160 April-22 275.50

Source: Published Data

180 Dec-21 155.48

Source: Published Data

600 Month-Year ₹/kg

300 Feb-22 450.02

250 Month-Year ₹/kg

175 Dec-21 203.69

2,38,000 Month-Year $/Tonne

1,78,000 Feb-22 1,70,510