COMMODITY PRICE

SIAM MONTHLY MONITOR

Apr-2023
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 “SIAM Monthly Monitor - Commodity Prices” provides information on price trends of several
commodities, that are relevant for the automobile industry. The commodities includes; Iron & Steel,
Non-Ferrous Metals, Polymers and Rubber. It also contains information on international prices of
crude petroleum, banking & lending rates, foreign exchange rates and policy related developments.

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

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

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

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

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

Society of Indian Automobile Manufacturers (SIAM)

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CONTENT
Iron & Steel 4
Non-Ferrous Metals 15
Polymers 24
Rubber 28
Crude Petroleum 34
Forex Movement 38
Other Rates 44
IRON &
STEEL
 HR Steel
Movement of HR Steel Prices (1.8 mm, IS2062) 2022-23 2023-24 Commodity HR Steel
94,500
Month-Year ₹/Tonne
89,000 April-22 77,500-78,500

May-22 71,125-72,125
83,500
June-22 62,900-63,900
78,000 July-22 60,500-61,500
₹/Tonne

72,500 Aug-22 58,375-59,375

Sept-22 57,375-58,375
67,000
Oct-22 57,875-58,875

61,500 Nov-22 57,300-58,300

Dec-22 55,000-56,000
56,000
Jan-23 58,750-59,750
50,500 Feb-23 60,750-61,750

45,000 Mar-23 61,200-62,200

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 60,750-62,000

Source: Published Data

A. In April 2023 HR Steel prices varied between ₹60,750-62,000 per tonne.
B. Prices in April 2023 were about 22% lower than last year, 1% lower than the previous month, and nearly 22% lower than the peak witnessed in April
2022.
C. The commerce ministry has recommended the continuation of 18.95 percent countervailing duty (CVD ) on certain flat-rolled steel products imported
from China for five years to guard domestic manufacturers against subsidized imports.
D. High-interest rates are widely expected to reduce demand from key steel consumers such as the automotive and construction industry.

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

94,000
Month-Year ₹/Tonne

88,500 April-22 85,750-86,750

May-22 79,250-80,250
83,000 June-22 69,900-70,900

July-22 67,375-68,375
77,500
Aug-22 66,625-67,500
72,000 Sept-22 65,125-66,125

Oct-22 64,875-65,875
66,500
Nov-22 62,300-63,300

61,000 Dec-22 59,125-60,125

Jan-23 62,500-63,500
55,500
Feb-23 64,375-65,375

50,000 Mar-23 64,200-65,200

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 63,500-64,750

A. In April 2023 CR Steel prices varied between ₹63,500-64,750 per tonne. Source: Published Data

B. Prices in April 2023 were 26% lower than last year, about 1% lower than the previous month, and 26% lower than the peaks witnessed in April 2022.
C. India's crude steel production rose by 4.18 percent to 125.32 million tonnes (MT) in 2022-23, thanks to increasing infrastructure activities.
D. Domestic prices are expected to ease because of the impending monsoon and less-lucrative exports.

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Alloy Steel – Forging
Movement of Alloy Steel (Forgings) - 20MnCr5 Prices Alloy Steel - Forging
2022-23 2023-24 Commodity
1,15,000 (20MnCr5)

1,10,500 Month-Year ₹/Tonne

April-22 89,600
1,06,000
May-22 89,250
1,01,500
June-22 85,875
97,000 July-22 84,200

Aug-22 83,000
92,500
Sept-22 83,000
88,000
Oct-22 83,000
83,500 Nov-22 79,000

Dec-22 76,000
79,000
Jan-23 75,000
74,500
Feb-23 75,000
70,000 Mar-23 76,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 77,000

A. In April 2023 20 MnCr5 Alloy Steel price on average was ₹77,000 a tonne. Source: Published Data

B. Prices in April 2023 were about 14% lower than last year, 1% higher than the previous month, and 14% lower than the peak witnessed in Apr 2022.
C. India is not considering the possibility of reintroducing export duties on steel amid rising prices.
D. While some raw material prices have gone up - steel scrap for instance, others have fallen - nickel for instance. Thus, prices of alloy steel have
remained steady.

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Alloy Steel - Forging
Alloy Steel
Movement of Alloy Steel (Forgings)-EN 8 prices 2022-23 2023-24 Commodity
(EN 8)
1,08,500
Month-Year ₹/Tonne
April-22 88,600
1,03,000
May-22 88,250

June-22 84,875
97,500
July-22 83,200

92,000 Aug-22 82,000

Sept-22 82,000
86,500 Oct-22 82,000

Nov-22 78,000
81,000 Dec-22 75,000

Jan-23 74,000
75,500
Feb-23 74,000

Mar-23 75,000
70,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 76,000
Source: Published Data
A. In April 2023 EN 8 Alloy Steel’s price on average was ₹76,000 a tonne.
B. Prices in April 2023 were about 14% lower than last year, 1% higher than the previous month, and 14% lower than the peaks witnessed in Apr 2022.
C. The Indian alloy steel market is likely to stay strong in the near term due to good orders, strengthening prices in the international market, and the
need to renew contracts with the auto industries.
D. The price movement is likely to be driven by the spot trade market, and industry participants are optimistic about the market outlook.

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

90,000 Month-Year ₹/Tonne

April-22 67,200

May-22 66,000
80,000
June-22 58,750

July-22 54,200
70,000 Aug-22 54,000

Sept-22 51,800

Oct-22 50,500
60,000
Nov-22 49,375

Dec-22 48,200
50,000 Jan-23 48,750

Feb-23 50,500

Mar-23 49,250
40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 48,500

A. In April 2023 Pig Iron’s price on average was ₹48,500 a tonne. Source: Published Data
(Punjab {Grade B}- Basic rate, excluding GST & Freight)
B. Prices in April 2023 were about 28% lower than last year and 2% lower than the previous month and about 28% lower than the peak witnessed in April
2022.
C. The Indian Pig Iron market has been weak due to limited demand from domestic buyers, resulting in a continuous price correction across regions.
D. As mentioned in last month’s report, softer scrap and a healthy arrival schedule are putting pressure on pig iron prices.

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Stainless Steel
Movement of Stainless Steel Prices (G 304 CR Coil) 2022-23 2023-24 Stainless Steel
Commodity
(CR Coil)
3,15,000
Month-Year ₹/Tonne
2,90,000 *April-22 -

May-22 2,78,750-2,82,250
2,65,000 June-22 2,59,400-2,61,800

July-22 2,46,250-2,49,250
2,40,000
Aug-22 2,48,500-2,52,500

Sept-22 2,49,000-2,53,000
2,15,000
Oct-22 2,56,000-2,60,000

Nov-22 2,54,600-2,57,400
1,90,000
Dec-22 2,57,000-2,60,500

Jan-23 2,52,500-2,56,500
1,65,000
Feb-23 2,40,000-2,44,000

Mar-23 2,29,200-2,33,600
1,40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 2,15,000-2,17,500

A. In April 2023 Stainless Steel prices (Cold Rolled) varied between ₹2,15,000-2,17,500 per tonne. Source: Published Data
*NA
B. Prices in April 2023 were about 6% lower than the previous month, and 23% lower than the peak witnessed in May 2022.
C. Rising appliance and auto demand added considerable support to cold-rolled stainless steel compared to its hot-rolled counterpart.
D. Currently, there appears to be no meaningful contraction of supply or increase in demand.

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 Stainless Steel
Movement of Stainless Steel Prices (G 304 HR Coil) 2022-23 2023-24 Stainless Steel
Commodity
(HR Coil)

Month-Year ₹/Tonne
2,94,000
*April-22 -

May-22 2,58,750-2,62,250
2,62,000
June-22 2,39,200-2,41,800

July-22 2,34,500-2,37,000

2,30,000 Aug-22 2,35,500-2,39,250

Sept-22 2,36,500-2,40,500

1,98,000 Oct-22 2,43,000-2,47,000

Nov-22 2,42,000-2,44,800

Dec-22 2,44,000-2,47,500
1,66,000
Jan-23 2,40,000-2,44,000

Feb-23 2,28,000-2,30,750
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Mar-23 2,18,000-2,22,400

April-23 2,04,375-2,06,000

A. In April 2023 Stainless Steel prices (Hot Rolled) varied between ₹2,04,375-2,06,000 per tonne. Source: Published Data
*NA
B. Prices in April 2023 were 6% lower than the previous month, and 21% lower than the peak witnessed in May 2022.
C. Hot rolled coil, cold rolled coil, and hot dipped galvanized steel prices are nearing their respective break-even points with continuous falls.
D. Continued mill ramp-ups and rate hike increases from the Fed are likely to exacerbate market oversupply.

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 Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap) 2022-23 2023-24 Commodity Steel Scrap
92,000
Month-Year ₹/Tonne
April-22 54,680
82,000
May-22 50,750
June-22 42,750
72,000
July-22 46,600
Aug-22 49,325
62,000 Sept-22 46,600
Oct-22 44,500
52,000 Nov-22 42,250
Dec-22 39,800

42,000 Jan-23 42,025

Feb-23 44,275
Mar-23 44,925
32,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 43,500

Source: Published Data

MG - Punjab -Basic rate

A. In April 2023, Steel Scrap price on average was ₹43,500 a tonne.

B. Prices in April 2023 were about 20% lower than last year and 3% lower than the previous month, and 20% lower than the peak witnessed in April 2022.
C. After the initial demand surge for the huge rebuilding project underway in Turkey after the earthquake, steel scrap prices have stabilized in line with demand.
D. Shredded scrap prices are expected to fall the most sharply amid strong supply flows. The scene for further price increases.

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 Coal (Coking Coal)
Movement of Coal Prices - Premium HCC, Australia-origin in USD 2022-23 2023-24
Commodity Coal (Coking Coal)
840
Month-Year $/Tonne
April-22 474
690
May-22 539
June-22 407
July-22 264
540
Aug-22 255
Sept-22 285

390 Oct-22 309

Nov-22 298
Dec-22 279
240 Jan-23 327
Feb-23 380
Mar-23 362
90
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 289
Source: Published Data
A. In April 2023, Coking Coal’s price on average was $289 a tonne.
B. Prices in April 2023 were about 39% lower than last year and 20% lower than the previous month and 46% lower than the peak witnessed in May 2022.
C. A significant fall in rates of seaborne metallurgical coal is expected as supply constraints in Australia ease over the next few months due to the reduced
frequency of adverse weather. This will benefit India, the world’s top importer of met coal.
D. The production of coking coal by Coal India Ltd (CIL) has risen by 17.2% year-on-year to 54.6 million tonnes (MT) in 2022-23.

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 Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin) 2022-23 2023-24 Commodity Iron Ore
245
Month-Year $/Tonne
220
April-22 151
May-22 134
195
June-22 130
July-22 107
170
Aug-22 106
Sept-22 99
145
Oct-22 93

120 Nov-22 93
Dec-22 111

95 Jan-23 122
Feb-23 126
70 Mar-23 127
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Apr-23 117

A. In April 2023, Iron Ore price on average was $117 a tonne. Source: Published Data
B. Prices in April 2023 were about 23% lower than last year and 8% lower than the previous month and more than 23% lower than the peak witnessed in
April 2022.
C. Iron ore prices continue to fall amid weak demand from Chinese steelmakers and increased inventories at Chinese ports.
D. Latest reports from global mining companies signal a sufficient supply of iron ore, which also points to a future surplus of raw materials in the markets
and further pressure on prices.

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

Month-Year $/Tonne
3,800
April-22 3,256.60
May-22 2,826.40
3,500
June-22 2,562.90
July-22 2,401.60
3,200
Aug-22 2,431.30
Sept-22 2,229.90
2,900
Oct-22 2,243.30
Nov-22 2,335.30
2,600
Dec-22 2,394.90

2,300 Jan-23 2,489.00

Feb-23 2,417.30

2,000 Mar-23 2,290.10

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 2,341.00

Source: Published Data

A. In April 2023, Virgin Aluminum’s price on average was $2,341.00 a tonne.
B. Prices in April 2023 were about 28% lower than last year and 2% higher than the previous month and 28% lower than the peak witnessed in April
2022.
C. Global primary aluminum output rose 0.5% year on year in March to 5.772 million tonnes according to data from the International Aluminium
Institute (IAI).
D. Russian aluminum stocks (220,575 tonnes) in warehouses registered with the London Metal Exchange (LME) climbed to 53% of the total in March
from 41% in January suggesting that consumers in industries ranging from transport to construction and packaging continue to shun Russian metal.

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

11,400 Month-Year $/Tonne

April-22 10,183.10
10,600
May-22 9,362.80

9,800 June-22 9,033.10

$/Tonne

July-22 7,529.80
9,000
Aug-22 7,961.00

8,200 Sept-22 7,734.70

Oct-22 7,626.00
7,400 Nov-22 8,030.00

Dec-22 8,367.20
6,600
Jan-23 8,999.80
5,800 Feb-23 8,955.20

Mar-23 8,835.70
5,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 8,814.00

Source: Published Data

A. In April 2023, Copper price on average was $8,814.00 a tonne.
B. Prices in April 2023 were 13% lower than last year and 13% lower than the peak of $10,183.10 witnessed on April 2022 and they have decreased by
0.2% compared to March 2023.
C. Copper prices continue to rebound from recent lows thanks to positive Chinese PMI data, optimism over recovering demand in China, and strong
fundamentals.
D. As Peru, the world’s #2 copper producer recovers from its worst social unrest in decades, copper production has suffered. There is also the challenge of
moving tens of thousands of tons of copper concentrate from the Andes onto seaports to be shipped and sold.

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 Lead
Movement of Lead Prices 2022-23 2023-24
Commodity Lead
3,500
Month-Year $/Tonne
April-22 2,396.70
3,100
May-22 2,145.20

June-22 2,067.40

July-22 1,976.30
$/Tonne

2,700
Aug-22 2,077.90

Sept-22 1,874.50
2,300 Oct-22 1,989.20

Nov-22 2,099.40

Dec-22 2,212.50
1,900
Jan-23 2,208.20

Feb-23 2,098.90

1,500 Mar-23 2,114.80

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 2,149.10

A. In April 2023, the Lead price on average was $2,149.10 a tonne. Source: Published Data

B. Prices in April 2023 were nearly 10% lower than last year, and 2% higher than the previous month, 10% lower than the peak witnessed in April 2022.
C. Lead prices stay elevated due to demand-supply mismatch.
D. Weak demand growth in the rest of the world is expected to limit the rise in refined lead prices in 2023 as a whole.

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

Month-Year $/Tonne
39,000
April-22 33,298.40
May-22 27,950.00
June-22 25,837.50
34,000
$/Tonne

July-22 21,483.30
Aug-22 21,997.70
29,000
Sept-22 22,682.30
Oct-22 21,945.00
24,000 Nov-22 25,257.00
Dec-22 28,853.80
Jan-23 28,240.50
19,000
Feb-23 26,689.80
Mar-23 23,307.20
14,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 23,756.70

Source: Published Data

A. In April 2023, Nickel price on average was $23,756.70 a tonne.
B. Prices in April 2023 were 29% lower than last year, 2% higher than the previous month, and 29% lower than the peak of $37,790 witnessed in April
2022.
C. Rising global production and concerns over weak demand outlook for nickel make its outlook bearish despite stocks on the London Metal Exchange
(LME) dropping by over 40% year-on-year to 43,000 tonnes as of April 4.
D. After hitting record highs following fears of reduced exports from Russia due to the Russian invasion of Ukraine in late February 2022, prices have
fallen back but are still elevated compared to pre-pandemic levels.

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 Zinc
Movement of Zinc Prices 2022-23 2023-24 Commodity Zinc
5,350
Month-Year $/Tonne
April-22 4,371.00
4,900
May-22 3,759.50

June-22 3,644.00
4,450
July-22 3,097.20
$/Tonne

Aug-22 3,572.90
4,000
Sept-22 3,136.40

Oct-22 2,970.00
3,550 Nov-22 2,923.70

Dec-22 3,128.30

3,100 Jan-23 3,289.40

Feb-23 3,143.70

Mar-23 2,956.30
2,650
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 2,772.80

A. In April 2023, Zinc price on average was $2,772.80 a tonne. Source: Published Data
B. Prices in April 2023 were 37% lower than last year, 6% lower than the previous month, and 37% lower than the peak of $4,371 witnessed in April
2022.
C. A mid China's rebound and milder US inflation, the zinc price hovered around USD 2,700 a tonne in March as the downcast global economy stalled
demand.
D. A flagging global economy, vulnerable US banking sector, and high core inflation in Europe have broadly offset the optimism from China's recovery
despite low inventories and refined zinc undersupply.
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Platinum
Movement of Platinum Prices 2022-23 2023-24 Commodity Platinum
5,000

Month-Year ₹/gm
4,500 April-22 2,388.14
May-22 2,411.58
4,000 June-22 2,407.51
July-22 2,249.76
3,500 Aug-22
₹/gm

2,348.89
Sept-22 2,285.98
3,000 Oct-22 2,442.76
Nov-22 2,630.96
2,500 Dec-22 2,715.57
Jan-23 2,810.59
2,000 Feb-23 2,575.98
Mar-23 2,599.46
1,500 April-23 2,804.29
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar

Source: Published Data

A. In April 2023, the Platinum price was ₹2,804.29 a gram on average.
B. Prices in April 2023 were 17% higher than last year, 8% higher than the previous month, and 0.2% lower than the peak witnessed on January 23.
C. With a 20-25% annual growth over the last decade, barring 2020 due to the Covid pandemic, Platinum is expected to hold its high demand.
D. While technical momentum is driving platinum prices, the market also has strong fundamentals (including better-than-expected data from China),
supporting what could be a sustainable rally in the precious metal.

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 Palladium
2022-23 2023-24
7,950 Commodity Palladium
Movement of Palladium Prices
7,500
Month-Year ₹/gm
7,050 April-22 5,761.41

6,600 May-22 5,200.39

June-22 4,865.55
6,150
July-22 5,089.17
5,700
Aug-22 5,508.69
5,250 Sept-22 5,500.83

4,800 Oct-22 5,604.14

Nov-22 5,114.39
4,350
Dec-22 4,925.04
3,900
Jan-23 4,636.64
3,450 Feb-23 4,164.05
Mar-23 3,828.29
3,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 4,046.03

Source: Published Data

A. In April 2023, Palladium price on average was ₹4,046.03 a gram.
B. Prices in April 2023 were 30% lower than last year and 6% higher than the previous month and 30% lower than the peak witnessed in April 2022.
C. Compared to platinum which remains under-owned but also undervalued palladium is fairly priced in.
D. An increase in platinum-for-palladium substitution in gasoline auto catalysts due to tightening emissions standards which leads to higher loadings of
platinum per vehicle is further expected to reduce Palladium demand in the long term.

22
Rhodium
Movement of Rhodium Prices 2022-23 2023-24 Commodity Rhodium
65,000

60,500 Month-Year ₹/gm

56,000 April-22 46,246.30

May-22 39,837.22
51,500
June-22 35,028.86
47,000
July-22 36,485.26
42,500
Aug-22 36,986.23
38,000 Sept-22 36,571.71

33,500 Oct-22 37,019.74

Nov-22 35,352.94
29,000
Dec-22 33,470.75
24,500
Jan-23 32,220.72
20,000 Feb-23 31,130.85
15,500 Mar-23 23,929.01
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 20,737.07

A. In April 2023, the Rhodium price on average was ₹20,737.07 a gram. Source: Published Data
B. Prices in April 2023 were about 55% lower than last year, 13% lower than the previous month, and 55% lower than the peak witnessed in April 2022.
C. Reduced supply of end-of-life vehicles, holding of auto catalyst scrap by collectors owing to lower prices, or disruption to supply chains could limit
supply, benefiting the price.
D. Potential delays or fundamental changes to the EU ICE vehicle ban set to take place in 2035, following Germany’s last-minute pushback to the
legislation, could benefit rhodium demand and expectations for the metal.

23
Polymers
Poly Propylene
Movement of Poly Propylene Prices 2022-23 2023-24 Commodity Poly Propylene
175.00

165.00 Month-Year ₹/kg

April-22 139.90
155.00
May-22 129.60
145.00 June-22 121.50
July-22 115.60
135.00
Aug-22 108.70
₹/kg

125.00
Sept-22 105.90
115.00 Oct-22 107.30
Nov-22 105.90
105.00
Dec-22 104.30
95.00 Jan-23 105.40

85.00 Feb-23 106.90

75.00 Mar-23 106.80

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
April-23 106.80
A. In April 2023, Polypropylene price on average was ₹106.80 a kilogram. Source: Published Data
B. Prices in April 2023 were about 24% lower than last year, same as the previous month, and 24% lower than the peak of ₹139.9 witnessed in April 2022.
C. A long-term moderation in Chinese petrochemical demand growth, in general, is expected because of the two Ds - debt and demography.
D. Despite short-term prices rebound, the long-term outlook is bearish because a 3% demand growth for PP in China is not sufficient to absorb the
oversupply, say, even in the next 18 months.

25
 Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices 2022-23 2023-24
Acrylonitrile Butadiene
Commodity
Styrene (ABS)
470.00
Month-Year ₹/kg
420.00 April-22 209.40

370.00 May-22 181.20

June-22 174.80
320.00
July-22 171.00
270.00 Aug-22 170.60
₹/kg

Sept-22 172.00
220.00
Oct-22 148.30
170.00
Nov-22 143.00
120.00 Dec-22 134.40

Jan-23 138.00
70.00
Feb-23 137.00
20.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Mar-23 140.60

April-23 141.30
Source: Published Data
A. In April 2023, Acrylonitrile Butadiene Styrene price on average was ₹141.30 a kilogram.
B. Prices in April 2023 were about 33% lower than last year, 0.5% higher than the previous month, and 33% lower than the prices in April 2022.
C. The slight price rise is due to several oil-producing countries unexpectedly announcing a total voluntary production reduction of more than 1.6 million
barrels/day.
D. The slight ABS price increase can also be attributed to the supply shortages of primary raw materials like styrene, acrylonitrile, and butadiene.

26
Poly Carbonate
Movement of Poly Carbonate Prices Commodity Poly Carbonate
2022-23 2023-24

350
Month-Year ₹/kg
325
April-22 275.50
300 May-22 266.70

275 June-22 241.90

July-22 234.70
250
Aug-22 234.20
₹/kg

225
Sept-22
232.10
200 Oct-22 232.30

175 Nov-22 232.30

Dec-22 217.80
150
Jan-23 202.90
125 Feb-23 201.90

100 Mar-23 201.70

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 194.90

Source: Published Data

A. In April 2023, PolyCarbonate price on average was ₹194.90 a kilogram.
B. Prices in April 2023 were about 29% lower than last year and 3% lower than the previous month and 29% lower than the peak witnessed in April
2022.
C. The demand for polycarbonates in the construction sector (wall panels, roof panels, skylights, etc.) is expected to remain low due to reduced
investments in projects caused by the economic slowdown.
D. The outgrown demand from the medical industry is offset by the slowdown in the automotive sector since 2019.

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

300
Month-Year ₹/kg
April-22 170.72
250
May-22 172.70

June-22 176.46
200
July-22 176.25
Aug-22 164.94
₹/kg

150
Sept-22 150.80
Oct-22 152.01
100 Nov-22 148.60

Dec-22 140.95
50 Jan-23 139.96

Feb-23 143.10
0 Mar-23 145.27
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 151.00
Source: Published Data
A. In April 2023, RSS4 price on average was ₹151.00 a kilogram.
B. Prices in April 2023 were about 12% lower than last year, 4% higher than the previous month, and about 14% lower than the peak of ₹176.46 witnessed in
June 2022.
C. Expectations of Chinese demand and reduced production are having a supportive effect on prices.
D. Improved market performances of the downstream automotive and tire industries in the latter half of 2023 are also buoying up prices.

29
Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502 2022-23 2023-24
Commodity Synthetic Rubber - SBR
300
Month-Year ₹/kg
280
April-22 197.53
260 May-22 194.65

240 June-22 178.80

July-22 173.88
220
Aug-22 182.52
200 Sept-22 176.27
₹/kg

180 Oct-22 171.50

Nov-22 170.57
160
Dec-22 168.59
140
Jan-23 155.19
120 Feb-23 149.95

100 Mar-23 161.93

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 172.68

Source: Published Data

A. In April 2023, Synthetic Rubber price on average was ₹172.68 a kilogram.
B. Prices in April 2023 were about 13% lower than last year, 7% higher than the previous month, and about 13% lower than the peak of ₹197.53
witnessed in April 2022.
C. With crude prices reducing, SBR prices are expected to remain capped.
D. As stated in last month’s report, improvements in tyre sales by original equipment manufacturers and increased replacement tyre demand for
commercial vehicles are raising SBR prices gradually.

30
 Ethylene Propylene Diene Monomer (EPDM)
Ethylene Propylene
Movement of EPDM Prices 2022-23 2023-24 Commodity
Diene Monomer (EPDM)

450 Month-Year ₹/kg

April-22 332.92
400 May-22 337.61

June-22 340.32
350
July-22 343.21

Aug-22 346.26
300
₹/kg

Sept-22 344.87
250 Oct-22 341.57
Nov-22 342.28
200
Dec-22 340.35

Jan-23 329.43
150
Feb-23 304.71
100 Mar-23 280.57
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar

April-23 263.68
A. In April 2023, EPDM price on average was ₹263.68 a kilogram. Source: Published Data
B. Prices in April 2023 were about 21% lower than last year, 6% lower than the previous month, and 24% lower than the peak of ₹346.26 witnessed in
August 2022.
C. Increasing use of Chloro sulfonated Ethylene in the construction industry due to its properties like weather ability, UV stability, and adhesion capability
will raise EPDM prices once the construction activities resume in full swing.
D. The toxic nature of EPDM and the difficulty in procuring raw materials are expected to further push down prices.

31
 Carbon Black
2022-23 2023-24
Commodity Carbon Black
Movement of Carbon Black Prices – N330
250.00 Month-Year ₹/kg
April-22 131.54
225.00
May-22 142.83

200.00 June-22 136.90

July-22 127.04
175.00 Aug-22 136.17
₹/kg

Sept-22 133.90
150.00
Oct-22 138.50

Nov-22 148.92
125.00
Dec-22 152.74

100.00 Jan-23 141.77

Feb-23 127.25
75.00 Mar-23 118.24
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
April-23 115.90
A. In April 2023, Carbon Black price on average was ₹115.90 a kilogram. Source: Published Data
B. Prices in April 2023 were 12% lower than last year and 2% lower than the previous month and 24% lower than the peak of ₹152.74 witnessed in December 2022.
C. Phillips Carbon Black Ltd (PCBL), a part of RP Sanjiv Goenka Group, has announced the commencement of commercial production at its ₹800-crore greenfield
carbon black project in Tamil Nadu.
D. The Indian market is all set to have an increased flow of Carbon Black to the tune of 147,000 tonnes.

32
 Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2022-23 2023-24 Commodity Polybutadiene Rubber
340
Month-Year ₹/kg
320
April-22 206.04
300
May-22 209.96
280 Jun-22 214.76

260 July-22 213.42

Aug-22 229.70
240
Sept-22 233.69
220
₹/kg

Oct-22 218.61
200
Nov-22 205.42
180 Dec-22 193.96

160 Jan-23 185.00

Feb-23 166.87
140
Mar-23 162.88
120
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 160.12
Source: Published Data
A. In April 2023, Polybutadiene Rubber’s price on average was ₹160.12 a kilogram.
B. Prices in April 2023 are about 22% lower than last year and 2% lower than the previous month and 31% lower than the peak witnessed in September 2022.
C. Growing demand for tires and polymers and uncertainties of the natural rubber market is expected to drive the global butadiene market and stimulate the
development of bio-butadiene projects
D. Shale resource exploitation lowers the availability of C4 hydrocarbons and enhances butadiene supply shortages.

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

146
Month $/Barrel
April-22 103.92
134 May-22 117.66
June-22 116.83
122
July-22 113.53
110 Aug-22 98.87
$/Barrel

Sept-22 87.28
98
Oct-22 93.01
86 Nov-22 91.42
Dec-22 80.86
74
Jan-23 82.46
62 Feb-23 82.61
Mar-23 78.46
50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar April-23 84.74

Source: Published Data

A. In April 2023, the Europe Brent Spot price on average was $84.74 a barrel.
B. Prices in April 2023 were about 18% lower than last year, 8% lower than the previous month, and 28% lower than the peaks witnessed in April
2022.
C. With Russian oil finding more buyers (mainly China), the discounts to Indian refiners have been coming down.
D. The production of indigenous crude oil and condensate was down by 1.7% in March 2023. However, crude oil processed increased by 5.6% during
April-March 2023 as compared to last year.

35
 Compressed Natural Gas (CNG) Prices
DEL 2022-23 DEL 2023-24 MUM-2023-24 MUM-2022-23 Compressed Natural Gas (CNG) Prices
100
98 2023-24
Mumbai:2022-23 90
Month Delhi (IGL) Mumbai (MGL)
₹/kg ₹/kg
90 80
April-22 69.30 70.00
70
May-22 73.40 76.00
82 Mumbai: 2023-24 Delhi: 2022-23
Delhi:2023-24 60 Jun-22 75.60 76.00

50 Jul-22 75.60 78.50

74
Aug-22 75.60 80.00
40
Sep-22 75.60 80.00
66 Oct-22
30 77.90 85.40
Nov-22 78.60 89.00
20
58 Dec-23 79.10 89.50
10 Jan-23 79.60 89.50
Feb-23 79.60 87.00
50 0
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Mar-23 79.60 87.00
April-23 79.60 80.90
Source: Published Data
A. In April 2023, the CNG price on average was ₹79.60 a Kg in Delhi and ₹80.90 a kg in Mumbai.
B. Prices in April 2023 were about 15% lower than last year, the same as the previous month, and the same as the peaks were witnessed in Jan 2023
in Delhi. Whereas 16% lower than last year, 7% lower than the previous month, and 10% lower than the peaks witnessed in Dec 2022 in Mumbai.
C. The pricing of a major share of gas supplies in the Indian market is controlled and is driven not by the market but by a formula set by a committee.
D. The Union Cabinet decided on April 6 to revise the pricing methodology of natural gas produced in the country leading to 49% and 16% savings
respectively compared to petrol and diesel.

36
 Petrol-Diesel Prices
Rupees per Litre

Delhi Mumbai
Month/Year
Petrol Diesel Petrol Diesel

Apr-22 105.08 96.34 120.11 96.34

May-22 102.45 94.28 117.34 94.28
June-22 96.76 89.66 111.33 89.66
July-22 96.76 89.66 108.57 89.66
Aug-22 96.76 89.66 106.29 89.66
Sep-22 96.76 89.66 106.29 89.66
Oct-22 96.76 89.66 106.29 89.66
Nov-22 96.76 89.66 106.29 89.66
Dec-22 96.76 89.66 106.29 89.66
Jan-23 96.76 89.66 106.29 89.66
Feb-23 96.76 89.66 106.29 89.66
Mar-23 96.76 89.66 106.29 89.66
Apr-23 96.76 89.66 106.29 89.66

A. In April 2023, the Petrol-Diesel prices on average were ₹96.76-₹89.66 a litre in Delhi and ₹106.29-₹89.66 a litre in Mumbai. Source: Published Data
B. In Delhi, Prices of petrol are 8% lower than the last year, same as the previous month, and 8% lower than the peak witnessed in April 22. The Prices of diesel are 7%
lower than the last year same as the previous month, 7% lower than the peak witnessed in April 22.
C. In Mumbai, Prices of petrol are 12% lower than the last year, same as the previous month, and 12% lower than the peak witnessed in April 22. Prices of diesel are 7%
lower than the last year same as the previous month, 7% lower than the peak witnessed on April 22.
D. After the previous pan-India revision to fuel prices on May 21, 2022, petrol and diesel rates have remained almost steady.
E. Petrol and diesel rates are affected by crude prices along with a host of other factors like rising demand, government taxes, rupee-dollar depreciation, and refinery
concept ratio.
37
Forex
Movement
US Dollar
INR / US Dollar
2022-23 2023-24
2022-23 2023-24
Month
Buying Selling Buying Selling
96
April 75.88 76.41 82.03 82.60
Rupees per Unit of US Dollar

90 May 77.14 77.69

June 77.42 77.97

84 July 79.57 79.92

Aug 78.38 78.93

78
Sep 79.59 80.14
Oct 81.96 82.53
72
Nov 81.93 82.50
Dec 81.89 82.46
66
Jan 82.46 83.03
Feb 82.38 82.95
60
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Mar 82.28 82.85
A. Indian rupee appreciated by 0.25 paise to the US Dollar from Rs 82.85 in March 2023 to Rs. 82.60 in April 2023. Source: Published Data
B. In the month, the US accounted for 17% of exports and 6% of imports in Indian trade. The latest trade data indicates a YoY decrease of 7.60% in exports and a
24.44% decrease in imports with the US.
C. In the period of Apr-Mar 2023 (the latest available data), India exported 78.5 Billion USD and imported 50.2 Billion USD.
D. Manufactured goods( USD 6,082 Mn), Other manufactured goods( USD 1,404 Mn), Electronic goods( USD 1,145 Mn), Gems& jewelry (USD 923 Mn), Telecom
instruments (USD 722.6 Mn), Pearls, precious, semiprecious stones ( USD 674.6 Mn) were top exports. Manufactured goods (USD 2,464 Mn), Engineering goods(USD
750.3 Mn), Chemical and related products(USD 384 Mn), Pearls precious & semiprecious stones( USD 337.7 Mn), Ores and Minerals(USD 287.2 Mn), Coal, coke&
briquittees (USD 276 Mn)were top Imports in March 2023.
39
 Pound Sterling
BUYING 2022-23 2023-24 INR / GBP

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

115
April 98.48 99.57 101.98 103.11

May 94.04 95.08

107
June 97.08 98.16

July 95.28 96.43

99
Aug 95.47 96.53

Sep 91.93 92.96

91 Oct 91.32 92.34
Nov 92.59 93.63
83 Dec 100.32 101.43
Jan 97.56 98.64
75 Feb 99.12 100.21
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 99.80 100.92

A. Indian rupee depreciated by 2.19 INR to GBP from Rs.100.92 in March 2023 to Rs.103.11 in April 2023. Source: Published Data
B. In the month, the UK accounted for 3% of exports and 1% of imports in Indian trade. The latest trade data indicates a YoY increase of 11.84% in exports and an
increase of 22.39% in imports with the UK.
C. In the period of Apr-Mar 2023(the latest available data), India exported 11.45 Billion USD to and imported 8.96 Billion USD from the UK.
D. Manufactured goods (USD 944 Mn), Engineering Goods(USD 251.4 Mn), Electronic Goods(USD 162.2 Mn), Readymade garments(USD 153.4 Mn), Telecom
instruments(USD 129.7 Mn), Machinery instruments(USD 114.3 Mn), Petroleum Products(USD 98.7 Mn) were major exports. Manufacturing goods(USD 475.2 Mn),
Engineering goods(USD 216 Mn), Electronic Goods(USD 70.5 Mn), Gold & Silver( USD 61.4 Mn), Iron &Steel (USD 54.8Mn), Chemical& related products(USD
44.5Mn), Non-Electric machinery (USD 41.5 Mn), and were major imports in March 2023.

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

117 2022-23 2023-24

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

105 May 80.34 81.22

June 82.56 83.47

99 July 81.13 82.17

Aug 79.98 80.87

93
Sep 79.07 79.94
Oct 80.20 81.09
87
Nov 81.23 82.13

81 Dec 86.43 87.38

Jan 86.53 87.48
75 Feb 88.27 89.24
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 88.04 89.03

A. Indian rupee depreciated by 1.82 INR to Euro from Rs. 89.03 in March 2023 to Rs.90.85 in April 2023. Source: Published Data
B. In the month, Europe accounted for about 19% of exports and 10% of imports in Indian trade. The latest trade data indicates a decrease of nearly
3.88% in exports and an increase of over 79.33% in imports with Europe.
C. In the period of Apr-Mar 2023 (the latest available data), India exported 74.8 Billion USD to and imported 59.8 Billion USD from Europe.
D. Engineering Goods(USD 2,745 Mn), Petroleum Products( USD 2,686Mn), Chemicals& related products(USD 1,368 Mn), Other Manufactured goods(
USD 1,076 Mn), Machinery& Instruments (USD 943Mn), Iron&Steel (USD 724 Mn) were top exports while Manufactured Goods(USD 7,203 Mn),
Petroleum crude& products (USD 5,398Mn), Crude Petroleum (USD 4, 606 Mn), Engineering goods (USD 2,231Mn), Gold & Silver(USD 1,389Mn),
Electronic goods(USD 1,370 Mn), Gold(USD 1,353 Mn), Chemical related products (USD 973 Mn)were major imports in March 2023.
41
 Yen
BUYING INR / 100 YEN
2023-24
80
2022-23 2023-24
Month
75 Buying Selling Buying Selling

April 60.25 60.98 61.37 62.10

Rupees per 100 Yen

70 May 59.74 60.46

June 58.01 58.72

65 July 58.10 58.98

Aug 59.67 60.39

60 Sep 56.45 57.14

Oct 56.37 57.05

55 Nov 55.51 56.18

Dec 60.05 60.78

50 Jan 61.19 61.93

Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Feb 62.62 63.38
Mar 61.52 62.26
Source: Published Data
A. Indian rupee appreciated by 0.16 paise to 100 JPY from Rs. 62.26 in March 2023 to Rs.62.10 in April 2023.
B. Japan accounted for 1% of exports and 3% of imports in Indian trade this month. The latest trade data indicates a decrease of 13.98% in exports and an increase of 32.15% in imports from
Japan.
C. In the period of Apr-Mar 2023 (the latest available data), India exported 5.46 billion USD to and imported 16.4 Billion USD from Japan.
D. Manufactured goods(USD 405.1 Mn), Engineering Goods (USD 150.2 Mn), Chemical & related products (USD 135.1 Mn), Organic & inorganic chemicals (USD 71.1 Mn), Agricultural & allied
products (USD 59.8 Mn), Transport equipment( USD 35.7 Mn), Marine products (USD 35.6Mn) were the major exports. Manufactured goods (USD 1,695Mn), Engineering Goods(USD 864 Mn),
Chemical and Related Products (USD395.4 Mn), Residual chemical & Allied Products (USD 218.9 Mn), Non-electric Machinery (USD 214.4 Mn), Other Manufactured goods(USD 212 Mn),
Electronic goods(USD 207.9 Mn), Copper and products made of copper(USD 196.3 Mn) were the major imports in March 2023.

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

17 Period Rate Period Rate

April 2022 11.95 April-2023 11.87

Rupees per Unit of Renminbi (CNY)

May 2022 11.58

14 June 2022 11.68

July-2022 11.80

Aug-2022 11.68
11
Sept-2022 11.43

Oct-2022 11.50

8 Nov-2022 11.42

Dec-2022 11.89

Jan-2023 12.06
5 Feb-2023 12.03
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar-2023 11.94
Source: Published Data
A. Indian rupee appreciated by 0.07 paise to CNY from Rs 11.94 in March 2023 to Rs.11.87 in April 2023.
B. In the month, China accounted for 4% of exports and 13% of imports in Indian trade. The latest trade data indicates an increase of 17.22% in exports and a
decrease of 14.79% in imports from China.
C. In the period of Apr-Mar 2023 (the latest available data), India exported 15.3 Billion USD to and imported 98.5 Billion USD from China.
D. Manufacturing goods(USD749.3 Mn), Ores&Minerals(USD410.4 Mn), Agricultural& allied products(USD346.6Mn), Engineering goods(USD 217.4 Mn), Chemical
& related products (USD 205.7 Mn), Petroleum Products (USD 194 Mn), Marine products (USD 131.9 Mn) were the major exports while Manufactured goods (USD
7,582 Mn), Engineering goods (USD 2,514Mn), Electronic goods(USD 2,367 Mn), Non-electrical machinery (USD 1,059 Mn), Electronic Components (USD 837 Mn),
Industrial Machinery for Dairy (USD557 Mn), Electrical Machinery ( USD 532.7 Mn). were the major imports in March 2023.

43
 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-22 4.00 4.25 7.25 – 8.80

May-22 4.00 4.65 7.25 – 8.80

June-22 4.50 5.15 7.25 – 8.80

July-22 4.50 5.15 7.25 – 8.80

Aug-22 4.50 5.15 7.75 – 8.80

Sept-22 4.50 5.65 7.75 – 8.80

Oct-22 4.50 6.15 7.75 – 8.80

Nov-22 4.50 6.15 8.10 – 8.80

Dec-22 4.50 6.15 8.10 – 8.80

Jan-23 4.50 6.50 8.10 – 9.40

Feb-23 4.50 6.50 8.65 - 9.40

Mar-23 4.50 6.75 8.65 - 9.40

April-23 4.50 6.75 8.75-10.10

Source: Published Data
A. RBI continued to hold Repo rates at 6.50% from February. Consequently, Yields on 3-month maturity treasury bills moved from 6.83% in Mar to 6.78% in April
2023. In the long-term interest rates, yields on 1-year maturity AAA corporate bonds moved from 7.87% to 7.64%. The weighted average base rate remained at a
76-month high of 9.37.
B. Interest rate tightening across the globe appears to be further slowing in April. Out of the 38 major central banks that are tracked, 21 central banks raised
interest rates compared to 23 last month. However, the average rate hike was 44bp compared to 25bp in March. This is due to a 50bp rise in South Africa, a 70bp
rise in Iceland, and 390bp raise in Argentina. The average rate hike was 26 bp in Feb and 24 bp in Jan. BP stands for Basis Points 1/100th or 1%.

45
Shipping Freight Index
Baltic Dry Index (BDI) 2022-23 2023-24
Commodity Baltic Dry Index (BDI)

Month-Year Dry Bulk

4,100 April-22 2,220

3,650 May-22 2,943

June-22 2,389
3,200
July-22 2,077
2,750 Aug-22 1,412
Sept-22 1,487
2,300
Oct-22 1,814
1,850 Nov-22 1,299

1,400 Dec-22 1,453

Jan-23 909
950
Feb-23 658
500 Mar-23 1,410
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Apr-23 1,493
A. In April 2023, the Baltic dry Index increased to 1493 compared to 1410 in the previous month. Source: Published Data
B. Dry bulk Index in April 2023 was about 33% lower than last year, 6% higher than the previous month, and 49% lower than the peaks witnessed in
May 2022.
C. China’s economic opening, rising Indian demand, and the diversion of Russian coal exports to eastern markets due to sanctions have boosted
demand for Capesize vessels and freight rates in March and April.
D. Global factors such as inflation, rising interest rates, geopolitical situations, and turbulence in the banking sector greatly affect the shipping rates
which have therefore been volatile in the last few months.

46
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