COMMODITY PRICE

SIAM MONTHLY MONITOR

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

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

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

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

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

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

Society of Indian Automobile Manufacturers (SIAM)

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CONTENT
Iron & Steel 4
Non-Ferrous Metals 15
Polymers 24
Rubber 28
Crude Petroleum 34
Forex Movement 38
Other Rates 44
IRON &
STEEL
 HR Steel
Movement of HR Steel Prices (1.8 mm, IS2062) 2022-23 2023-24 Commodity HR Steel
94,500
Month-Year ₹/Tonne
89,000 Feb-23 60,750-61,750
Mar-23 61,200-62,200
83,500
April-23 60,750-62,000
78,000
May-23 58,750-60,125
₹/Tonne

72,500 June-23 56,500-57,625

July-23 56,500-57,625
67,000
Aug-23 57,400-58,400
61,500 Sept-23 59,000-60,000
Oct-23 58,875-60,000
56,000
Nov-23 56,300-57,400
50,500
Dec-23 56,000-57,375

45,000 Jan-24 55,100-56,200

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 54,750-55,750
A. In February 2024, HR Steel prices varied between ₹54,750-₹55,750 per tonne. Source: Published Data
B. Prices in February 2024 were about 10% lower than last year, 1% lower than the previous month, and nearly 11% lower than the peak witnessed in March 23.
C. HR Steel is composed of various elements, such as 0.2% carbon, 0.5% silicon, 1.6% manganese, 0.045% phosphorus, and 0.045% sulfur, with iron making up the majority
at 97.61%. Ferro silicon prices fell by 13.24% (Vs 17.91% last year), and ferromanganese prices have fallen by 9.38%(Vs -6.72% last year).
D. The construction sector consumes 48% of HR Steel. The performance of this sector is reflected by a 9.01% surge in cement production compared to 10.01% last year, and
an 18% rise in earthmoving equipment sales last month. The automotive sector consumes 9% of HR steel. The latest data of two-wheeler production rose by 7.45%
(vs.11.68% last year), three-wheelers grew by 17.21% (vs.14.16% last year), and passenger vehicle production grew by 6.25% (vs. 29.7% last year). The oil and gas sectors
together consume 6% of HR steel. The oil index fell by 0.18% from last year’s -1.31%, while the natural gas index increased by 5.55% from 1.35% last year.

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 CR Steel
Movement of CR Steel (0.90 mm, IS 513 Gr O) 2022-23 2023-24 Commodity CR Steel
94,000
Month-Year ₹/Tonne
88,500 Feb-23 64,375-65,375
Mar-23 64,200-65,200
83,000
April-23 63,500-64,750
May-23 62,125-63,250
77,500
June-23 59,500-60,750
72,000 July-23 58,875-59,875
Aug-23 60,400-61,400
66,500
Sept-23 62,125-63,250
61,000 Oct-23 62,875-64,125
Nov-23 62,300-63,400
55,500
Dec-23 62,000-63,000
50,000 Jan-24 61,500-62,700
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 61,250-62,375
Source: Published Data
A. In February 2024, CR Steel prices varied between ₹61,250-₹62,375 per tonne.
B. Prices in February 2024 were 5% lower than last year, 0.4% lower than the previous month, and 5% lower than the peak witnessed in the last 12 months.
C. CR steel is composed of various elements like chromium, pig iron, and manganese. Chromium prices have fallen by 1.83%(Vs 6.58 last year), pig iron prices have
declined by 7.60 %(Vs 15.67 last year) and manganese prices have fallen by 9.38%(Vs -6.72% last year).
D. The recent performance of various sectors consuming CR steel is as follows - chemical production fell by 8.92% (vs. -0.82% last year), while shipbuilding grew by -
39.77% (vs. 2.03% last year). Paper and fertilizer production increased by 5.49% (vs. 10.48% last year).

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

1,10,000 Month-Year ₹/Tonne

1,05,500 Feb-23 75,000

Mar-23 76,000
1,01,000
April-23 77,000
96,500
May-23 75,500
92,000
June-23 72,800
87,500 July-23 70,500

83,000 Aug-23 69,000

Sept-23 69,400
78,500
Oct-23 71,000
74,000
Nov-23 69,250
69,500
Dec-23 70,600
65,000 Jan-24 71,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 70,750
Source: Published Data
A. In February 2024, 20 MnCr5 Alloy Steel’s price on average was ₹70,750 a tonne.
B. Prices in February 2024 were about 6% lower than last year, 0.4% lower than the previous month, and 8% lower than the peak witnessed in April 2023.
C. The major inputs of alloy steel 20MnCr5 are manganese and chromium metals. Ferro chromium prices have fallen by 1.83%(Vs 6.58 last year), Ferro manganese prices
have fallen by 9.38%(Vs -6.72% last year).
D. Alloy steel is primarily used for pistons, boxes, spindles, gears, and camshafts. Gears production fell by 0.29% (Vs 2.25% last year), Year-to-date, two-wheeler production
rose by 7.45% (vs.11.68% last year), three-wheelers grew by 17.21% (vs.14.16% last year), and passenger vehicle production grew by 6.25% (vs.29.7% last year).

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 Alloy Steel - Forging
Alloy Steel
Movement of Alloy Steel (Forgings)-EN 8 prices 2022-23 2023-24 Commodity
(EN 8)
1,09,000
Month-Year ₹/Tonne
1,03,500 Feb-23 74,000
Mar-23 75,000
98,000
April-23 76,000
May-23 74,500
92,500
June-23 71,800
87,000 July-23 69,500
Aug-23 68,000
81,500
Sept-23 68,400

76,000 Oct-23 70,000

Nov-23 68,250
70,500 Dec-23 69,600
Jan-24 70,000
65,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 69,750
Source: Published Data
A. In February 2024, EN 8 Alloy Steel’s price on average was ₹69,750 a tonne.
B. Prices in February 2024 were about 6% lower than last year, 0.4% lower than the previous month, and 8% lower than the peaks witnessed in April 2023.
C. The major inputs of alloy steel EN-8 are silicon and carbon. Carbon prices dropped 1% this month, while silicon prices decreased 10%.
D. EN8 alloy steel primarily serves in axles, shafts, threads, and studs. Recent figures indicate a 28.28% rise in axle production.

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

90,000 Month-Year ₹/Tonne

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

B. Prices in February 2024 were about 8% lower than last year, 1% higher than the previous month and about 8% lower than the peak witnessed in Feb
2023.
C. The major inputs of pig iron are Iron ore and coking coal, iron ore prices have fallen by 7% and coking coal prices decreased by 5% in recent months.
D. India's merchant pig iron production in the current financial year of 2023-24 (FY24) is likely to rise by around 15% to 6.73 million tonnes (mnt), from 5.85
mnt seen in the previous fiscal of FY23.

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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 Feb-23 2,40,000-2,44,000
Mar-23 2,29,200-2,33,600
2,65,000 April-23 2,15,000-2,17,500
May-23 2,15,500-2,18,500
2,40,000
June-23 2,12,000-2,14,500
July-23 2,08,500-2,11,500
2,15,000
Aug-23 2,10,500-2,13,500
Sept-23 2,16,750-2,18,750
1,90,000
Oct-23 2,12,500-2,14,500
Nov-23 2,04,000-2,06,000
1,65,000
Dec-23 1,88,750-1,91,750
Jan-24 1,83,400-1,85,400
1,40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 1,85,250-1,87,250

A. In February 2024, Stainless Steel prices (Cold Rolled) varied between ₹1,85,250-1,87,250 per tonne. Source: Published Data

B. Prices in February 2024 were about 23% lower than last year, 1% higher than the previous month, and 23% lower than the peak witnessed in the last 12
months.
C. Major consuming industries of stainless steel are, Infrastructure and construction goods increased by 10.43% vs 8.12% last year. The manufacturing index
increased by 5.61% vs 4.98% last year, kitchen appliances increased by 87.19% vs -66.76% last year.
D. India remained a net importer of steel for the first nine months of the fiscal year, with imports surpassing exports by 0.9 million tonnes. Specifically, imports
stood at 5.6 million tonnes compared to 4.4 million tonnes previously, while exports were at 4.7 million tonnes, down from 4.75 million tonnes.
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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
Feb-23 2,28,000-2,30,750
Mar-23 2,18,000-2,22,400
2,62,000
April-23 2,04,375-2,06,000
May-23 2,02,750-2,05,250
2,30,000
June-23 1,99,000-2,01,000
July-23 1,96,750-2,00,250
1,98,000 Aug-23 2,01,250-2,04,000
Sept-23 2,05,250-2,09,500
Oct-23 2,01,000-2,03,000
1,66,000
Nov-23 1,92,000-1,94,000
Dec-23 1,78,000-1,81,000
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 1,72,400-1,74,400
Feb-24 1,73,750-1,75,750
A. In February 2024, Stainless Steel prices (Hot Rolled) varied between ₹1,73,750-1,75,750 per tonne. Source: Published Data
B. Prices in February 2024 were 24% lower than the last year, 1% higher than the previous month, and 24% lower than the peak witnessed in the last 12 months.
C. The major inputs of stainless steel are Chromium, Nickel, and Pig iron. Chromium prices have fallen by 1.90% in recent months, Nickel prices rose by 1% and pig
iron prices rose by 1% this month.
D. The construction sector consumes 48% of HR Steel. The performance of this sector is reflected by a 9.01% surge in cement production compared to 10.01% last
year, Domestic appliances consumed 9% of HR Steel, its production grew by 4.67% vs (10.53% last year), Industrial applications consumed 25%, its production fell
by 3.56% vs 39.18% last year.
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Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap) 2022-23 2023-24 Commodity Steel Scrap
92,000
Month-Year ₹/Tonne

82,000 Feb-23 44,275

Mar-23 44,925
April-23 43,500
72,000
May-23 41,625
June-23 41,840
62,000 July-23 40,650
Aug-23 41,050
52,000 Sept-23 41,360
Oct-23 40,950

42,000 Nov-23 38,800

Dec-23 38,300
Jan-24 37,650
32,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 37,600
Source: Published Data
A. In February 2024, Steel Scrap price on average was ₹37,600 a tonne. MG - Punjab -Basic rate
B. Prices in February 2023 were about 15% lower than last year, 0.1% lower than the previous month, and 16% lower than the peak witnessed in March
2023.
C. India's ferrous scrap imports in January 2024 fell to a two-month low of around 0.96 million tons, compared to 1.1 to 1.2 million tons in November and
December 2023.
D. Steel scrap prices were mainly influenced by Turkish scrap imports which surged by 36% in comparison to 2023, reaching 1.85 million tons, driven by
increased steel production demand, up by 24.7% yoy in recent months. the United States led as the primary supplier to Turkish consumers, providing 356
thousand tons (+45% y/y).

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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
Feb-23 380
690
Mar-23 362
April-23 289

540 May-23 247

June-23 243
July-23 244
390 Aug-23 267
Sept-23 319
Oct-23 365
240 Nov-23 340
Dec-23 344
Jan-24 347
90
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 331
Source: Published Data
A. In February 2024, Coking Coal’s price on average was $331 a tonne.
B. Prices in February 2024 were about 13% lower than last year, 5% lower than the previous month and 13% lower than the peak witnessed in Feb 2023.
C. India produced 880.72 million tonnes (MT) of coal in April-February this fiscal and is now just 119.28 MT away from its 1 billion tonne coal production
target for FY24. In 2022-23, India's total coal output was 893 million tonnes (MT).
D. In April-February 2024, India's coal production increased by over 12% to 880.72 MT compared to the same period in FY23. In February alone, coal
production rose by 12% to 96.60 MT. State-owned Coal India Ltd (CIL) saw an 8% increase in production to 74.76 MT in February. CIL's dispatch in February
2024 was 12% higher at 65.3 MT compared to the previous year.

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Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin) 2022-23 2023-24 Commodity Iron Ore
245
Month-Year $/Tonne
220
Feb-23 126
Mar-23 127
195
Apr-23 117
May-23 105
170
June-23 111
July-23 113
145
Aug-23 109

120 Sept-23 121

Oct-23 118
95 Nov-23 129
Dec-23 136
70 Jan-24 135
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 125

Source: Published Data

A. In February 2024, Iron Ore price on average was $125 a tonne.
B. Prices in February 2024 were about 1% lower than last year, 7% lower than the previous month and 8% lower than the peak witnessed in Dec 2023.
C. Odisha is India's leading producer of iron ore. It accounts for more than 55% of total production, with Chhattisgarh producing nearly 17%. Karnataka and
Jharkhand come in second and third, with 14% and 11%, respectively.
D. Indian iron ore exports touched 32.2 million metric tons during the first nine months of the current fiscal year that began in April 2023 - worth $2.7 billion -
from 9.5 million tons a year ago.

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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
Feb-23 2,417.30
Mar-23 2,290.10
3,500
April-23 2,341.00
May-23 2,267.60
3,200
June-23 2,181.10

2,900 July-23 2,150.20

Aug-23 2,136.90

2,600 Sept-23 2,177.50

Oct-23 2,190.40

2,300 Nov-23 2,205.10

Dec-23 2,174.30

2,000 Jan-24 2,194.20

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 2,182.50
Source: Published Data
A. In February 2024, Virgin Aluminum’s price on average was $2,182.50 a tonne.
B. Prices in February 2024 were about 10% lower than last year, 1% lower than the previous month and 10% lower than the peak witnessed in last 12 months.
C. Automotive production uses 21% of aluminium. Latest data of two-wheeler production rose by 7.45% (vs.11.68% last year), three-wheelers grew by 17.2%
(vs.14.1% last year), and passenger vehicle production grew by 6.25% (vs. 29% last year).
D. On a month-on-month basis, the output remained restrained compared to 6.042 million tonnes. The world's primary aluminium output in January 2024 was
majorly contributed by China, the world's largest producer, accounting for 58.98 per cent.

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

11,400 Month-Year $/Tonne

Feb-23 8,955.20
10,600
Mar-23 8,835.70

9,800 April-23 8,814.00

$/Tonne

May-23 8,234.30
9,000
June-23 8,386.20

8,200 July-23 8,435.80

Aug-23 8,360.20
7,400
Sept-23 8,270.90

6,600 Oct-23 7,935.00

Nov-23 8,176.00
5,800 Dec-23 8,394.10
Jan-24 8,344.30
5,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 8,310.70

Source: Published Data

A. In February 2024, Copper price on average was $8,310.70 a tonne.
B. Prices in February 2024 were 8% lower than last year and 0.4% lower than last month, 8% lower than the peak witnessed in last 12 months.
C. India's refined copper production is estimated at around 555,000 metric tons per year against domestic consumption of more than 750,000 metric tons. India
imports around 500,000 metric tons of copper a year to meet the shortfall.
D. India's copper demand witnessed a 16 per cent growth in FY23. Imports of copper scrap and wire rods witnessed significant increases of 56 per cent and 13
per cent, respectively. These trends collectively suggest that India's copper demand is likely to witness robust double-digit growth in 2024.

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 Lead
Movement of Lead Prices 2022-23 2023-24
Commodity Lead
3,500
Month-Year $/Tonne
Feb-23 2,098.90
3,100
Mar-23 2,114.80
April-23 2,149.10
May-23 2,087.50
$/Tonne

2,700
June-23 2,118.40
July-23 2,104.70
2,300 Aug-23 2,152.00
Sept-23 2,252.90
Oct-23 2,137.60
1,900
Nov-23 2,164.60
Dec-23 2,036.40

1,500 Jan-24 2,087.50

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 2,084.20
Source: Published Data
A. In February 2024, the Lead price on average was $2,084.20 a tonne.
B. Prices in February 2024 were nearly 1% lower than last year, and 0.1% lower than the previous month, 7% lower than the peak witnessed in September 2023.
C. Sales of lead acid batteries consume 80% of lead and 9% of lead compounds. The production of lead (ingots/ bars/ blocks and plates) grew by 11.62% Vs
(-2.21% last year).
D. As per the latest available data India exported lead acid batteries to Nigeria (8.50$Mn), UAE(6.26$Mn), Germany(2.85$Mn), Turkey(1.48$Mn), Jordan($0.70Mn).
In contrast India’s imports were - China(3.74$Mn), Vietnam(3.11$Mn), Poland(0.46$Mn), Germany(0.44$Mn), Sri Lanka (0.26$Mn).

18
Nickel
Movement of Nickel Prices 2022-23 2023-24 Commodity Nickel
44,000

Month-Year $/Tonne
39,000 Feb-23 26,689.80
Mar-23 23,307.20
April-23 23,756.70
34,000
May-23
$/Tonne

22,229.50
June-23 21,193.00
29,000
July-23 20,862.00
Aug-23 20,548.80
24,000 Sept-23 19,629.00
Oct-23 18,275.70

19,000
Nov-23 16,893.90
Dec-23 16,388.70
Jan-24 16,091.40
14,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 16,307.60

A. In February 2024, Nickel price on average was $16,307.60 a tonne. Source: Published Data

B. Prices in February 2024 were 39% lower than last year, 1% higher than the previous month, and 39% lower than the peak witnessed in the last 12 months.
C. Indonesia reserves 21 tons of nickel, comprising 22% of the global supply. Australia possesses 21% of the world's major nickel reserves, totaling 20 million
MT. Brazil holds 16 million tons of nickel, while the Philippines boasts over 30 nickel mines with 4.8 MT of the metal.
D. Stainless steel consumes 69% of nickel. Flat products of stainless steel production dropped by 0.74% Vs(12.36 last year), 13% storage batteries. Storage
batteries(Lead/Acid) production grew by 18.25%(Vs -0.94 last year).

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

Month-Year $/Tonne
4,950
Feb-23 3,143.70
Mar-23 2,956.30
4,500
April-23 2,772.80
May-23 2,477.70
$/Tonne

4,050
June-23 2,368.10
July-23 2,388.90
3,600
Aug-23 2,409.80
Sept-23 2,488.10
3,150
Oct-23 2,450.00
Nov-23 2,541.20
2,700
Dec-23 2,501.70

2,250 Jan-24 2,521.50

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 2,364.50

A. In February 2024, Zinc price on average was $2,364.50 a tonne. Source: Published Data

B. Prices in February 2024 were 25% lower than last year, 6% lower than the previous month, and 25% lower than the peak witnessed in last 12 months.
C. Galvanizing consumes 50% of Zinc, the production of galvanized products grew by 1.27% Vs(16.52 last year), Alloys consumed 17% Zinc, and the production of
alloys grew by 10.57% Vs(4.61% last year).
D. India's annual requirement for zinc metal is estimated at 660,000 tonnes, while its primary production capacity stands at 880,000 tonnes, indicating a surplus. As
a result, India is a net exporter of zinc globally. However, approximately 23% of this demand is met through duty-free primary zinc imports under free trade
agreements.
20
Platinum
Movement of Platinum Prices 2022-23 2023-24 Commodity Platinum
5,000

Month-Year ₹/gm
4,500
Feb-23 2,575.98
Mar-23 2,599.46
4,000
April-23 2,804.29
May-23 2,843.06
3,500
₹/gm

June-23 2,618.14
July-23 2,534.13
3,000
Aug-23 2,493.26
Sept-23 2,491.53
2,500
Oct-23 2,421.69
Nov-23 2,464.57
2,000
Dec-23 2,561.08
Jan-24 2,508.01
1,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 2,420.55
Source: Published Data
A. In February 2024, the Platinum price was ₹2,420.55 a gram on average.
B. Prices in February 2024 were 6% lower than last year, 4% lower than the previous month, and 15% lower than the peak witnessed on May 23.
C. Jewellery consumes 32% of platinum, Production of platinum jewellery increased by 9.6% (Vs -9.16%), 6% consumed as chemicals, the production of catalyst
chemicals dropped by 8.92% Vs(-0.82% Last year), the glass industry consumed 5%, the production of sheet glass grew by 13.53% Vs(-1.32% Last year). Auto
catalyst consumes 40% of platinum.
D. South Africa contributed 33.7 million metric tons (MT) of platinum to the global market. India imported $32.48 million from China, $17.01 million from
Germany, and $13.84 million from the USA for automotive catalysts. Additionally, India imported $287.93 million from the UAE, $57.81 million from Indonesia,
and $16.49 million from the USA for jewellery.
21
Palladium
Movement of Palladium Prices 2022-23 2023-24
6,450 Commodity Palladium

6,000 Month-Year ₹/gm

5,550 Feb-23 4,164.05
Mar-23 3,828.29
5,100
April-23 4,046.03
4,650
May-23 3,979.27
4,200 June-23 3,635.16
3,750 July-23 3,385.73
Aug-23 3,369.49
3,300
Sept-23 3,339.27
2,850
Oct-23 3,115.82
2,400 Nov-23 2,864.66

1,950 Dec-23 2,908.68

Jan-24 2,674.05
1,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 2,543.49

A. In February 2024, Palladium price on average was ₹2,543.49 a gram. Source: Published Data
B. Prices in February 2024 were 39% lower than last year, 5% lower than the previous month and 39% lower than the peak witnessed in last 12 months.
C. Demand for Palladium accounts for 75% of transport equipment. Shipbuilding increased by 39.77% (compared to -2.03% last year), railway coach production
rose by 9.96% (compared to -17.88% last year), and polished diamond jewellery production dropped by 54.7% (compared to 22.16% last year).
D. In 2023, palladium production figures were as follows: Russia - 92 metric tonnes, South Africa - 71 metric tonnes, Canada - 16 metric tonnes, Zimbabwe - 15
metric tonnes, and the United States - 9.8 metric tonnes. Anglo American, the top-producing Palladium company expects its palladium production to be in the
range of approximately 1.2-1.3 moz this year, following a 5% decline in 2023 to 1.18 moz.

22
Rhodium
Movement of Rhodium Prices
2022-23 2023-24 Commodity Rhodium
47,500
44,500 Month-Year ₹/gm
41,500 Feb-23 31,130.85
38,500 Mar-23 23,929.01
35,500 April-23 20,737.07
32,500 May-23 19,437.73

29,500 June-23 15,610.15

26,500 July-23 10,885.42

23,500 Aug-23 10,911.89

Sept-23 10,946.16
20,500
Oct-23 12,290.91
17,500
Nov-23 11,727.68
14,500
Dec-23 11,807.80
11,500
Jan-24 11,974.03
8,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 11,789.74

Source: Published Data

A. In February 2024, the Rhodium price on average was ₹11,789.74 a gram.
B. Prices in February 2024 were about 62% lower than last year, 2% lower than the previous month, and 62% lower than the peak witnessed in last 12 months.
C. The supply of rhodium in South Africa was forecast to stand at around 597,000 ounces making South Africa the world's largest rhodium producer. The global
supply of rhodium was forecast to amount to 724,000 ounces in the year.
D. Catalyst converters contribute to 84% of Rhodium. imported from Korea(1.04$Mn), China(3.60$Mn), Germany(0.75$Mn), USA(0.42$Mn), Japan (0.41$Mn) to
India and exported catalytic converter to UK(1.27$Mn), Thailand(0.01$Mn), Indonesia(0.11$Mn), Egypt(0.53$Mn).

23
Polymers
 Poly Propylene
Movement of Poly Propylene Prices 2022-23 2023-24 Commodity Poly Propylene
175.00
Month-Year ₹/kg
165.00
Feb-23 106.90
155.00
Mar-23 106.80
145.00 April-23 106.80
May-23 101.10
135.00
June-23 90.50
₹/kg

125.00
July-23 88.60
115.00 Aug-23 91.40

105.00 Sept-23 92.50

Oct-23 93.00
95.00
Nov-23 94.40
85.00 Dec-23 94.50

75.00 Jan-24 95.80

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 97.80

A. In February 2024, Polypropylene price on average was ₹97.80 a kilogram. Source: Published Data
B. Prices in February 2024 were about 9% lower than last year, 2% higher than the previous month, and 9% lower than the peak of ₹106.90 witnessed in Feb
2023.
C. The major inputs of Polypropylene are ethylene and crude oil. Ethylene prices decreased by 7.76% from 15.88% last year and crude oil prices increased by 4%
in recent months.
D. Textiles consume 21% of Polypropylene, its production grew by 3.48% vs -10.54% last year. Polypropylene films consume 16% and their production rose by
6.24% Vs(-14.84% last year).

25
 Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices Acrylonitrile Butadiene
2022-23 2023-24 Commodity
Styrene (ABS)
470.00
Month-Year ₹/kg
420.00 Feb-23 137.00

370.00 Mar-23 140.60

April-23 141.30
320.00
May-23 132.00
270.00 June-23 127.70
₹/kg

July-23 130.60
220.00
Aug-23 130.70
170.00
Sept-23 130.30
120.00 Oct-23 132.70
Nov-23 133.40
70.00
Dec-23 133.10
20.00 Jan-24 132.50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 130.10
Source: Published Data
A. In February 2024, Acrylonitrile Butadiene Styrene price on average was ₹130.10 a kilogram.
B. Prices in February 2024 were about 5% lower than last year, 2% lower than the previous month, and 8% lower than the prices in the last 12 months.
C. The major inputs of ABS are Butadiene and Styrene, Butadiene production increased to 46.15% (Vs -20.71% last year) and Styrene production increased
to 5.65%(Vs -2.8% last year).
D. Medical equipment uses 20% of ABS. Medical surgical accessory production rose to 2.85% Vs 11.75% last year. Electrical equipment also consumes 20%,
the storage battery production rose to 18.25% from (Vs -0.94%) last year.

26
 Poly Carbonate
Movement of Poly Carbonate Prices
2022-23 2023-24 Commodity Poly Carbonate
350
Month-Year ₹/kg
325
Feb-23 201.90
300 Mar-23 201.70

275 April-23 194.90

May-23 189.30
250
June-23 183.50
₹/kg

225
July-23 186.30
200 Aug-23 182.80

175 Sept-23 180.00

Oct-23 175.90
150
Nov-23 170.00
125
Dec-23 163.10
100 Jan-24 165.70
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 168.50

A. In February 2024, the price of Poly Carbonate on average was ₹168.50 a kilogram. Source: Published Data
B. Prices in February 2024 were about 17% lower than last year, 2% higher than the previous month and 17% lower than the peak witnessed in the last 12 months.
C. This robust growth in the construction industry is reflected in increased demand for Bisphenol A in the downstream sector, with the assessed price of
Bisphenol- A in February 2024 reaching USD 1475/MT, indicating a 1.3% increase from the previous month.
D. Electrical and electronics use 27% of Polycarbonate. Electric filaments and lamp production decreased by 26.94% (from 6.78% last year). Optical media
consumes 12% of Polycarbonate, with lens wear production decreased by 0.38% (compared to 4.41% last year).

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

300
Month-Year ₹/kg
Feb-23 143.10
250
Mar-23 145.27
April-23 151.00
200
May-23 157.91
June-23 154.70
₹/kg

150
July-23 153.80
Aug-23 147.34
100 Sept-23 146.58
Oct-23 149.70
50 Nov-23 153.37
Dec-23 152.26
0 Jan-24 158.59
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 164.89

A. In February 2024, the RSS4 price on average was ₹164.89 a kilogram. Source: Published Data

B. Prices in February 2024 were about 15% higher than last year, 4% higher than the previous month, and about 4% higher than the peak witnessed in last 12
months.
C. Natural rubber is mainly used as an adhesive in many manufacturing industries. The production of adhesive formulations rose by 3.15% (Vs 9.3% last year).
D. The Indian government has boosted funding for the sustainable development of the natural rubber sector scheme for 2024-26 by 23% to Rs 708.69 crore from
Rs 576.41 crore. This increase comes as the natural rubber supply falls short, leading to higher imports from countries like Vietnam and Malaysia. Kerala is a major
producer, there are over 13 lakh rubber growers in India, but the production in FY23 was 8.39 lakh tonnes, while consumption reached 13.5 lakh tonnes.

29
 Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502 Commodity Synthetic Rubber - SBR
2022-23 2023-24
300
Month-Year ₹/kg
280
Feb-23 149.95
260 Mar-23 161.93
240 April-23 172.68
May-23 177.11
220
June-23 162.42
200
₹/kg

July-23 140.19
180 Aug-23 140.55

160 Sept-23 146.26

Oct-23 160.11
140
Nov-23 165.92
120 Dec-23 159.07

100 Jan-24 157.92

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 160.64
A. In February 2024, Synthetic Rubber price on average was ₹160.64 a kilogram. Source: Published Data
B. Prices in February 2024 were about 7% higher than last year, 2% higher than the previous month, and 9% lower than the peak of ₹177.11 witnessed in May 2023.
C. LMV tyre production rose by 0.67% compared to 0.82% last year, while 2W/3W tyre production rose by 25.39% from 13.45% last year. Consumer non-durables
consume 21% of SBR, and the production of consumer non-durables grew by 5.17% (Vs -0.98% last year).
D. Based on the most recent data, India imported synthetic rubber from Korea RP ($18.77 million), Japan ($15.61 million), China ($13.80 million), and Singapore
($10.39 million). In contrast, India exported synthetic rubber to various countries, including Srilanka ($ 2.08 million), China($1.19 million), the USA(0.90 million),
Thailand ($1.15 million), and the UAE ($0.74 million).

30
 Ethylene Propylene Diene Monomer (EPDM)
Ethylene Propylene
Movement of EPDM Prices 2022-23 2023-24
Commodity
Diene Monomer (EPDM)
Month-Year ₹/kg
450
Feb-23 304.71
400 Mar-23 280.57
April-23 263.68
350
May-23 255.33
June-23 245.67
300
July-23 233.61
₹/kg

250 Aug-23 229.17

Sept-23 227.69
200
Oct-23 232.50
Nov-23 233.27
150
Dec-23 228.83
100 Jan-24 223.04
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Feb-24 223.32

A. In February 2024, EPDM price on average was ₹223.32 a kilogram. Source: Published Data
B. Prices in February 2024 were about 27% lower than last year, 0.1% higher than the previous month, and 27% lower than the peak witnessed in the last 12 months.
C. The main inputs for EPDM rubber are Ethylene and Propylene. Ethylene prices dropped by 0.16% the previous month and Propylene prices have risen by 2% in
recent months.
D. 20% EPDM is consumed by tyre manufacturing, and its production dropped by 1.34% (compared to 8.12% last year). Construction equipment also consumes 20%,
with a production drop of 1.26% (up from 28.26% last year). For plastic, consuming 15%, polyethene film production rose by 6.24% (compared to -14.8% last year).

31
Carbon Black
2022-23 2023-24
Commodity Carbon Black
Movement of Carbon Black Prices – N330
250.00 Month-Year ₹/kg
Feb-23 127.25
225.00
Mar-23 118.24

200.00 April-23 115.90

May-23 118.56
175.00 June-23 115.06
₹/kg

July-23 105.57
150.00
Aug-23 117.97
Sept-23 122.82
125.00
Oct-23 116.99
100.00 Nov-23 115.50
Dec-23 115.73
75.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 116.32
Feb-24 116.10
A. In February 2024, Carbon Black’s price on average was ₹116.10 a kilogram. Source: Published Data

B. Prices in February 2024 were 9% lower than last year, 0.2% lower than the previous month and 9% lower than the peak witnessed in the last 12 months.
C. The primary carbon black inputs include coal, oil, and natural gas. Coal prices dropped by 4%, while oil prices increased by 3%, and natural gas prices grew by 0.3% in
recent months.
D. Carbon black worth $2.64 million was exported from India to Thailand, $5.20 million to Sri Lanka, $3.91 million to Vietnam, $4.16 million to the USA, and $1.86
million to the UAE. In return, India imported carbon black valued at $5.30 million from China, $3.07 million from Korea, $1.52 million from Turkey, $2.69 million from the
UAE, and $0.40 million from the USA in the recent month.

32
 Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2022-23 2023-24 Commodity Polybutadiene Rubber
340
Month-Year ₹/kg
320
Feb-23 166.87
300
Mar-23 162.88
280 April-23 160.12
260 May-23 163.51
June-23 151.12
240
July-23 138.30
220
₹/kg

Aug-23 135.00
200
Sept-23 140.00
180 Oct-23 152.46

160 Nov-23 159.96

Dec-23 163.80
140
Jan-24 166.92
120
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 168.16
Source: Published Data
A. In February 2024, Polybutadiene Rubber’s price on average was ₹168.16 a kilogram.
B. Prices in February 2024 were about 1% higher than last year, 1% higher than the previous month and 1% higher than the peak witnessed in the last 12 months.
C. Butadiene and Styrene are the major inputs. Butadiene production increased by 46.15% (compared to -20.71% last year), and Styrene production increased by
5.65% (compared to -2.8% last year).
D. Tyre production consumes 60% of Polybutadiene, Rubber thread consumes 10%, and Plastics consume 25%. The production of rubber thread grew by 13.53% (Vs
-5.03% last year). Tyres and tubes for heavy motor vehicles grew by 7.33% (Vs 26.53% last year), and Plastic tarpaulin production grew by 126.58% (Vs 52.43% last
year).

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

146
Month $/Barrel
Feb-23 82.61
134 Mar-23 78.46
April-23 84.74
122
May-23 75.47
110 June-23 74.84
$/Barrel

July-23 80.11
98
Aug-23 86.05
86 Sept-23 93.72`
Oct-23 90.78
74
Nov-23 82.94
62 Dec-23 77.76
Jan-24 80.12
50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Feb-24 83.48

A. In February 2024, the Europe Brent Spot price on average was $83.48 a barrel. Source: Published Data
B. Prices in February 2024 were about 1% higher than last year, 4% higher than the previous month, and 11% lower than the peaks witnessed in September
2023.
C. India produced a total of 2.5 million metric tonnes (MMT) of crude oil in January 2024 - registering a growth of 0.7 per cent compared to the year-ago
period. Out of 2.5 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and private sector producers
contributed 0.3 MMT and 0.6 MMT, India’s crude oil imports fell 3 per cent y-o-y and 8 per cent m-o-m to 4.46 million barrels per day (mb/d) in February.
D. Crude Oil Indian basket price rose to $81.62bbl in February 2024 from $79.22bbl in January 2024. Petrol VAT stands at 19.40%.

35
 Compressed Natural Gas (CNG) Prices
DEL 2022-23 DEL 2023-24 MUM-2023-24 MUM-2022-23 Compressed Natural Gas (CNG) Prices
100
2023-24
95
Mumbai:2022-23 90
Month Delhi (IGL) Mumbai (MGL)
87 ₹/kg ₹/kg
Delhi: 2022-23 80
Delhi:2023-24
79 Feb-23 79.60 87.00
70
71 Mumbai: 2023- Mar-23 79.60 87.00
24
60 April-23 79.60 80.90
63
May-23 73.60 79.00
50
55 June-23 73.60 79.00
40 July-23 73.60 79.00
47
Aug-23 73.60 79.00
30
39 Sept-23 73.60 79.00
31 20 Oct-23 73.60 76.10
Nov-23 74.10 76.00
23 10
Dec-23 76.20 76.00
15 0 Jan-24 76.60 76.00
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Feb-24 76.60 76.00
A. In February 2024, the CNG price on average was ₹76.60 a Kg in Delhi and ₹76.00 a kg in Mumbai. Source: Published Data
B. Prices in February 2024 were about 5% lower than last year, 0.3% higher than the last month, and 5% lower than the peak witnessed in last 12 months in Delhi.
Whereas prices in Mumbai werer13% lower than last year, same as the previous month, and 6% lower than the peaks witnessed in 12 months.
C. Ministry of Petroleum and Natural Gas (MoPNG) has notified the price of domestic natural gas for the period February 1, 2024, to February 29, 2024, as USD 7.85
per million metric British thermal unit (mmBtu) on gross calorific value (GCV) basis.
D. Besides, for the gas produced by Oil and Natural Gas Corporation Limited (ONGC) /Oil India Limited (OIL) from their nomination fields, the administrative price
mechanism price will be subject to a ceiling of USD6.50/mmBtu on GCV basis for the same period.
36
Petrol-Diesel Prices
Rupees per Litre

Month/Year Delhi Mumbai

Petrol Diesel Petrol Diesel
Feb-23 96.76 89.66 106.29 89.66
Mar-23 96.76 89.66 106.29 89.66
Apr-23 96.76 89.66 106.29 94.25
May-23 96.76 89.66 106.29 94.25
June-23 96.76 89.66 106.29 94.25
July-23 96.76 89.66 106.29 94.25
Aug-23 96.76 89.66 106.29 94.25
Sept-23 96.76 89.66 106.29 94.25
Oct-23 96.76 89.66 106.29 94.25
Nov-23 96.76 89.66 106.29 94.25
Dec-23 96.76 89.66 106.29 94.25
Jan-24 96.76 89.66 106.29 94.25
Feb-24 96.76 89.66 106.29 94.25
A. In February 2024, the Petrol-Diesel prices on average were ₹96.76-₹89.66 a litre in Delhi and ₹106.29-₹94.25 a litre in Mumbai. Source: Published Data
B. In Delhi, the Prices of petrol and diesel are same as the last year, and the same as the previous month.
C. Consumption of diesel in India rose by 0.13% to 7436 metric tonnes in February over last year. Consumption of Petrol in India dropped by 2% to 3023 metric
tonnes.
D. India's fuel consumption saw a significant rise in February 2024, an 8.6% increase in petrol demand and a 6.0% rise in diesel usage compared to the same
month last year. Aviation turbine fuel (ATF) jumped by 11.9%, and liquefied petroleum gas (LPG).
E. From April 2023 to February 2024, cumulative figures showed a consistent increase in consumption, with petrol growing by 6.3% and diesel by 4.3%. The ATF
and LPG sectors also followed this trend, with 11.7% and 8.6% growth respectively.

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

90 May 77.14 77.69 82.34 82.91

June 77.42 77.97 82.23 82.80

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

66 Dec 81.89 82.46 83.27 83.85

Jan 82.46 83.03 83.12 83.70
60 Feb 82.38 82.95 82.96 83.54
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
Mar 82.28 82.85
A. Indian rupee appreciated by 0.16 Paise to the US Dollar from Rs. 83.12 in January 2024 to Rs. 82.96 in February 2024. Source: Published Data
B. In the month, the US accounted for 23% of exports and 5% of imports in Indian trade. The latest trade data indicates a YoY decrease of 0.94% in exports and a 40.3%
decrease in imports with the US.
C. In the period of April- January 2024 (the latest available data), India exported 62.8 Billion USD and imported 34.5 Billion USD.
D. The top exports to the USA have recorded the following growth Manufactured goods(2%), Engineering goods(-2%), Other manufactured goods(-5%), Chemical& related
products(7%), Electronic goods(21%), Drugs, pharmaceuticals & fine chemicals(22%), Gems & jewellery(-15%), Machinery & instruments(-2%). While, top imports
recorded the following growth Manufactured good(-26%), Engineering goods(-52%), Petroleum crude & products (POL)(-75%), Ores and minerals(71%), Coal, coke
briquettes(75%),Electronic goods(USD 23%),Chemicals and related products(-8%).

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

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

115
April 98.48 99.57 101.98 103.11

May 94.04 95.08 102.73 103.86

107
June 97.08 98.16 103.81 104.96
July 95.28 96.43 105.81 106.97
99
Aug 95.47 96.53 105.25 106.40
Sep 91.93 92.96 103.02 104.14
91 Oct 91.32 92.34 101.23 102.34
Nov 92.59 93.63 103.36 104.51
83 Dec 100.32 101.43 105.41 106.57
Jan 97.56 98.64 105.60 106.74
75 Feb 99.12 100.21 104.79 105.94
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 99.80 100.92

A. Indian rupee appreciated by 0.81 Paise to GBP from Rs. 105.60 in January 2024 to Rs. 104.79 in February 2024. Source: Published Data
B. In the month, the UK accounted for 6% of exports and 1% of imports in Indian trade. The latest trade data indicates a YoY decrease of 0.34% in exports and a decrease
of 4.74% in imports with the UK.
C. In the period of April- January 2024(the latest available data), India exported 10.5 Billion USD and imported 6.64 Billion USD from the UK.
D. The top exports to the UK have recorded the following growth Manufactured goods(-1%), Engineering goods(22%), Petroleum products(-8%), Electronic goods(-7%),
Other manufactured goods(-19%), Readymade garments(-13%), Telecom instruments(-19%) were top exports. While top imports recorded the following growth
Manufactured goods(-11%), Engineering goods(-19%), Electronic goods(30%), Other manufactured goods(10%), ferrous & non-ferrous metal products(8%), Chemical and
related products(-22%).

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

117 2022-23 2023-24

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

105 May 80.34 81.22 89.48 90.44

June 82.56 83.47 89.07 90.05

99 July 81.13 82.17 90.83 91.83
Aug 79.98 80.87 90.37 91.05
93
Sep 79.07 79.94 88.74 89.70
Oct 80.20 81.09 87.83 88.79
87
Nov 81.23 82.13 89.94 90.92
81 Dec 86.43 87.38 90.84 91.85
Jan 86.53 87.48 90.76 91.73
75 Feb 88.27 89.24 89.55 90.54
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 88.04 89.03
A. Indian rupee appreciated by 1.21 INR to Euro from Rs. 90.76 in January 2024 to Rs.89.55 in February 2024. Source: Published Data
B. In the month, Europe accounted for about 9% of exports and 3% of imports in Indian trade. The latest trade data indicates a decrease of 2.42% in exports and an
increase of over 3.75% in imports with Europe.
C. In the period of April- January 2024 (the latest available data), India exported 60.6 Billion USD and imported 50.3 Billion USD from Europe.
D. The top exports to the euro have recorded the following growth Manufactured goods(-4%), Petroleum and crude products(0.5%), Chemical and related products
(-8%), Electronic goods(1%), Other manufactured goods(-17%), Telecom instruments(-6%), Drugs, pharamectuals &fine chemicals (-3%). While, top imports recorded the
following growth Manufactured goods(-3%), Crude petroleum(29%), Engineering goods(-18%), Other manufactured goods(18%), Electronic goods(15%), Non-electrical
machinery(17%).

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

May 59.74 60.46 60.04 60.75

70
June 58.01 58.72 58.26 58.95

July 58.10 58.98 58.26 58.96

65
Aug 59.67 60.39 57.23 57.81
Sep 56.45 57.14 56.26 56.29
60
Oct 56.37 57.05 55.64 55.71
Nov 55.51 56.18 55.61 55.68
55 Dec 60.05 60.78 57.80 57.87
Jan 61.19 61.93 57.06 57.12
50 Feb 62.62 63.38 55.52 55.55
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 61.52 62.26
A. Indian rupee appreciated by 1.54 INR to 100 JPY from Rs. 57.06 in January 2024 to Rs. 55.52 in February 2024. Source: Published Data
B. In the month, Japan accounted for 1% of exports and 3% of imports in Indian trade this month. The latest trade data indicate a decrease of 0.46% in exports and a
decrease of 6.11% in imports with Japan.
C. In the period of April-January 2024 (the latest available data), India exported 4.21 billion USD and imported 14.5 Billion USD from Japan.
D. The top exports to Japan have recorded the following growth Manufactured goods(16%), Engineering goods(37%), Chemicals & related products(10%), Agricultural
& allied products(-25%), Machinery & instruments(39%), Marine products(-17%), While, top imports recorded the following growth While, top imports recorded the
following growth Manufactured goods(-4%), Engineering goods(-6%), Chemical and related products(-11%), Electronic goods(17%), Iron &steel(12%).

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

17 Period Rate Period Rate

April-22 11.95 April-23 11.87

Rupees per Unit of Renminbi (CNY)

May-22 11.58 May-23 11.75

14 June-22 11.68 June-23 11.45

July-22 11.80 July-23 11.46

Aug-22 11.68 Aug-23 11.43

11
Sept-22 11.43 Sept-23 11.41

Oct-22 11.50 Oct-23 11.42

8 Nov-22 11.42 Nov-23 11.58

Dec-22 11.89 Dec-23 11.68

Jan-23 12.06 Jan-24 11.62

5 Feb-23 12.03 Feb-24 11.53
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar-23 11.94
A. Indian rupee appreciated by 0.09 paise to CNY to Rs 11.53 in February 2024 from Rs.11.62 in January 2024. Source: Published Data
B. In the month, China accounted for 6% of exports and 20% of imports in Indian trade. The latest trade data indicates an increase of 47.2% in exports and an increase
of 12.27% in imports from China.
C. In the period of April- January 2024 (the latest available data), India exported 13.4 Billion USD to and imported 85.90 Billion USD from China.
D. The top exports to China have recorded the following growth Non-POL (45%), Manufactured goods(20%), Ores & minerals(235%), Agricultural products(-18%),
Engineering goods(12%), Chemicals & related products(28%), Other manufactured goods(25%), Marine products(-16%). While, top imports recorded the following
growth Manufactured goods(13%), Electronic goods(34%), Engineering goods(8%), Chemical and related products(-13%), Electronic components(126%), Non-electrical
machinery(16%), Telecom instruments(-2%), Ferrous and non-ferrous metal products(13%).

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.

Feb-23 4.50 6.50 8.65 - 9.40

Mar-23 4.50 6.75 8.65 - 9.40

April-23 4.50 6.75 8.75-10.10

May-23 4.50 6.75 8.75-10.10

June-23 4.50 6.75 8.75-10.10

July-23 4.50 6.75 8.85-10.10

Aug-23 4.50 6.75 8.85-10.10

Sept-23 4.50 6.75 8.85-10.10

Oct-23 4.50 6.75 8.95-10.10

Nov-23 4.50 6.75 8.95-10.10

Dec-23 4.50 6.75 8.95-10.25

Jan-24 4.50 6.75 9.10-10.25

Feb-24 4.50 6.75 9.10-10.25

Source: Published Data
A. RBI continued to hold Repo rates at 6.50% from February 2023. Yields on 3-month maturity treasury bills are at 6.99% in February 2024. In the long-term
interest rates, yields on 1-year maturity AAA corporate bonds moved from 7.86% to 7.76%. The weighted average bank rate remained constant at 6.75%.
B. Interest rate tightening across the globe appears to be further slowing in February. Out of the 39 major central banks that are tracked, 1 central bank raised
interest rates compared to 2 last month. However, the average rate hike was 230bp compared to 62bp in January. This was due to a 230bp rise in Turkey, BP
stands for Basis Points 1/100th or 1%.

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

Month-Year Dry Bulk

4,100
Feb-23 658

3,650 Mar-23 1,410

Apr-23 1,493
3,200
May-23 1,416
2,750 June-23 1,080

2,300 July-23 1,040

Aug-23 1,134
1,850
Sept-23 1,393
1,400 Oct-23 1,868

950 Nov-23 1,831

Dec-23 2,538
500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Jan-24 1,785

Feb-24 1,650
A. In February 2024, the Baltic Dry Index decreased to 1,650 compared to 1,785 in the previous month. Source: Published Data
B. Dry bulk Index in January 2024 was about 151% higher than last year, 8% lower than the previous month, and 30% lower than the peaks witnessed in Dec
2023.
C. Baltic Exchange's dry bulk sea freight index hit a one-month peak after three consecutive sessions of increase. The overall index, incorporating Capesize,
Panamax, and Supramax rates, rose by 13 points to 1,585. The capsize index reached a one-month high, climbing by 23 points to 2,476, with daily earnings for
these vessels rising to $20,538.
D. Panamax index rose for the sixth session, gaining 24 points to 1,550, with daily earnings for Panamax vessels reaching $13,950. Conversely, the suprema
index dipped by 1 point to 1,047. Additionally, Yemen's Houthis launched missiles at a Red Sea cargo ship, causing minor damage.
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