COMMODITY PRICE

SIAM MONTHLY MONITOR

Sept
2022
1
 “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
Sept-21 65,906-66,794
93,500
Oct-21 67,906-68,794
88,000 Nov-21 69,906-70,794

Dec-21 65,906-66,794
₹/Tonne

82,500
Jan-22 64,906-65,794
77,000 Feb-22 66,406-67,294

Mar-22 74,600-75,600
71,500
April-22 77,500-78,500

66,000 May-22 71,125-72,125

June-22 62,900-63,900
60,500
July-22 60,500-61,500

55,000 Aug-22 58,375-59,375

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 57,375-58,375

Source: Published Data

A. In September 2022 HR Steel prices varied between₹57,375-58,375 per tonne.
B. Prices in September 2022 were about 13% lower than last year, 2% lower than the previous month and nearly 26% lower than the peaks witnessed in Apr 2022. September
2022 prices were also the lowest in the last 13 months.
C. Prices continue to soften with an increasingly challenging external environment in key global markets, stronger Indian crude steel production and easing of supply
constraints.
D. Indian steel prices are expected to soften by a further 10 to 15 percent next year with narrowing domestic and international steel spreads.

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 Sept-21 75,406-76,295

Oct-21 78,406-79,295
98,000
Nov-21 80,406-81,295

92,500 Dec-21 76,406-77,295

Jan-22 71,056-71,945
87,000
Feb-22 72,056-72,945

Mar-22 80,400-81,400
81,500
April-22 85,750-86,750
76,000 May-22 79,250-80,250

June-22 69,900-70,900
70,500
July-22 67,375-68,375

65,000 Aug-22 66,625-67,500

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 65,125-66,125
Source: Published Data
A. In September 2022 CR Steel prices varied between ₹65,125-66,125 per tonne.
B. Prices in September 2022 were 14% lower than last year, 2% lower than the previous month and 24% lower than the peaks witnessed in Apr 2022. September
2022 prices were also the lowest in the last 14 months.
C. Production of CR Steel products (Long and Flat) witnessed a 25% and 34% YoY growth respectively in August 2022. Simultaneously, crude steel production for the
64 countries of the World Steel Association saw a 3% YoY decline to 150.6 million tonnes (Mt) in August 2022.
D. Increased supply in India coupled with reduced demand worldwide has resulted in prices softening.

6
Alloy Steel – Forging
Movement of Alloy Steel (Forging) - 20MnCr5 Prices 2021-22 2022-23
Commodity Alloy Steel - Forging
1,18,000
Month-Year ₹/Tonne
1,13,500
Sept-21 78,250
1,09,000
Oct-21 80,000

1,04,500 Nov-21 83,375

Dec-21 82,000
1,00,000
Jan-22 78,375
95,500
Feb-22 78,750
91,000 Mar-22 83,500

86,500 April-22 89,600

May-22 89,250
82,000
June-22 85,875
77,500
July-22 84,200
73,000 Aug-22 83,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 83,000

A. In September 2022 20 MnCr5 Alloy Steel price on an average was ₹83,000 a tonne. Source: Published Data
B. Prices in September 2022 were about 6% higher than last year, the same as the previous month and 7% lower than the peaks in Apr 2022. The prices remain
same as the last months.
C. India imported till date USD 553 mn of alloy steel in FY23 and exported USD 1633mn. Data available till date shows a 9% increase in value of alloy steel imports
and 33% increase in alloy steel exports while in quantity terms it is a 23% decline in imports and 11% increase in exports. This clearly suggests that dollar
appreciation contributed to increased prices.

.
7
 Alloy Steel - Forging
Movement of Alloy Steel (Forging)-EN 8 prices 2021-22 2022-23
Commodity Alloy Steel

1,17,000 Month-Year ₹/Tonne

Sept-21 77,250
1,11,500
Oct-21 79,000

Nov-21 82,375
1,06,000
Dec-21 81,000
1,00,500 Jan-22 77,375

Feb-22 77,750
95,000
Mar-22 82,500
89,500 April-22 88,600

May-22 88,250
84,000
June-22 84,875

78,500 July-22 83,200

Aug-22 82,000
73,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 82,000

Source: Published Data

A. In September 2022 EN 8 Alloy Steel price on an average was ₹82,000 a tonne.
B. Prices in September 2022 were about 6% higher than last year same as the previous month and 7% lower than the peaks witnessed in Apr 2022. The prices
remain same as the last month.
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

Sept-21 45,675

Oct-21 48,500
80,000
Nov-21 46,875

Dec-21 46,100
70,000
Jan-22 47,500

Feb-22 50,125

60,000 Mar-22 61,875

April-22 67,200

May-22 66,000
50,000
June-22 58,750

July-22 54,200

40,000 Aug-22 54,000

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 51,800

Source: Published Data

A. In September 2022 Pig Iron price on an average was ₹51,800 a tonne. (Punjab {Grade B}- Basic rate, excluding GST & Freight)

B. Prices in September 2022 were about 13% higher than last year but a marginal 4% lower than the previous month and about 23% lower than the peak witnessed in
April 2022. The prices show a decline for the fifth consecutive month now.
C. Substitution of pig iron with steel scrap (made duty-free in the 2021 Union Budget) has led to reduction in pig iron consumption from 9.90 MT in FY17 to 4.94 MT in
FY22.
D. Hectic lobbying by Indian steel makers for domestic consumption of iron ore had led to the imposition of export duty on pig iron which is forcing the domestic pig iron
industry to cut down production because of weak domestic demand and higher costs of exports.

9
 Stainless Steel
Movement of Stainless Steel Prices (G 304 CR Coil) 2021-22 2022-23 Stainless Steel
Commodity
3,15,000
(CR Coil)

Month-Year ₹/Tonne
2,90,000 Sept-21 1,76,750-1,86,750

Oct-21 1,86,750-1,96,750
2,65,000
Nov-21 1,76,750-1,86,750

Dec-21 1,71,750-1,81,750
2,40,000
Jan-22 1,61,750-1,71,750

Feb-22 1,66,750-1,76,750
2,15,000
*Mar-22 -

*April-22 -
1,90,000
May-22 2,78,750-2,82,250

June-22 2,59,400-2,61,800
1,65,000
July-22 2,46,250-2,49,250

Aug-22 2,48,500-2,52,500
1,40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 2,49,000-2,53,000
Source: Published Data *NA
A. In September 2022 Stainless Steel prices (Cold Rolled) varied between ₹2,49,000-2,53,000 per tonne.
B. Prices in September 2022 were about 41% higher than last year about 0.2% higher than the previous month and more than 11% lower than the peak witnessed in
May 2022. Prices have slightly increased in September2022.
C. Prices are supported by Chinese plants reducing the production of unrefined steel by 6.5% and of finished steel by 4.6% in the first half of 2022.
D. 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 slightly for September also.

10
 Stainless Steel
Movement of Stainless Steel Prices (G 304 HR Coil) Stainless Steel
2021-22 2022-23 Commodity
(HR Coil)

Month-Year ₹/Tonne
2,94,000
Sept-21 1,67,500-1,76,900

Oct-21 1,77,500-1,86,900
2,62,000
Nov-21 1,67,500-1,76,900

Dec-21 1,62,500-1,71,900

2,30,000 Jan-22 1,52,500-1,61,900

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

1,98,000 *Mar-22 -

*April-22 -

May-22 2,58,750-2,62,250
1,66,000
June-22 2,39,200-2,41,800

July-22 2,34,500-2,37,000
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Aug-22 2,35,500-2,39,250

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

A. In September 2022 Stainless Steel prices (Hot Rolled) varied between ₹2,36,500-2,40,500 per tonne. Source: Published Data *NA
B. Prices in September 2022 were about 41% higher than last year ,about 0.2% higher than the previous month but almost 11% lower than the peak witnessed in
May 2022. Prices have slightly increased in September 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.
D. Chinese manufacturers’ plans to further cut production in the near future supported prices of Stainless Steel.

11
 Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap) 2021-22 2022-23 Commodity Steel Scrap
92,000
Month-Year ₹/Tonne
Sept-21 39,250
82,000
Oct-21 42,500
Nov-21 44,400
72,000
Dec-21 41,400
Jan-22 41,000
62,000 Feb-22 43,525
Mar-22 51,075

52,000 April-22 54,680

May-22 50,750
June-22 42,750
42,000
July-22 46,600
Aug-22 49,325
32,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 46,600

Source: Published Data

MG - Punjab -Basic rate

A. In September 2022, Steel Scrap price on average was ₹46,600 a tonne

B. Prices in September 2022 were about 19% higher than last year when the prices were at the 52-week low. September prices are also about 6% lower than the previous
month but more than 15% lower than the peak witnessed in April 2022. The prices decreased after an uptick in the last month.
C. Increased spot buying and reduced bulk buying in anticipation of a further fall in prices has led to downward fluctuations in the prices of steel scrap.
D. Weak global outlook and the grim prospects of a recession has led to reduced prices for steel ingots and coils (which are in turn made from steel scrap) and thus reduced
prices of steel scrap as well.

12
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
Sept-21 350
690
Oct-21 398
Nov-21 368
Dec-21 342
540
Jan-22 414
Feb-22 445

390 Mar-22 617

April-22 474
May-22 539
240 June-22 407
July-22 264
Aug-22 255
90
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 285
Source: Published Data

A. In September 2022, Coking Coal price on average was $285 a tonne.

B. Prices in September 2022 were about 19% lower than last year but 12% higher than the previous month and more than 54% lower than the peak witnessed in
March 2022. The prices have increased three months in a row.
C. Import duty on coking coal in India has been reduced to zero in view of the country importing the commodity to meet 85% of its needs.
D. Removal of duty hasn’t lowered prices due to Increased demand for coking coal in India with imports rising by nearly 10% YoY.

13
 Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin) Commodity Iron Ore
2021-22 2022-23
245
Month-Year $/Tonne
220
Sept-21 125
Oct-21 124
195
Nov-21 95
Dec-21 116
170
Jan-22 133
Feb-22 143
145
Mar-22 150

120 April-22 151

May-22 134

95 June-22 130
July-22 107
70 Aug-22 106
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 99

Source: Published Data

A. In September 2022 Iron Ore price on average was $99 a tonne.
B. Prices in September 2022 were about 21 % 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 fifth consecutive month now.
C. Outlook for iron ore continues to be neutral with the ongoing Russia-Ukraine conflict and the continued impact of COVID-19 in China that have dampened demand
for steel.
D. The last quarter of the year is the peak construction activity season in China and coupled with intentions of the Chinese authorities to introduce additional
incentives to support the country’s economy, the outlook for iron ore may soon turn positive.

14
Non-Ferrous
Metals
Virgin Aluminium
Movement of Virgin Aluminium Prices 2021-22 2022-23 Commodity Virgin Aluminium

Month-Year $/Tonne
3,800
Sept-21 2,852.11
Oct-21 2,954.48
3,500
Nov-21 2,640.68
Dec-21 2,694.38
3,200
Jan-22 3,002.18
Feb-22 3,259.70
2,900
Mar-22 3,536.72
April-22 3,256.60
2,600
May-22 2,826.40

2,300 June-22 2,562.90

July-22 2,401.60

2,000 Aug-22 2,431.30

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 2,229.90

Source: Published Data

A. In September 2022, Virgin Aluminium price on average was $ 2,229.90 a tonne.

B. Prices in September 2022 were about 22% lower than last year and 8% lower than the previous month and more than 37% lower than the peak witnessed in
March 2022.
C. The Russia-Ukraine conflict has severely affected supply of gas to Europe and thus, the production and consumption of aluminium have been hit. However,
Europe produces only 7% of the world’s aluminium but is the second largest consumer of the metal. Thus, the hit on demand is greater leading to downward prices.

16
 Copper
Movement of Copper Prices 2021-22 2022-23 Commodity Copper
12,200

11,400 Month-Year $/Tonne

Sept-21 9,345.67
10,600
Oct-21 9,776.36

9,800 Nov-21 9,840.50

$/Tonne

Dec-21 9,555.56
9,000
Jan-22 9,773.10

8,200 Feb-22 9,938.60

Mar-22 10,235.80
7,400 April-22 10,183.10

May-22 9,362.80
6,600
June-22 9,033.10
5,800 July-22 7,529.80

Aug-22 7,961.00
5,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 7,734.70

Source: Published Data

A. In September 2022, Copper price on an average was $7,734.70 a tonne.
B. Prices in September 2022 were more than 17% lower than last year and more than 24% lower than the peak of $10,720 witnessed on 7th March 2022. and they
have slightly decreased 3% compared to August 2022. Prices have declined for five consecutive months till September 2022.
C. Disappointing manufacturing data in China where PMIs from the country, which are responsible for 55% of global copper consumption, unexpectedly slipped into
contractionary territory led to fall in Copper prices.
D. Global growth worries, inflation and interest rates, and the energy crisis in Europe continue to drive the metal’s prices down.

17
 Lead
Movement of Lead Prices 2021-22 2022-23 Commodity Lead
3,500
Month-Year $/Tonne
Sept-21 2,219.25
3,100
Oct-21 2,338.21

Nov-21 2,398.65

Dec-21
$/Tonne

2,700 2,303.62

Jan-22 2,341.28

Feb-22 2,298.43
2,300 Mar-22 2,358.11

April-22 2,396.70

May-22 2,145.20
1,900
June-22 2,067.40

July-22 1,976.30

1,500 Aug-22 2,077.90

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 1,874.50

Source: Published Data

A. In September 2022, Lead price on an average was $1,874.50 a tonne.

B. Prices in September 2022 were nearly 16% lower than last year and more than 22% lower than the peak of $2398.65 witnessed in November 2021. Month on
month however, prices have decreased about 10%.
C. The unprecedented rise in the USD has exerted pressure on lead prices in the global markets.
D. Low lead prices and high battery-scrap prices have resulted in losses for secondary lead smelters leading them to constantly cut production to minimize losses.

18
 Nickel
Movement of Nickel Prices 2021-22 2022-23 Commodity Nickel
44,000

Month-Year $/Tonne
39,000
Sept-21 19,349.55
Oct-21 19,412.14
Nov-21 19,678.50
34,000
$/Tonne

Dec-21 20,179.38
Jan-22 22,312.75
29,000
Feb-22 24,167.00
Mar-22 37,790.30
24,000 April-22 33,298.40
May-22 27,950.00
June-22 25,837.50
19,000
July-22 21,483.30
Aug-22 21,997.70
14,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 22,682.30

Source: Published Data

A. In September 2022, Nickel price on average was $22,682.30 a tonne.

B. Prices in September 2022 were 17% higher than last year, 3% higher than the previous month and more than 40% lower than the peak of $37,790
witnessed in March 2022. Prices have declined for four consecutive months till September 2022.
C. London Metal Exchange is debating proposals that could lead to a ban on any new Nickel from Russia (3rd largest producer in the world) leading to
increased prices.
D. Worries about a global economic slowdown as central banks pursue aggressive monetary tightening has balanced out strong price rises in Nickel.

19
 Zinc
Movement of Zinc Prices 2021-22 2022-23 Commodity Zinc
5,350
Month-Year $/Tonne
Sept-21 3,052.23
4,900
Oct-21 3,368.83

Nov-21 3,316.00
4,450
Dec-21
$/Tonne

3,304.44

Jan-22 3,608.63
4,000
Feb-22 3,643.13

Mar-22 3,972.93
3,550 April-22 4,371.00

May-22 3,759.50

3,100 June-22 3,644.00

July-22 3,097.20

Aug-22 3,572.90
2,650
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 3,136.40
Source: Published Data
A. In September 2022, Zinc price on an average was $3,136.4 a tonne.
B. Prices in September 2022 were 3% higher than last year, 12% Lower than the previous month but more than 28% lower than the peak of $4,371 witnessed in
April 2022.
C. Zinc prices are expected to remain range-bound at a “remunerative” $3,100 – 3,300 per tonne in the near future following strong demand from the auto sector,
primarily in India and the European market.
D. Zinc prices will be affected by the extremely 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 Sept-21 2,324.92
Oct-21 2,468.74
4,000 Nov-21 2,498.53
Dec-21 2,314.62
3,500
₹/gm

Jan-22 2,394.26
Feb-22 2,552.96
3,000 Mar-22 2,591.72
April-22 2,388.14
2,500 May-22 2,411.58
June-22 2,407.51
2,000 July-22 2,249.76
Aug-22 2,348.89
1,500 Sept-22 2,285.98
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar

Source: Published Data

A. In September 2022, Platinum price on an average was ₹2,285.98 a gram.

B. Prices in September 2022 were 2% lower than last year but 3% Lower 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. Increased demand out of China and from the automotive, jewellery and industrial segments along with the retail shift to Platinum as an alternative asset in times
of inflation and global risk exerted upward pressure on prices.
D. Projected surpluses along with continuous profit-booking in Europe and Asia using precious metals as a source of liquidity exerted downward pressure on prices.

21
 Palladium
Commodity Palladium
Movement of Palladium Prices 2021-22 2022-23

7,600 Month-Year ₹/gm

Sept-21 5,062.84
7,150
Oct-21 4,906.97

6,700 Nov-21 4,849.57

Dec-21 4,411.39
6,250
Jan-22 4,859.60

5,800 Feb-22 5,703.33

Mar-22 6,485.26
5,350
April-22 5,761.41

4,900 May-22 5,200.39

June-22 4,865.55
4,450 July-22 5,089.17
Aug-22 5,508.69
4,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 5,500.83

Source: Published Data

A. In September 2022, Palladium price on an average was ₹5,500.83 a gram.
B. Prices in September 2022 were 9% higher than last year and 1% lower than the previous month.
C. While the continued conflict between Russia and Ukraine is bolstering metal prices, the high inflation along with the global slowdown of economic activity are
keeping a check on prices from extreme rises.
D. The Polokwane smelter rebuild delay at Amplats, the world's top producer of platinum group metals and power issues have reduced supply by more than lost
demand adding upward price pressure but the unprocessed stock from H2 - 22 will be refined and added to new production, likely pushing the price down.

22
Rhodium
Co
Movement of Rhodium Prices 2021-22 2022-23 Rhodium
mmodity
83,000 Month-Year ₹/gm
76,500 Sept-21 34,701.11
Oct-21 33,534.23
70,000 Nov-21 33,904.27

63,500 Dec-21 33,982.47

Jan-22 39,507.40
57,000 Feb-22 43,578.30

50,500 Mar-22 47,558.04

April-22 46,246.30
44,000 May-22 39,837.22

37,500 June-22 35,028.86

July-22 36,485.26
31,000
Aug-22 36,986.23
24,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 36,571.71
Source: Published Data

A. In September 2022, Rhodium price on an average was ₹36,571.71 a gram.

B. Prices in September 2022 were about 5% higher than last year but 1% lower than the previous month and nearly 23% lower than the peak witnessed in March
2022.
C. 80% of rhodium use is in catalytic converters in the automobile industry (to combat N2O emissions).
D. Vehicle production recovery, stringent emissions legislations and the growing primary supply constraints are keeping the Rhodium markets tight, despite looming
economic challenges that include the short-term chip shortage.

23
Polymers
 Poly Propylene
Movement of Poly Propylene Prices 2021-22 2022-23
Commodity Poly Propylene

Month-Year ₹/kg
190
Sept-21 115.80
Oct-21 124.50
172 Nov-21 131.70
Dec-21 119.40
Jan-22 115.90
154
₹/kg

Feb-22 124.00
Mar-22 133.50
136 April-22 139.90
May-22 129.60
June-22 121.50
118
July-22 115.60

Aug-22 108.70
100
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 105.90

Source: Published Data

A. In September 2022, Polypropylene price on an average was ₹105.9 a kilogram.
B. Prices in September 2022 were about 9% lower than last year and nearly 3% lower than the previous month and 24% lower than the peak of ₹139.9 witnessed in
April 2022. The prices show a decline for the fifth consecutive month now.
C. With the devaluation of major Asian currencies against the USD, pricing fundamentals remained sluggish. General outlook for plastics is not optimistic in the long
term due to increased Green Awareness.
D. Major global producers, Fujjain Gulei (China), Saudi Polymers Company (Saudi Arabia), GS Caltex (South Africa), LG Chem & Korea Petrochemical Ind. Co.
(South Korea), Petkim (Turkey), JG Summit (Philippines), Formosa Petrochemical Corp (Taiwan) and RIL & IOCL (India) have scheduled maintenance shutdowns in
September and October suggesting limited supply

25
 Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices Acrylonitrile Butadiene
2021-22 2022-23 Commodity
Styrene (ABS)
470
Month-Year ₹/kg
420 Sept-21 218.50

370 Oct-21 241.90

Nov-21 229.70
320
Dec-21 201.10
270 Jan-22 181.90
₹/kg

Feb-22 179.30
220
Mar-22 206.80
170 April-22 209.40

120 May-22 181.20

June-22 174.80
70
July-22 171.00
20 Aug-22 170.60
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 172.00

Source: Published Data

A. In September 2022, Acrylonitrile Butadiene Styrene price on an average was ₹172.00 a kilogram.
B. Prices in September 2022 were about 21% lower than last year, 1% higher than the previous month and nearly 29% lower than the peak of ₹241.9 witnessed in
October 2021.
C. 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.
D. ABS prices remained steady due to a balance struck between the supply shortage due to scheduled maintenance and increasing demand on one hand and the
falling crude prices which determine raw material prices on the other.

26
Poly Carbonate
Movement of Poly Carbonate Prices 2021-22 2022-23 Commodity Poly Carbonate

490
Month-Year ₹/kg

435 Sept-21 291.70

Oct-21 302.60
380 Nov-21 288.80

Dec-21 273.20
325
Jan-22 253.40
₹/kg

270 Feb-22 245.90

Mar-22 285.10
215
April-22 275.50

160 May-22 266.70

June-22 241.90
105
July-22 234.70

50 Aug-22 234.20
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22
232.10
Source: Published Data
A. In September 2022, Poly Carbonate price on an average was ₹232.10 a kilogram.
B. Prices in September 2022 were about 20% lower than last year, 1% lower than previous month and more than 19% lower than the peak of ₹285.1 witnessed in
March 2022.
C. Lower usage of Polycarbonate in the commercial sectors like medical devices and the vast growing automotive enterprises have led to a weak to stable price
trend.
D. Consumption of polycarbonate is expected to increase in the future as demand for commercial roofing solutions rises. The market revenue growth is also
expected to be driven by expansion in the automotive sector.

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
Sept-21 174.12
250
Oct-21 171.14

Nov-21 182.79
200
Dec-21 175.90

Jan-22 162.16
₹/kg

150
Feb-22 163.85

Mar-22 170.76
100 April-22 170.72

May-22 172.70
50 June-22 176.46

July-22 176.25
0 Aug-22 164.94
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 150.80
Source: Published Data
A. In September 2022, RSS4 price on an average was ₹150.80 a kilogram.
B. Prices in September 2022 were about 13% lower than last year, 9% lower than the previous month and about 18% lower than the peak of ₹182.79 witnessed in
November 2021. The prices have fallen for consecutive 3 months.
C. Natural Rubber prices continue their bearish trend plagued by an unprecedented rise in input costs and fears of a recession afflicting large parts of Europe.
D. Farmers in India are demanding an increase in import duties for latex and compound rubber along with raising the replanting subsidy in Kerala when 60% of the rubber
plantations in the State are due for replanting.

29
 Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502 Commodity Synthetic Rubber - SBR
2021-22 2022-23

Month-Year ₹/kg
260
Sept-21 167.79

Oct-21 162.03
220 Nov-21 162.06

Dec-21 155.48

180 Jan-22 147.70

₹/kg

Feb-22 151.98

Mar-22 173.29
140
April-22 197.53

May-22 194.65
100 June-22 178.80

July-22 173.88

60 Aug-22 182.52
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 176.27

Source: Published Data

A. In September 2022, Synthetic Rubber price on average was ₹176.27 a kilogram.
B. Prices in September 2022 were about 5% higher than last year, 3% lower than the previous month but about 11% lower than the peak of ₹197.53 witnessed in
April 2022.
C. Increased preference for synthetic rubber over natural rubber in the automotive tire industry and other end-use industries is expected to bolster growth in the
styrene butadiene rubber market.
D. At a macro level, synthetic rubber prices largely correlate with crude oil prices and have thus seen a relative fall in 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

Sept-21 367.82

Oct-21 374.58
500
Nov-21 437.47

Dec-21 442.82
400 Jan-22 437.35
₹/kg

Feb-22 450.02

300 Mar-22 323.55

April-22 332.92

May-22 337.61
200
June-22 340.32

July-22 343.21
100 Aug-22 346.26
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar

Sept-22 344.87

Source: Published Data

A. In September 2022, EPDM price on an average was ₹344.87 a kilogram.
B. Prices in September 2022 were about 6% lower than last year and nearly 0.4% Lower than the previous month and 23% lower than the peak of ₹450.02
witnessed in February 2022.
C. The re-emergence of demand in the automotive industry have placed EPDM prices on an upward trend.
D. Dollar appreciation has witnessed Indian imports increasing by 72% ( in value terms) but only 15% ( in quantity terms) in the recent few months following 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

Sept-21 194.44
225
Oct-21 203.69

Nov-21 203.69
200
Dec-21 203.69

175 Jan-22 224.13

₹/kg

Feb-22 224.13
150 Mar-22 119.50

April-22 131.54
125
May-22 142.83

June-22 136.90
100
July-22 127.04

Aug-22 136.17
75
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Sept-22 133.90
Source: Published Data

A. In September 2022, Carbon Black price on average was ₹133.90 a kilogram.

B. Prices in September 2022 were nearly 31% lower than last year and 2% lower than the previous month and about 40% lower than the peak of ₹224.13 witnessed
in February 2022.
C. The global carbon black prices are correlated with crude oil prices.
D. Resumption in the processes of downstream industries post the removal of pandemic restrictions imposed across several nations has brought back demand for
the commodity.

32
Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2021-22 2022-23 Commodity Polybutadiene Rubber

2,38,000 Month-Year $/Tonne

Sept-21 1,80,790
2,23,000 Oct-21 1,64,520

Nov-21 1,71,670
2,08,000
Dec-21 1,76,510

Jan-22 1,73,490
1,93,000
Feb-22 1,70,510

1,78,000 Mar-22 1,86,180

April-22 2,06,040
1,63,000 May-22 2,09,960

Jun-22 2,14,760
1,48,000
July-22 2,13,420
Aug-22 2,29,700
1,33,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 2,33,690
Source: Published Data

A. In September 2022, Polybutadiene Rubber price on average was ₹2,33,690 a tonne.

B. Prices in September 2022 are at the 13-month high, about 29% higher than last year, 2% higher than the previous month. The prices continue to rule at the year’s high.
C. The continued dollar appreciation has severely affected the PBR prices, driving them upwards to an 18-month high.
D. Uptick in automobile demand and an extremely high tyre replacement demand as economies open up after the pandemic has led to a spectacular rise in PBR prices.

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
Sept-21 75.32
134 Oct-21 84.12
Nov-21 80.24
122
Dec-21 78.16
110 Jan-22 90.12
$/Barrel

Febr-22 99.36
98
Mar-22 123.60
86 Apr-22 103.92
May-22 117.66
74
June-22 116.83
62 July-22 113.53
Aug-22 98.87
50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Sept-22 87.28

Source: Published Data

A. In September 2022, the Europe Brent Spot price on an average was $87.26 a barrel.
B. Prices in September 2022 were about 16% higher than last year but 12% lower than the previous month and 29% lower than the peaks witnessed in March
2022.
C. Oil prices have continuously fallen after the US Federal Reserve raised interest rates significantly to curb inflation, with fears for the global economy casting
a shadow over future fuel demand.
D. Continued depreciation of the INR against the USD has offset the continued fall in the crude oil prices.

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

Oct-22 4.50 6.15 7.75 – 8.80

Source: Published Data

A. RBI tightened repo rates by another 50 basis points on Sep30th. This took the repo rate to a 39-month high of 5.90%. This is a 190 basis point(bp) increase
compared to the levels witnessed in April 2022. Resultantly, overnight MIBOR rates went up from 5.5% to 5.7%, 3 month T-Bill yield from 5.6% to 6.1%, and
yields on AAA 1 year maturity corporate bonds from 6.7% to 7.4%.

B. Out of the 38 major central banks that are tracked, 24 central banks have raised the interest rates between 50 basis points to 100 basis points. On average,
the rate hike was around 67bp. Only 7 banks have left their rates unchanged in the month of September. And another seven banks have reduced their rates as
follows - Indonesia( 375 bp) Iceland(550 bp), South Korea ( 250 bp), Malaysia(225 bp),Norway (175 bp), Russia(50bp) and Turkey(100bp) 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 81.96 82.53
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
Source: Published Data
A. Indian rupee declined by 2.39 INR to the US Dollar in October 2022, from Rs 80.14 in September 2022 to Rs. 82.53 in October 2022.
B. In the month, US accounted for 18.1% of exports and 7.04% of imports in Indian trade. The latest trade data indicates a YoY increase of 4.6% in exports and an
increase of 44.8% in imports with the US for the month .
C. In the period of Apr-Aug 2022 (the latest available data), India exported 35.17 Billion USD and imported 22.46 Billion USD.
D. Diamonds (USD 729 Mn), Medicine for Retail sale (USD 207 Mn), Gold Jewellery (USD 210 Mn), Shrimp (USD 152 Mn), and Hydrocarbon Mixtures (USD 72.7
Mn) are the major exports. Crude Petroleum (USD 843 Mn), Diamonds (USD 480 Mn), unwrought forms of Gold (USD 474 Mn), Coking Coal (USD 388 Mn) and
LNG (USD 148 Mn) are the major imports in August 2022.

38
 Foreign Exchange Rate - Pound Sterling
BUYING Foreign Exchange Rate - Pound Sterling
2021-22 2022-23
123
2021-22 2022-23
Month
Buying Selling Buying Selling
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 91.32 92.34
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

Source: Published Data

A. Indian rupee appreciated by 62 Paise to the GBP in October 2022, from Rs 92.96 in September 2022 to Rs.92.34 in October 2022.
B. In the month, the UK accounted for 2.2% of exports and 1.3% of imports in Indian trade. The latest trade data indicates an YoY decrease of 3.3% in exports and
113.7% increase in imports with the UK for the month .
C. In the period of Apr-Aug 2022(the latest available data), India exported 4.53 Billion USD to and imported 4.32 Billion USD from the UK.
D. Smartphones (USD 50 Mn), Diamonds (USD 22.3 Mn), Jewellery with gold set (USD 16.7 Mn) Turbojets (USD 13.6 Mn) and Leather Footwear (USD 13 Mn),and
were the top export items though the value of exports have fallen. Semi manufactured forms of silver (USD 205 Mn), Silver Bars (USD 214.5 Mn), Aluminium and
other scrap (USD 30.6 Mn), Palladium (USD 21.3 Mn) and Turbojets (USD 18.5 Mn) were the top import items in August 2022.

39
Foreign Exchange Rate - Euro
Foreign Exchange Rate - Euro
BUYING 2021-22 2022-23

117 2021-22 2022-23

Month
Buying Selling Buying Selling
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 80.20 81.09
87
Nov 84.59 85.52

81 Dec 84.96 85.89

Jan 83.59 84.51
75 Feb 85.07 86.00
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 83.84 84.76

Source: Published Data

A. Indian rupee Declined by Rs.1.15 INR to Euro in September 2022, from Rs 79.94 in September 2022 to Rs. 81.09 in October 2022.
B. In the month, EU countries account for about 14.6% of exports and 7% of imports in Indian trade. The latest trade data indicates an increase of nearly 8.0% in
exports and a increase of over 15.8 % in imports with EU countries.
C. In the period of Apr-Jun 2022 (the latest available data), India exported 30.8 Billion USD to and imported 24.0 Billion USD from Europe.
D. ATF(USD 232 Mn to Netherlands), Automotive diesel fuel ( USD 329 Mn to Netherlands), Aluminium Ingots (USD 139 Mn to Netherlands) and Aviation Turbine
Fuel (USD 50.88 Mn to France) were the top export items for the major Euro economies. Grade HV (USD 95.6 Mn from Italy), LNG (USD 52.63 Mn from France),
Soybean Crude (USD 45.9 Mn from Netherlands) and Turbojets (USD 20.9 Mn from France) were the top import items from the major Euro economies in August
2022.

40
 Foreign Exchange Rate - Yen
BUYING 2021-22 2022-23 Foreign Exchange Rate - Yen
80
2021-22 2022-23
Month
Buying Selling Buying Selling
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 56.37 57.05
Nov 64.68 65.46
55 Dec 66.18 66.97
Jan 63.59 64.36

50 Feb 65.11 65.89

Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 65.23 66.01

A. Indian rupee appreciated by 9 paise to 100 JPY in October 2022, from Rs 57.14 in September 2022 to Rs. 57.05 in October 2022. Source: Published Data
B. Japan accounted for 1.1% of exports and 2.1% of imports in Indian trade. The latest trade data indicates an decrease of 20.0% in exports and an increase of
28.8% in imports for the month.
C. In the period of Apr-Aug 2022 (the latest available data), India exported 2.32 Billion USD to and imported 6.72 Billion USD from Japan.
D. Shrimp (USD 27 Mn), Ferro Silico Manganese (USD 15.14 Mn), Diamonds (USD 14.5 Mn), Aluminium Ingots (USD 14 Mn) and Herbicides (USD 11.8 Mn) were
the major exports while Noble Metal Solutions (USD 176 Mn), Cathodes (USD 107 Mn), Gear Boxes (USD 38 Mn) and PVC Resin (USD 34 Mn) were the major
imports in August 2022.

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 Sept-2022 11.43

Oct 2021 11.71

8 Nov-2021 11.65

Dec-2021 11.90

Jan-2022 11.59
5 Feb-2022 11.86
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar-2022 12.08

Source: Published Data

A. Indian rupee appreciated by 25 paise to CNY in October 2022, from Rs 11.68 in August 2022 to Rs.11.43 in September 2022.
B. In the month, China accounted for 2.45% of exports and 13.78% of imports in Indian trade. The latest trade data indicates a decrease of 46.7% in exports and a
increase of over 45.0 % in imports with China.
C. In the period of Apr-Aug 2022 (the latest available data), India exported 6.82 Billion USD to and imported 43.97 Billion USD from China.
D. Shrimp (USD 87.1 Mn), Broken Rice (USD 46.6 Mn) and Light Naptha (USD 30 Million), were the major exports while Personal Computers (USD 562 Mn),
Integrated Circuits (USD 313 Mn) and Lithium Ion (USD 195 Mn) were the major imports in August 2022.

42
Copyright Guidelines
• SIAM holds all copyrights of its published materials which are distributed through printed products, electronic media, PDF data, Excel data, etc.
• SIAM reserves all rights of authors and specifies sources quoted in its publications to protect the rights of authors of pre-existing work.
• SIAM receives permission of the authors, media associations, and others when necessary, or may pay to make legal contracts with them.
• SIAM provides or sells its publications to those who agree to comply with the following guidelines in order to protect copyrights of its own and other authors.
1. Terms used in SIAM Copyright Guidelines are defined as follows:
• Same company unit means a single registered commercial head office, same location, and same management unit, so that subsidiaries, associated companies, group companies, and overseas companies shall not
be included.
• Same department means the minimum unit of department which has an annual budget and settlement of accounts arranged within the same corporation.
• Organization means this limited branch of an organization. Affiliated organizations and corporations etc. are excluded.
• For library, data hall, or school users, free perusal within reasonable bounds is permissible. However, please note that photocopying or any other means of reproduction is not permitted at the above facilities.
2. The purchaser and their company may use SIAM research resources in the following manner:
• The purchaser may read and pass around resources within limited private reason in the same company. • Libraries may freely offer resources for reading only within certain restrictions.
• Within same company, it is permissible to quote, reproduce, cite, however, it must be credited every time when used, as "Source: Society of Indian Automobile Manufacturers" or Copyright SIAM.
• Use of Excel data and PDF data to create new databases according to individual need is permitted within "same company." There may be no fee charged for the information and it must be noted with a copyright
mark.
• Within libraries it is permissible to process, arrange, classify, retrieve, and display purchased materials.
• Digital version of monthly reports (PDF file) can be browsed only by readers approved by SIAM.
3. Forbidden practices: It is forbidden to use SIAM research resources (including all pages of printed matters and digital resources printed out by subscribers), in whole or in part in the following cases without prior
permission granted from SIAM. This restriction applies to but is not limited to third party as well as "Same Company."
• Photocopying research resources directly and passing to a third party. For libraries, please be advised that free library use does not include the copy of materials and passing to a third party.
• To quote, reproduce, or otherwise adapt anywhere except within "same company."
• To give or transfer PDF data or Excel data etc. to a third party, or posting on the Internet or company intranet.
• To process all or some of the data, print all or some of the data or the processed data, or post any data on the Internet or company intranet with the intention of providing the data to a third party.
• Use of the ID and password by anyone other- than a registered user at the same department or to forward the ID and password to a third party.
• To translate to another language and give to a third party.
• To convert data into an electronic format by scanning or otherwise and give to a third party.
• To directly or indirectly sell some or all the research data published by SIAM to a third party.
• SIAM digital resources are forbidden to be sold to a library or/and other party which intends to make resources available to a third party.
• Any other action or area except mentioned in article 2.
4. Warning and Termination:
• When it becomes clear that these guidelines have been violated and the customer has misused SIAM copyrighted material, the customer will be warned to cease and desist, and further, the offending company
and department name will be noted on SIAM’s website.
• If the company disregards the warnings and does not cease and desist the offending activity within the warning period, SIAM will refuse services to the offending company.
• In the event that SIAM or other copyright holder’s right have been violated, a claim for damages will be made also precaution under Copyright Act will be initiated.
5. Guideline changes: These guidelines may be changed from time to time.
Copyright 2009, SIAM

43
 SIAM
CONTACT US AT:
Society of Indian Automobile Manufacturers (SIAM)
Core 4B, 5th Floor India Habitat Centre, Lodi Road, New Delhi, India
Phone: +91 11 2464 7810 – 12 | Fax: +91 11 2464 8222 | E-mail: [email protected] | Website: www.siam.in