COMMODITY PRICE

SIAM MONTHLY MONITOR

Dec-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
Advanced Chemistries 34
Crude Petroleum 37
Forex Movement 42
Other Rates 48
IRON &
STEEL
 HR Steel
2023-24 2024-25 Commodity HR Steel
Movement of HR Steel Prices (1.8 mm, IS2062)
89,000 Month-Year ₹/Tonne
Dec-23 56,000-57,375
83,500
Jan-24 55,100-56,200
78,000 Feb-24 54,750-55,750
Mar-24 53,375-54,750
₹/Tonne

72,500
Apr-24 53,125-54,625
May-24 54,875-56,250
67,000
June-24 54,750-56,000
61,500 July-24 53,375-54,625

56,000 Aug-24 51,800-54,000

Sept-24 48,750-50,250
50,500
Oct-24 49,000-50,400
45,000 Nov-24 48,750-49,875
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar

Dec-24 47,875-49,250
A. In December 2024, HR Steel prices varied between ₹47,875 - ₹49,250 per tonne.
Source: Published Data
B. Prices in December 2024 were about 15% lower than last year, 2% lower than the previous month, and 15% lower than the peak witnessed in the last 12months.
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
97.6%. Ferro silicon prices fell 3.3% (vs -14.0% last year), and ferromanganese prices increased by 7.5%(vs -8.0% last year).
D. The construction sector consumes 48% of HR Steel. Cement production rose by 0.11% compared to a 12.5% increase last year, and a 13% increase in earthmoving
equipment compared to last month. The automotive sector consumes 9% of HR steel. The latest data of two-wheeler production grew by 14.5% (vs -3.8% last year), three-
wheelers grew by 3.7% (vs 20.3% last year), and passenger vehicle production grew by 2.0% (vs 6.1% last year). The oil and gas sectors together consume 6% of HR steel. The
oil index dropped to 2.4% (vs -0.18% last year) while the natural gas index decreased by 1.5% from 5.4% last year.

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 CR Steel
Movement of CR Steel (0.90 mm, IS 513 Gr O) 2023-24 2024-25 Commodity CR Steel
89,000
Month-Year ₹/Tonne
83,500 Dec-23 62,000-63,000
Jan-24 61,500-62,700
78,000
Feb-24 61,250-62,375
Mar-24 60,750-62,000
72,500
Apr-24 60,500-62,000
67,000 May-24 60,500-61,875

June-24 59,875-61,250
61,500
July-24 59,000-60,375
56,000 Aug-24 57,300-59,000

Sept-24 55,125-57,250
50,500
Oct-24 55,000-56,900
45,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Nov-24 54,625-56,000

Dec-24 52,875-54,250
A. In December 2024, CR Steel prices varied between ₹52,875-₹54,250 per tonne. Source: Published Data
B. Prices in December 2024 were 15% lower than last year, 3% lower than the previous month, and 15% 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 risen by 0.9%(Vs -1.8% last year), pig iron prices declined by
7.8%(Vs 3.7% last year) and manganese prices risen by 7.5%(Vs -8.0% last year).
D. The recent performance of various sectors consuming CR steel is as follows - chemical production dropped by 32.4% (Vs -18.2% last year), while shipbuilding
increased by 77.9% (Vs 45.7 % last year). Paper and fertilizer production decreased by 1.6% (Vs 6.2% last year).

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Alloy Steel – Forging (20MnCr5)
Alloy Steel - Forging
Commodity
Movement of Alloy Steel (Forgings) - 20MnCr5 Prices 2023-24 2024-25 (20MnCr5)
94,500
Month-Year ₹/Tonne
90,000
Dec-23 70,600
85,500 Jan-24 71,000
81,000 Feb-24 70,750

76,500 Mar-24 70,400

Apr-24 70,000
72,000
May-24 70,800
67,500
June-24 70,500
63,000
July-24 70,000
58,500
Aug-24 69,600
54,000
Sept-24 68,750
49,500
Oct-24 66,000
45,000 Nov-24 66,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 65,250

A. In December 2024, 20 MnCr5 Alloy Steel’s price on average was ₹ 65,250 a tonne. Source: Published Data
B. Prices in December 2024 were about 8% lower than last year, 1% lower than the previous month, and 8% lower than the peak witnessed in the last 12 months.
C. The major inputs of alloy steel 20MnCr5 are manganese and chromium metals. Ferro chromium prices grown by 1.0%(Vs -1.8% last year), and ferro manganese
prices have grew by 7.5%(Vs -8.0% last year).
D. Alloy steel is primarily used for pistons, boxes, spindles, gears, and camshafts. Gears production dropped by 3.0% (Vs 5.7% last year), Year-to-date two-wheeler
production grew by 14.5% (Vs -3.8% last year), three-wheelers grew by 3.7% (Vs 20.3% last year), and passenger vehicle production grew by 2.0% (Vs 6.1% last
year).
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Alloy Steel – Forging (EN-8)
Alloy Steel
Movement of Alloy Steel (Forgings)-EN 8 prices 2023-24 2024-25 Commodity
(EN 8)

Month-Year ₹/Tonne
94,500
Dec-23 69,600
89,000
Jan-24 70,000
83,500 Feb-24 69,750
Mar-24 69,400
78,000
Apr-24 69,000
72,500
May-24 69,800
67,000 June-24 69,500
July-24 69,000
61,500
Aug-24 68,600
56,000
Sept-24 67,750
50,500 Oct-24 65,000
Nov-24 65,000
45,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 64,250
Source: Published Data
A. In December 2024, EN 8 Alloy Steel’s price on average was ₹ 64,250 a tonne.
B. Prices in December 2024 were about 8% lower than last year, 1% lower than the previous month, and 8% lower than the peak witnessed in the last 12 months.
C. The major inputs of alloy steel EN-8 are silicon and carbon. Carbon prices dropped by 6% this month, while silicon prices decreased by 3.3%.
D. EN8 alloy steel primarily serves in axles, shafts, threads, and studs. Recent figures indicate a 21.9% rise in axle production.

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 Pig Iron
Movement of Pig Iron Prices (For Castings – Gray Iron) 2023-24 2024-25 Commodity Pig Iron
85,000

80,000 Month-Year ₹/Tonne

75,000 Dec-23 45,000

Jan-24 45,875
70,000
Feb-24 46,500
65,000
Mar-24 46,740
60,000 Apr-24 46,000

55,000 May-24 46,000

June-24 45,750
50,000
July-24 45,375
45,000
Aug-24 44,800
40,000 Sept-24 44,000

35,000 Oct-24 43,750

Nov-24 44,000
30,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 42,500

A. In December 2024, Pig Iron’s price on average was ₹ 42,500 a tonne. Source: Published Data
(Punjab {Grade B}- Basic rate, excluding GST & Freight)
B. Prices in December 2024 were about 6% lower than last year, 3% lower than the previous month and 9% lower than the peak witnessed in the last 12 months.
C. The major inputs of pig iron are Iron ore and coking coal. Iron ore prices have grown by 2% and coking coal prices dropped by 2% in recent months.
D. In November 2024, Global pig iron production totaled 111.63 million tons, a 5.6% decline compared to October 2024 but a 0.6% increase from November 2023.
Production by blast furnace method was 100.82 million tons (-3.9% m/m; +0.8% y/y), while direct reduction method output was 10.81 million tons (-19.1%
m/m; +1.1% y/y).

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Stainless Steel
Movement of Stainless Steel Prices (G 304 CR Coil) 2023-24 2024-25 Stainless Steel
Commodity
3,15,000 (CR Coil)

Month-Year ₹/Tonne
2,90,000
Dec-23 1,88,750-1,91,750
Jan-24 1,83,400-1,85,400
2,65,000
Feb-24 1,85,250-1,87,250
Mar-24 1,90,500-1,92,500
2,40,000
Apr-24 1,89,750-1,91,750
May-24 1,90,750-1,92,250
2,15,000
June-24 1,88,750-1,90,750
July-24 1,87,250-1,89,250
1,90,000
Aug-24 1,88,800-1,91,000
Sept-24 1,90,750-1,93,000
1,65,000
Oct-24 1,90,800-1,93,200
Nov-24 1,87,250-1,89,250
1,40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 1,87,000-1,89,000

A. In December 2024, Stainless Steel prices (Cold Rolled) varied between ₹1,87,000-1,89,000 per tonne. Source: Published Data

B. Prices in December 2024 were about 1% lower than last year, 0.1% lower than the previous month, and 2% lower than the peak witnessed in the last 12 months..
C. Major consuming industries of stainless steel: Infrastructure and construction goods decreased by 3.9% vs 5.1% last year. The manufacturing index decreased by
3.7% vs 6.5% last year and kitchen appliances increased by 6.1% vs -1.3% last year.
D. As per the recent data, the production of bars and rods of alloy and stainless steel declined to 10.1% (Vs 22.4% last year), and Flat products of stainless steel
increased by 51.7% Vs (15.6% last year).

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Stainless Steel
Movement of Stainless Steel Prices (G 304 HR Coil) 2023-24 2024-25 Stainless Steel
Commodity
(HR Coil)

Month-Year ₹/Tonne
2,94,000
Dec-23 1,78,000-1,81,000
Jan-24 1,72,400-1,74,400
2,62,000
Feb-24 1,73,750-1,75,750
Mar-24 1,76,500-1,78,500
2,30,000 Apr-24 1,74,250-1,76,000
May-24 1,76,500-1,78,500
1,98,000 June-24 1,77,750-1,79,750
July-24 1,76,250-1,78,250

1,66,000 Aug-24 1,78,200-1,80,400

Sept-24 1,80,750-1,83,000
Oct-24 1,81,800-1,84,000
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Nov-24 1,78,250-1,80,250
Dec-24 1,77,000-1,79,000
A. In December 2024, Stainless Steel prices (Hot Rolled) varied between ₹1,77,000-1,79,000 per tonne. Source: Published Data
B. Prices in December 2024 were 1% lower than last year, 1% lower than the previous month, and 3% 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 increased by 1.0%, Nickel prices dropped by 2% and pig iron prices
dropped by 3% in recent months.
D. The construction sector consumes 48% of HR Steel. Cement production decreased by 0.11% compared to 12.5% last year. Domestic appliances consumed 9% of
HR Steel, and its production dropped by 3.6% vs (-22.3% last year). Industrial applications consumed 25%, its production grew by 33.6% vs (14.6% last year).

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Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap)
74,500 2023-24 2024-25 Commodity Steel Scrap

69,000 Month-Year ₹/Tonne

Dec-23 38,300
63,500
Jan-24 37,650

58,000 Feb-24 37,600

Mar-24 38,680
52,500
Apr-24 38,750

47,000 May-24 41,140

June-24 42,125
41,500 July-24 40,625
Aug-24 39,980
36,000
Sept-24 39,575
30,500 Oct-24 39,075
Nov-24 38,100
25,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 37,800

A. In December 2024, Steel Scrap price on average was ₹37,800 a tonne. Source: Published Data
MG - Punjab -Basic rate
B. Prices in December 2024 were about 1% lower than last year, 1% lower than the previous month, and 10% lower than the peak witnessed in June 2024.
C. India's rolled steel imports rose by 26.6% year-on-year (y/y) to 6.5 million tons during the first eight months of FY2024-25 (April-November). Imports from
China reached 1.96 million tons, a 22.8% increase y/y.
D. In 2023-24, India became a net importer of rolled steel, with imports rising by 38.1% y/y to 8.3 million tons, while exports increased by 11.5% y/y to 7.5 million
tons. Steel consumption grew by 13.4% y/y to 136 million tons.

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Coal (Coking Coal)
Movement of Coal Prices - Premium HCC, Australia-origin in USD 2023-24 2024-25 Commodity Coal (Coking Coal)

690.00 Month-Year $/Tonne

Dec-23 344
615.00
Jan-24 347
540.00 Feb-24 331
Mar-24 294
465.00 Apr-24 255

390.00 May-24 258

June-24 268
315.00 July-24 258
Aug-24 258
240.00
Sept-24 202
165.00 Oct-24 219
Nov-24 219
90.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 214

A. In December 2024, Coking Coal’s price on average was $214 a tonne.

Source: Published Data
B. Prices in December 2024 were about 38% lower than last year, 2% lower than the previous month and 38% lower than the peak witnessed in January 2024.
C. India's coal production reached 97.94 million tonnes (MT) in December 2024, a 5.33% increase from 92.98 MT in December 2023. Captive and other mines
significantly contributed with 18.95 MT, marking a 29.61% rise from 14.62 MT in the same period last year. For the fiscal year 2024-25 up to December 2024,
cumulative coal production was 726.29 MT, reflecting a 6.11% growth compared to 684.45 MT during the corresponding period of FY 2023-24.
D. In December 2024, India’ s Coal dispatch surged to 92.59 million tonnes (MT) in December 2024, marking a 6.36% increase from 87.06 MT in December 2023.
Dispatch from captive and other mines rose significantly by 31.83% to 18.13 MT, compared to 13.75 MT in December 2023. Cumulatively, coal dispatch in 2024-
25 up to December 2024 reached 750.75 MT, reflecting a 5.58% growth over 711.07 MT in the same period of the previous fiscal year.

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Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin) 2023-24 2024-25 Commodity Iron Ore
245.00
Month-Year $/Tonne
220.00
Dec-23 136
Jan-24 135
195.00
Feb-24 125
Mar-24 109
170.00
Apr-24 109
May-24 118
145.00
June-24 107

120.00 July-24 107

Aug-24 107
95.00 Sept-24 93
Oct-24 104
70.00 Nov-24 102
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 104

Source: Published Data

A. In December 2024, Iron Ore price on average was $104 a tonne.
B. Prices in December 2024 were about 24% lower than last year, 2% higher than the previous month and 24% lower than the peak witnessed in Dec 2023.
C. Iron ore production in December 2024 rose by 5.1% YoY to 4.71 million tonnes, up from 4.48 million tonnes in December 2023. Chhattisgarh recorded a 4%
YoY increase, while Karnataka achieved a 7.9% rise in production and an 8.3% growth in sales volume.
D. Year-to-date (up to December 2024), total production reached 30.77 million tonnes (-3.2% YoY), with sales at 31.80 million tonnes, reflecting a slight
0.4% decline YoY.

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Non-Ferrous
Metals
 Virgin Aluminium
Movement of Virgin Aluminium Prices Commodity Virgin Aluminium
2023-24 2024-25

3,300 Month-Year $/Tonne

Dec-23 2,174.30
3,000 Jan-24 2,194.20
Feb-24 2,182.50
2,700
Mar-24 2,222.40
Apr-24 2,497.80
2,400
May-24 2,565.20
2,100 June-24 2,495.10
July-24 2,362.30
1,800 Aug-24 2,334.30
Sept-24 2,451.70
1,500
Oct-24 2,598.40

1,200 Nov-24 2,583.20

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 2,534.00
Source: Published Data
A. In December 2024, Virgin Aluminum’s price on average was $2,534.00 a tonne.
B. Prices in December 2024 were about 17% higher than last year, 2% lower than the previous month and 2% lower than the peak witnessed in the October
2024.
C. Automotive production uses 21% of aluminium. The latest data indicates two-wheeler production grew by 14.5% (Vs -3.8% last year), three-wheelers grew by
3.7% (Vs 20.3% last year), and passenger vehicle production grew by 2.0% (Vs 6.1% last year).
D. Year-to-date, Aluminium bars, rods, billets & ingots tracked as the proxy for aluminium production increased by 6.9%, compared to the 3.4% growth observed
last year.

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 Copper
Movement of Copper Prices Commodity Copper
2023-24 2024-25
12,200

11,400 Month-Year $/Tonne

Dec-23 8,394.10
10,600
Jan-24 8,344.30

9,800 Feb-24 8,310.70

$/Tonne

Mar-24 8,675.60
9,000
Apr-24 9,482.30

8,200 May-24 10,129.10

June-24 9,641.60
7,400
July-24 9,393.60

6,600 Aug-24 8,963.70

Sept-24 9,254.50
5,800 Oct-24 9,539.20
Nov-24 9,074.80
5,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 8,895.20

A. In December 2024, Copper price on average was $8,895.20 a tonne. Source: Published Data
B. Prices in December 2024 were 6% higher than last year and 2% lower than last month, 12% lower than the peak witnessed in the May 2024.
C. Copper demand in India grew by 13 per cent year-on-year in FY24 to reach 1,700 kilotonnes (kt), driven by strong demand from the building construction and
infrastructure sectors.
D. Year to date, copper bars, rods and electrodes tracked as the proxy for copper production increased by 12.5% compared to -2.8% last year.

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 Lead
Movement of Lead Prices 2023-24 2024-25 Commodity Lead

2,900 Month-Year $/Tonne

Dec-23 2,036.40
2,700
Jan-24 2,087.50
Feb-24 2,084.20
2,500
Mar-24 2,056.90
$/Tonne

2,300 Apr-24 2,129.60

May-24 2,221.30
2,100 June-24 2,147.80
July-24 2,114.30
1,900
Aug-24 2,002.40
Sept-24 2,007.40
1,700
Oct-24 2,036.00

1,500 Nov-24 1,988.40

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 1,984.50
A. In December 2024, the Lead price on average was $1,984.50 a tonne. Source: Published Data
B. Prices in December 2024 were 3% lower than last year, and 0.2% lower than the previous month, 11% lower than the peak witnessed in the last 12 months.
C. Sales of lead acid batteries consume 80% of lead and 9% of lead compounds. The production of lead (ingots/ bars/ blocks and plates) declined by 32.3% compared
to 16.9% last year.
D. As per the latest available data India exported lead acid batteries to UAE (5.36$Mn), Nigeria(5.13$Mn), Turkey(1.51$Mn), Iraq(1.40$Mn). In contrast, India’s
imports were –China(8.24$Mn), Vietnam(3.37$Mn), Poland(0.50$Mn), and Germany(0.50$Mn).

18
Nickel
Movement of Nickel Prices 2023-24 2024-25 Commodity Nickel
27,000
Month-Year $/Tonne
25,500
Dec-23 16,388.70
24,000 Jan-24 16,091.40
Feb-24 16,307.60
22,500
Mar-24
$/Tonne

17,432.80
21,000
Apr-24 18,172.40
19,500 May-24 19,520.00

18,000
June-24 17,508.30
July-24 16,396.30
16,500
Aug-24 16,249.80
15,000 Sept-24 16,117.90

13,500 Oct-24 16,804.60

Nov-24 15,740.20
12,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 15,443.80

A. In December 2024, Nickel price on average was $15,443.80 per tonne. Source: Published Data

B. Prices in December 2024 were 6% lower than last year, 2% lower than the previous month, and 21% lower than the peak witnessed in the last 12 months.
C. In November 2024, Chinese refined nickel production rose by 0.4% month-on-month and 33.64% year-on-year, with the industry’s operating rate steady at
71.53%. The production growth was primarily driven by the consistent output increase of top-tier enterprises.
D. Stainless steel consumes 69% of nickel. Flat products of stainless steel production increased by 51.7% (Vs 15.6% last year). 13% of nickel is consumed by
storage batteries. The production of batteries dropped by 6.1% compared to 20.6% last year.

19
Zinc
Movement of Zinc Prices 2023-24 2024-25
Commodity Zinc

4,200 Month-Year $/Tonne

Dec-23 2,501.70
3,750 Jan-24 2,521.50
Feb-24 2,364.50
3,300 Mar-24 2,462.40
$/Tonne

Apr-24 2,730.40
2,850 May-24 2,955.70
June-24 2,812.90

2,400 July-24 2,785.20

Aug-24 2,709.80

1,950 Sept-24 2,840.80

Oct-24 3,102.90

1,500 Nov-24 2,999.10

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 3,031.70

A. In December 2024, Zinc price on average was $3,031.70 a tonne. Source: Published Data

B. Prices in December 2024 were 21% higher than last year, 1% higher than the previous month, and 2% lower than the peak witnessed in last October 2024.
C. Galvanizing consumes 50% of Zinc, the production of galvanized products grew by 11.6% Vs(11.2% last year). Alloys consumed 17% Zinc, and the
production of alloys dropped by 9.3% Vs(22.5% last year).
D. Zinc production in India dropped 2 per cent to 265,000 tonnes in the October to December quarter of 2024-25, compared year-on-year (YoY) with 271,000
tonnes in the same period of the previous financial year.

20
Platinum
Movement of Platinum Prices 2023-24 2024-25 Commodity Platinum
5,000

Month-Year ₹/gm
4,500
Dec-23 2,561.08
Jan-24 2,508.01
4,000
Feb-24 2,420.55
Mar-24 2,452.99
3,500
₹/gm

Apr-24 2,551.10
May-24 2,747.43
3,000
June-24 2,670.33
July-24 2,663.86
2,500
Aug-24 2,574.59
Sept-24 2,621.35
2,000
Oct-24 2,731.58
Nov-24 2,638.59
1,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 2,586.27

A. In December 2024, the Platinum price was ₹2,586.27 a gram on average. Source: Published Data

B. Prices in December 2024 were 1% higher than last year, 2% lower than the previous month, and 6% lower than the peak witnessed in May 24.
C. Jewellery consumes 32% of platinum, production of platinum Jewellery fell 6.6% Vs (135.0%), 6% consumed as chemicals, the production of catalyst chemicals
declined to 32.4% Vs(-18.2% last year), the glass industry consumed 5%, the production of sheet glass grew to 10.8% Vs(7.5% last year). Auto catalyst consumes
40% of platinum.
D. South Africa contributed 33.7 million metric tons (MT) of platinum to the global market. In recent months, India imported $33.71 million from the USA, $10.09
million from china, and $1.47 million from Italy for automotive catalysts. Additionally, India imported $2.22 million from Indonesia, $59.01 million from the USA,
and $106.89 million from the UAE for Jewellery.

21
Palladium
Movement of Palladium Prices 2023-24 2024-25
Commodity Palladium

5,100 Month-Year ₹/gm

Dec-23 2,908.68
4,650
Jan-24 2,674.05
4,200 Feb-24 2,543.49
Mar-24 2,734.09
3,750
Apr-24 2,774.17
3,300 May-24 2,656.08
June-24 2,513.74
2,850
July-24 2,621.21
Aug-24 2,545.16
2,400
Sept-24 2,780.82
1,950 Oct-24 2,921.02
Nov-24 2,774.72
1,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 2,631.35
Source: Published Data
A. In December 2024, Palladium price on average was ₹2,631.35 a gram.
B. Prices in December 2024 were 10% lower than last year, 5% lower than the previous month and 10% lower than the peak witnessed October 2024.
C. Transport Equipment accounts for 75% of Palladium demand. Commercial vehicle production declined to 8.4% vs (18.1% last year) & passenger vehicle
production grew by 2.0% (Vs 6.1% last year). Polished diamond jewellery production dropped to 19.4% vs (3.7% last year).
D. As per the latest available data, Palladium in unwrought form is mostly imported from Italy(0.24$Mn), and the USA (0.11$Mn).

22
 Rhodium
Movement of Rhodium Prices
2023-24 2024-25 Commodity Rhodium

23,500
Month-Year ₹/gm
21,500 Dec-23 11,807.80
Jan-24 11,974.03
19,500
Feb-24 11,789.74
17,500 Mar-24 12,226.97

15,500 Apr-24 12,679.05

May-24 12,667.96
13,500
June-24 12,514.39

11,500 July-24 12,455.87

Aug-24 12,686.11
9,500
Sept-24 12,775.13
7,500 Oct-24 12,807.69
Nov-24 12,573.13
5,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 12,499.67

Source: Published Data

A. In December 2024, the Rhodium price on average was ₹12,499.67 a gram.
B. Prices in December 2024 were about 6% higher than last year, 1% lower than the previous month, and 2% lower than the peak witnessed in the last 12 months.
C. In 2024, the supply of rhodium in South Africa was forecast to stand at around 574,000 ounces, making South Africa the world's largest rhodium producer. The
global supply of rhodium was forecast to amount to 704,000 ounces in that year.
D.Catalyst converters contribute to 84% of Rhodium consumption. As per the recent data, India imported from Korea(1.35$Mn), Germany(0.98$Mn),
China(1.55$Mn), USA(0.66$Mn), Japan(1.19$Mn) and exported catalytic converter to Spain(2.26$Mn), UK(1.28$Mn), Indonesia(0.18$Mn), Brazil (0.65$Mn).

23
Polymers
 Poly Propylene
Movement of Poly Propylene Prices 2023-24 2024-25 Commodity Poly Propylene
150.00
Month-Year ₹/kg
140.00
Dec-23 94.50
130.00
Jan-24 95.80
120.00 Feb-24 97.80
Mar-24 97.30
110.00
₹/kg

April-24 95.50
100.00
May-24 96.20
90.00 June-24 99.40

80.00 July-24 103.20

Aug-24 103.20
70.00
Sept-24 103.60
60.00 Oct-24 102.90

50.00 Nov-24 101.00

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 99.00

A. In December 2024, Polypropylene price on average was ₹99.00 a kilogram. Source: Published Data
B. Prices in December 2024 were about 5% higher than last year, 2% lower than the previous month and 4% lower than the peak witnessed in the last 12 months.
C. The major inputs of Polypropylene are ethylene and crude oil. Ethylene prices rose by 5.2% from (0.6% last year) and crude oil prices dropped by 1% in recent
months.
D. Textiles consume 21% of Polypropylene, its production dropped by 4.8% Vs (-4.4% last year). Polypropylene films consume 16% and their production rose by
2.9% (Vs 7.5% last year).

25
 Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices Acrylonitrile Butadiene
2023-24 2024-25 Commodity
Styrene (ABS)
190.00 Month-Year ₹/kg
Dec-23 133.10
170.00
Jan-24 132.50

150.00 Feb-24 130.10

Mar-24 127.50
130.00 April-24 127.00
₹/kg

May-24 128.40
110.00
June-24 127.00
July-24 147.10
90.00
Aug-24 152.70

70.00 Sept-24 146.70

Oct-24 144.00
50.00 Nov-24 143.20
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 145.60

A. In December 2024, Acrylonitrile Butadiene Styrene price on average was ₹145.60 a kilogram. Source: Published Data

B. Prices in December 2024 were about 9% higher than last year, 1% higher than the previous month, and 5% lower than the peak witnessed in August 2024.
C. The major inputs of ABS are Butadiene and Styrene. Butadiene production dropped by 2.9% (Vs 42.5% last year) and Styrene production declined by 7.1%(Vs
14.4% last year).
D. Medical equipment uses 20% of ABS. Medical surgical accessory production grew by 1.7% (Vs -3.5% last year). Electrical equipment also consumes 20%, and
storage battery production decreased by 6.1% (Vs 20.6%) last year.

26
 Poly Carbonate
Movement of Poly Carbonate Prices
2023-24 2024-25 Commodity Poly Carbonate
350
Month-Year ₹/kg
325
Dec-23 163.10
300 Jan-24 165.70

275
Feb-24 168.50
Mar-24 169.70
250
Apr-24 170.70
₹/kg

225 May-24 175.90

200 June-24 176.90

July-24 188.20
175
Aug-24 204.40
150
Sept-24 202.50
125 Oct-24 205.50
Nov-24 209.70
100
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 217.10
Source: Published Data

A. In December 2024, the price of polycarbonate on average was ₹217.10 a kilogram.

B. Prices in December 2024 were about 33% higher than last year, 4% higher than the previous month and 4% higher than the peak witnessed in the last 12
months.
C. As per recent data, India imported Bisphenol-A valued at $4.26 million from Korea, $6.42 million from Thailand, and $0.04 million from Taiwan.
D. Electrical and electronics use 27% of Polycarbonate. Electric filaments and lamp production increased by 20.2% (from -17.7% last year). Optical media consumes
12% of Polycarbonate, with lens wear production decreased by 5.4% (compared to 9.6% last year).

27
Rubber
 Natural Rubber (RSS 4)
Movement of Natural Rubber (RSS 4) Prices 2023-24 2024-25 Commodity Natural Rubber (RSS 4)

300 Month-Year ₹/kg

Dec-23 152.26
250 Jan-24 158.59
Feb-24 164.89
200 Mar-24 176.10
April-24 182.03
₹/kg

150 May-24 183.23

June-24 200.67
100 July-24 209.15
Aug-24 236.32
50 Sept-24 230.76
Oct-24 198.27
0 Nov-24 184.85
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 191.96

A. In December 2024, the RSS4 price on average was ₹191.96 a kilogram. Source: Published Data

B. Prices in December 2024 were about 26% higher than last year, 4% higher than the previous month, and about 19% lower than the peak witnessed in the last 12
months.
C. Natural rubber is mainly used as an adhesive in many manufacturing industries. The production of adhesive formulations dropped to 2.3% (Vs -38.1% last year).
D. India's natural rubber (NR) production reached 857,000 tons in 2024, marking an 8.6% growth from 789,000 tons in FY21-22 to 857,000 tons in FY23-24.

29
Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502 2023-24 2024-25 Commodity Synthetic Rubber - SBR

240 Month-Year ₹/kg

Dec-23 159.07
220 Jan-24 157.92
Feb-24 160.64
200
Mar-24 164.19

180 April-24 173.34

May-24 178.51
₹/kg

160 June-24 176.20

July-24 183.00
140 Aug-24 188.51
Sept-24 191.08
120
Oct-24 188.25

100 Nov-24 181.00

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 177.19

A. In December 2024, Synthetic Rubber price on average was ₹177.19 a kilogram. Source: Published Data
B. Prices in December 2024 were about 11% higher than last year, 2% lower than the previous month, and 7% lower than the peak witnessed in the last 12
months.
C. LMV tyre production rose by 2.4% compared to 11.4% last year, while 2W/3W tyre production rose by 10.1% (Vs 5.0% last year). Consumer non-durables
consume 21% of SBR, and the production of consumer non-durables dropped by 0.6% (Vs 7.2% last year).
D. Based on the most recent data, India imported synthetic rubber from Korea ($21.92 million), Japan ($12.85 million), China ($12.37 million), and
Singapore ($12.30 million). In contrast, India exported synthetic rubber to various countries, including Sri lanka ($0.78 million), Vietnam ($1.92 million), the
USA($1.02 million), Thailand ($0.95 million), and China ($0.34 million).

30
 Ethylene Propylene Diene Monomer (EPDM)
Ethylene Propylene
Movement of EPDM Prices 2023-24 2024-25 Commodity
Diene Monomer (EPDM)
Month-Year ₹/kg
450
Dec-23 228.83
400 Jan-24 223.04
Feb-24 223.32
350
Mar-24 224.38
April-24 224.13
300
May-24 225.14
₹/kg

250 June-24 218.00

July-24 219.68
200
Aug-24 222.90
Sept-24 225.18
150
Oct-24 225.31
100 Nov-24 225.15
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 225.50

A. In December 2024, EPDM price on average was ₹225.50 a kilogram. Source: Published Data
B. Prices in December 2024 were about 1% lower than last year, 0.2% lower than the previous month, and 1% lower than the peak witnessed in the last 12 months.
C. The main inputs for EPDM rubber are Ethylene and Propylene. Ethylene prices grew by 5.2% from the previous month and Propylene prices dropped by 2% from
recent months.
D. 20% EPDM is consumed by tractor tyre manufacturing, and its production declined to 9.2% (compared to 10.7% last year). Construction equipment also consumes
20%, and its production dropped to 7.9% (vs 55.7% last year). For plastic, consuming 15%, polyethene film production decreased by 2.9% (compared to 7.5% last
year).
31
Carbon Black
2023-24 2024-25 Commodity Carbon Black
Movement of Carbon Black Prices – N330

Month-Year ₹/kg
195.00
Dec-23 115.73
175.00 Jan-24 116.32
Feb-24 116.10
155.00
Mar-24 115.15

135.00 April-24 111.98

₹/kg

May-24 112.15
115.00 June-24 113.20
July-24 112.92
95.00
Aug-24 108.22
Sept-24 110.08
75.00
Oct-24 116.12
55.00 Nov-24 113.86
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
Dec-24 106.20

A. In December 2024, Carbon Black’s price on average was ₹106.20 a kilogram. Source: Published Data

B. Prices in December 2024 were 8% lower than last year, 6% lower than the previous month and 8% lower than the peak witnessed in last 12 months.
C. The primary carbon black inputs include coal, oil, and natural gas. Oil prices dropped by 1%, and natural gas prices same as last month.
D. Carbon black worth $6.83 million was exported from India to the USA, $5.24 million to Thailand, $1.44 million to the Netherlands, $2.52 million to Sri Lanka,
and $3.95 million to the UAE. In return, India imported carbon black valued at $4.03 million from China, $2.70 million from Korea, $3.65 million from UAE, $4.34
million from Turkey, and $1.98 million from Russia in the recent month.

32
 Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2023-24 2024-25 Commodity Polybutadiene Rubber

235.00 Month-Year ₹/kg

Dec-23 163.80
215.00
Jan-24 166.92
195.00 Feb-24 168.16
Mar-24 168.07
175.00
₹/kg

April-24 174.61
155.00 May-24 172.96
June-24 176.36
135.00 July-24 180.55
Aug-24 185.77
115.00
Sept-24 187.76
95.00 Oct-24 184.62
Nov-24 174.65
75.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 175.23
Source: Published Data
A. In December 2024, Polybutadiene Rubber’s price on average was ₹175.23 a kilogram.
B. Prices in December 2024 were about 7% higher than last year, 1% higher than the previous month and 6% lower than the peak witnessed in the last 12
months.
C. Butadiene and Styrene are the major inputs. Butadiene production dropped by 2.9% (Vs 42.5% last year) and Styrene production declined by 7.1%(Vs 14.4%
last year).
D. Heavy motor tyre production consumes 60% of Polybutadiene. Rubber thread consumes 10%, and Plastics consume 25%. The production of rubber thread
dropped by 3.4% (Vs 24.3% last year). Production of tyres and tubes for heavy motor vehicles fell 10.9% (Vs 13.0% last year), and Plastic tarpaulin production
dropped by 18.3% (Vs 107.6% last year).

33
Advanced Chemistries
 Lithium Carbonate (Li2CO3)
Movement of Lithium Carbonate(99.5% Battery Grade CIF) Commodity Lithium Carbonate
2023-24 2024-25 (Li2CO3)
75 Month-Year $/Kg
Dec-23 15.70
Jan-24 14.00
60
Feb-24 14.00
Mar-24 13.61
$/Kg

45 Apr-24 13.53
May-24 13.89

30 June-24 13.57
July-24 12.73
Aug-24 11.36
15 Sept-24 10.52
Oct-24 10.53

0 Nov-24 10.82
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 10.49
Source: Published Data
A. In December 2024, Lithium Carbonate price on average was $10.49 Per kg.
B. Prices in December 2024 were 33% lower than the last year, 3% higher than the previous month, and 33% lower than the peaks witnessed in the last 12 months.
C. Sulfuric acid and sodium carbonate are the major inputs. Sulfuric acid prices increased by 15.3% compared to -14.4% last year. Sodium carbonate prices also
dropped by 4.5% compared to -15.9% last year.
D. Batteries consume 46%, and Glass & ceramics consume 27% of lithium carbonate. The production of glass & ceramics grew by 4.9% compared to -4.7% last year.
The production of batteries decreased by 6.1% compared to 20.6% last year.

35
Lithium Hydroxide (LiOH)
Movement of Lithium Hydroxide (56.5% Battery Grade CIF) 2023-24 2024-25 Commodity Lithium Hydroxide
(LiOH)

75 Month-Year $/Kg
Dec-23 16.50
Jan-24 14.91
60
Feb-24 13.75
$/Kg

Mar-24 13.79
45 April-24 13.98
May-24 14.06
June-24 13.60
30
July-24 12.58
Aug-24 11.14
15
Sept-24 10.11
Oct-24 9.71

0 Nov-24 9.25
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 9.48
Source: Published Data
A. In December 2024, the Lithium Hydroxide price on average was $9.48 Per Kg.
B. Prices in December 2024 were 43% lower than the last year, 2% higher than the previous month, and 43% lower than the peaks witnessed in the last 12 months.
C. Calcium hydroxide is the major input in causticizing the lithium hydroxide. Calcium hydroxide prices increased to 0.6% compared to -0.3% last year.
D. Rechargeable batteries consume 54%, and ceramics consume 10% of lithium hydroxide. The production of batteries decreased by 6.1% compared to 20.6% last
year. Production of ceramic tiles and flagstones declined to 0.2% compared to 6.9% last year.

36
Crude / Petroleum
Crude Oil
Movement of Crude Oil Prices – Europe Brent Spot Price FOB 2023-24 2024-25 Europe Brent Spot Price FOB

146
Month $/Barrel
Dec-23 77.76
134 Jan-24 80.12
Feb-24 83.48
122
Mar-24 85.41
110 April-24 89.94
$/Barrel

May-24 81.75
98
June-24 82.25
86 July-24 85.15
Aug-24 80.36
74
Sept-24 74.02
62 Oct-24 76.10
Nov-24 74.35
50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Dec-24 73.84
A. In December 2024, the European Brent Spot price on average was $73.84 a barrel. Source: Published Data
B. Prices in December 2024 were about 5% lower than last year, 1% lower than the last month and 18% lower than the peaks witnessed in the last 12
months.
C. In November 2024, India produced 2.3 million metric tonnes (MMT) of crude oil and condensate, a 2.1% decrease compared to the same period in 2023.
Crude oil imports during the month amounted to $10 billion, reflecting a 2.6% increase year-on-year, while oil and gas exports totaled $5.8 billion. The
country produced 23.5 MMT of petroleum products, marking a 2.9% increase from November 2023, and processed 21.6 MMT of crude oil, of which 19.6
MMT was sourced from imports.
D. Crude Oil Indian basket price increased to $73.34 bbl in December 2024 from $73.02 bbl in November 2024. Petrol VAT stands at 19.40%.

38
Compressed Natural Gas (CNG) Prices
DEL 2024-25 MUM-2024-25 Compressed Natural Gas (CNG) Prices
120

Month Delhi (IGL) Mumbai (MGL)

110 ₹/kg ₹/kg

Dec-23 76.20 76.00

100
Jan-24 76.60 76.00
Feb-24 76.60 76.00
90
Mar-24 74.60 76.00
April-24 74.10 73.50
80
May-24 74.10 73.50
June-24 74.40 73.50
70
July-24 75.10 73.50
Aug-24 75.10 73.50
60 Sept-24 75.10 73.50
Oct-24 75.10 73.50
50 Nov-24 75.10 73.50
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Dec-24 75.10 73.50

A. In December 2024, the CNG price on average was ₹75.10 a Kg in Delhi and ₹73.50 a kg in Mumbai.
Source: Published Data
B. Prices in December 2024 were about 1% lower than last year and 1% lower than the peak witnessed in the last 12 months in Delhi. Whereas prices in
Mumbai were 3% lower than last year, and 3% lower than the peaks witnessed in the last 12 months.
C. Ministry of Petroleum and Natural Gas (MoPNG) has notified the price of domestic natural gas for the period December 1, 2024 to December 31, 2024 as
USD 7.29 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 USD 6.50/mmBtu on GCV basis for the same period.

39
Petrol-Diesel Prices
Rupees per Litre

Month/Year Delhi Mumbai

Petrol Diesel Petrol Diesel
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
Mar-24 95.69 88.59 105.17 93.11
April-24 94.76 87.66 104.19 92.13
May-24 94.76 87.66 104.19 92.13
June-24 94.76 87.66 104.13 91.95
July-24 94.76 87.66 103.74 90.84
Aug-24 94.76 87.66 104.19 92.13
Sept-24 94.76 87.66 104.19 92.13
Oct-24 94.76 87.66 104.19 92.13
Nov-24 94.76 87.66 104.19 92.13
Dec-24 94.79 87.69 103.78 90.89

A. In December 2024, the Petrol-Diesel prices on average were ₹94.79-₹87.69 a litre in Delhi and ₹103.78-₹90.89 a litre in Mumbai.Source: Published Data
B. In Delhi, the Prices of petrol and diesel in December were 2% lower than last year. In Mumbai, the prices of petrol are 2% lower than the last year and diesel
prices are 4% lower than last year.
C. In December 2024, India’s petrol sales in December 2024 declined by 3.6% compared to 3.1 million tonnes consumed in November. Similarly, diesel demand
fell by 1.7% from November’s 7.2 million tonnes. However, diesel consumption in December still registered a 4.9% year-on-year increase, reaching 7.07 million
tonnes.
D. In December 2024, India’s petroleum consumption grew steadily with petrol rising 10.56% year-on-year to 3,305 TMT, aviation turbine fuel (ATF) up 8.05% to
778 TMT amid a revival in air travel, and Liquefied Petroleum Gas (LPG) increasing 5.27% to 2,880 TMT.
40
Ethanol Prices (Domestic)
Rates Sugarcane Juice B-Heavy Molasses C-Heavy Molasses

Month Rs/Litre Rs/Litre Rs/Litre

Dec-23 65.60 60.70 49.40

Jan-24 65.60 60.70 49.40

Feb-24 65.60 60.70 49.40

Mar-24 65.60 60.70 49.40

April-24 65.60 60.70 49.40

May-24 65.60 60.70 49.40

June-24 65.60 60.70 49.40

July-24 65.60 60.70 49.40

Aug-24 65.60 60.70 49.40

Sept-24 65.60 60.70 49.40

Oct-24 65.60 60.70 49.40

Nov-24 65.60 60.70 49.40

Dec-24 65.60 60.70 49.40

Source: Published Data
A. In December 2024, the average ethanol prices are as follows: sugarcane juice at 65.60 Rs/Litre, B-heavy molasses at 60.70 Rs/Litre, and C-heavy molasses at 49.40 Rs/Litre.
B. The prices in November 2024 remained unchanged compared to both the previous month and the same period last year.
C. The pricing model of sugarcane-based ethanol is based on the Fair and Remunerative price (FRP) of Sugar Cane. The pricing model for B Heavy is linked to the normative cost of sugar. The
pricing model for C Heavy is based on prices of molasses and ex-mill prices. Of the total ethanol used for blending in gasoline, around 61% comes from B heavy molasses, 20% from sugar syrup
and 2% from C heavy molasses. Sugarcane prices have risen by 7.9%(Vs 3.3%last year). Additionally, sugar prices have dropped by 1.9% (Vs 10.1% last year).
D. Fuel and energy consume 45%, Food and beverages consume 26%, and chemicals consume 16% of Ethanol. Production of fuel and energy decreased by 3.5% Vs 9.3 last year. Production of
food products dropped by 1.4% Vs 2.8% last year, Beverages rose by 4.0% Vs 3.9%. chemicals increased by 2.1% Vs -2.0 last year.

41
Forex
Movement
 US Dollar
INR / US Dollar
2023-24 2024-25
2023-24 2024-25
Month
Buying Selling Buying Selling
96
April 82.03 82.60 83.40 83.98
Rupees per Unit of US Dollar

90 May 82.34 82.91 83.39 83.97

Jun 82.23 82.80 83.47 84.05
84 July 82.15 82.73 83.59 84.17
Aug 82.79 83.77 83.89 84.47
78 Sep 83.04 83.62 83.80 84.38
Oct 83.23 83.80 84.03 84.62
72
Nov 83.29 83.87 84.36 84.95
Dec 83.27 83.85 84.98 85.04
66
Jan 83.12 83.70
Feb 82.96 83.54
60
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Mar 82.99 83.57

A. Indian rupee depreciated by 0.62 Paise to the US Dollar from Rs. 84.36 in November 2024 to Rs. 84.98 in December 2024. Source: Published Data
B. In the month, the US accounted for 29% of exports and 6% of imports in Indian trade. The latest trade data indicates a YoY decrease of 2.57% in exports and a
4.57% decrease in imports with the US.
C. In the period of April- November 2024 (the latest available data), India exported 52.9 Billion USD and imported 29.6 Billion USD.
D. Non-POL(USD 5605Mn), Manufactured goods(USD 5083Mn), Engineering goods(USD 1307.1Mn), Chemicals & related products(USD 1001.5Mn) Electronic
goods(USD 932.3Mn) Drugs, pharmaceuticals & fine chemicals(USD 658.4Mn), were top exports. While, Non-POL(USD 2697.2Mn), Manufactured goods(USD
2135.4Mn), Petroleum crude & products (POL)(USD 1051.8Mn), Petroleum products(USD 367.1 Mn), Chemicals and related products(USD 307.8 Mn), Ores and
minerals(USD 260.9 Mn) were top imports.

43
 Pound Sterling
BUYING 2023-24 2024-25 INR / GBP

123
2023-24 2024-25
Month Buying Selling Buying Selling
Rupees per Unit of Pound Sterling

115
April 101.98 103.11 104.37 105.51
May 102.73 103.86 105.29 106.45
107
June 103.81 104.96 106.16 107.51
July 105.81 106.97 107.37 108.53
99
Aug 105.25 106.40 108.56 109.77
Sep 103.02 104.14 110.74 111.94
91 Oct 101.23 102.34 109.64 110.78
Nov 103.36 104.51 107.57 108.75
83 Dec 105.41 106.57 107.48 108.65
Jan 105.60 106.74
75 Feb 104.79 105.94
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 105.53 106.88

A. Indian rupee appreciated by 0.09 paise to GBP from Rs. 107.57 in November 2024 to Rs. 107.48 in December 2024. Source: Published Data
B. In the month, the UK accounted for 3% of exports and 1% of imports in Indian trade. The latest trade data indicates a YoY increase of 11.65% in exports and a decrease
of 2.65% in imports with the UK.
C. In the period of April- November 2024 (the latest available data), India exported 9.60 Billion USD and imported 5.42 Billion USD from the UK.
D. Non-POL(USD 957.6Mn), Manufactured goods(USD 852.5Mn), Chemicals & related products(USD 132.2Mn), Drugs, pharmaceuticals & fine chemicals(USD 74.2 Mn),
Agricultural & allied products(USD 57.5Mn), Drug formulations, biologicals(USD 53.5Mn), Ores & minerals(USD 40Mn),were top exports. While, Non-POL(USD 800.3Mn),
Manufactured goods(USD 746.6Mn), Engineering goods(USD 277.9Mn), Electrical machinery(USD 74.9Mn), Electric machinery and equipments (USD 74.1Mn) were top
imports.

44
 Euro
2023-24 2024-25 INR / EURO
BUYING

117 2023-24 2024-25

Month Buying Selling Buying Selling
111
April 89.86 90.85 89.43 90.41
Rupees per Unit of Euro

105 May 89.48 90.44 90.10 91.09

June 89.07 90.05 89.89 90.88
99 July 90.83 91.83 90.59 91.60
Aug 90.37 91.05 92.41
93 93.44
Sep 88.74 89.70 93.06 94.08
Oct 87.83 88.79 91.57 92.58
87
Nov 89.94 90.92 89.63 90.61
81 Dec 90.84 91.85 89.02 89.99
Jan 90.76 91.73
75 Feb 89.55 90.54
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 90.26 91.25
A. Indian rupee appreciated by 0.61 paise to Euro from Rs. 89.63 in November 2024 to Rs.89.02 in December 2024. Source: Published Data
B. In the month, Europe accounted for 11% of exports and 7% of imports in Indian trade. The latest trade data indicates an decrease of about 9.43% in exports and a
29.95% decrease in imports Europe
C. In the period of April- November 2024 (the latest available data), India exported 50.6 Billion USD and imported 38.0 Billion USD from Europe.
D. Non-POL(USD 6786.6Mn), Manufactured goods(USD 6201.3Mn), Chemicals & related products(USD 1060.6Mn), Petroleum & crude products(USD 488.3Mn),
Petroleum products(USD 488.3Mn), Agricultural & allied products(USD 483.6Mn), were top exports . While Non-POL (USD 11657.8Mn), Manufactured goods(USD
10662.7Mn), Petroleum crude & products (POL)(USD 4257Mn), Crude petroleum(USD 3903.6Mn), Chemicals and related products(USD 924.3Mn), Agricultural and allied
products(USD 626.2Mn) were top imports.

45
 Yen
BUYING 2023-24 2024-25 INR / 100 YEN
90
2023-24 2024-25
Month Buying Selling Buying Selling
80
April 61.37 62.10 54.20 54.85
Rupees per 100 Yen

May 60.04 60.75 53.52 54.17

70
June 58.26 58.95 52.86 53.49
July 58.26 58.96 52.92 52.99
60
Aug 57.23 57.81 57.38 57.41
Sep 56.26 56.29 58.58 59.26
50
Oct 55.64 55.71 56.09 56.75
Nov 55.61 55.68 54.94 55.62
40 Dec 57.80 57.87 55.35 56.01
Jan 57.06 57.12
30 Feb 55.52 55.55
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 55.42 56.08
Source: Published Data
A. Indian rupee depreciated by 0.41 paise to 100 JPY from Rs. 54.94 in November 2024 to Rs. 55.35 in December 2024.
B. In the month, Japan accounted for 1% of exports and 3% of imports in Indian trade this month. The latest trade data indicates an increase of 5.88% in exports
and an increase of 21.12% in imports from Japan.
C. In the period of April- November 2024 (the latest available data), India exported 3.98 billion USD and imported 12.7 Billion USD from Japan.
D. Non-POL(USD 421.4Mn), Manufactured goods (USD 359.8Mn), Chemicals & related products(USD 67.1Mn), Agricultural & allied products(USD 53.6Mn) Marine
products(USD 32.9Mn), Inorganic/organic/agro chemicals(USD 25.8Mn) were top exports. Non-POL(USD 1727.7Mn), Manufactured goods(USD 1691 Mn),
Engineering goods(USD 922.2Mn), Ferrous and non-ferrous metal products (USD 381.6Mn), Chemicals and related products(USD 345.4Mn) were top imports.

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Renminbi (CNY)
2023-24 2024-25 INR / Renminbi (CNY)11.53

17 Period Rate Period Rate

April-23 11.87 April-24 11.52

Rupees per Unit of Renminbi (CNY)

May-23 11.75 May-24 11.52

14 June-23 11.45 June-24 11.50

July-23 11.46 July-24 11.55

Aug-23 11.43 Aug-24 11.77

11
Sept-23 11.41 Sept-24 11.87

Oct-23 11.42 Oct-24 11.84

8 Nov-23 11.58 Nov-24 11.67

Dec-23 11.68 Dec-24 11.68

Jan-24 11.62
5 Feb-24 11.53
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar-24 11.52
Source: Published Data
A. In December 2024, the Indian rupee to CNY is 11.68 and 11.67 in November 2024.
B. In the month, China accounted for 4% of exports and 15% of imports in Indian trade. The latest trade data indicates a decrease of 15.68% in exports and an
increase of 8.6% in imports from China.
C. In the period of April- November 2024 (the latest available data), India exported 9.21 Billion USD to and imported 74.4 Billion USD from China.
D. Non-POL(USD 1057.6Mn), Manufactured goods(USD 608.6Mn), Agricultural & allied products(USD 313.4Mn), Marine products(USD 167Mn) Chemicals &
related products(USD 158.2Mn), Ores & minerals(USD 130.5Mn) were top exports. Non-POL(USD 8683.8Mn), Manufactured goods(USD 8495Mn), Engineering
goods(USD 2995.2Mn), Chemicals and related products(USD 1382.1Mn), Non-electrical machinery(USD 1242.6Mn) were top imports.

47
 Banking Policy & Lending Rates
Rates Cash Reserve Ratio Bank Rate Base Rate

Unit / Year Per cent Per cent p.a. Per cent p.a.

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

Mar-24 4.50 6.75 9.10-10.25

April-24 4.50 6.75 9.10-10.25

May-24 4.50 6.75 9.10-10.25

June-24 4.50 6.75 9.10-10.40

July-24 4.50 6.75 9.10-10.40

Aug-24 4.50 6.75 9.10-10.40

Sept-24 4.50 6.75 9.10-10.40

Oct-24 4.50 6.75 9.10-10.40

Nov-24 4.50 6.75 9.10-10.40

Dec-24 4.00 6.75 9.10-10.40

Source: Published Data

A. RBI continued to hold Repo rates at 6.50% from February 2023. Yields on 3-month maturity treasury bills moved from 6.46% in November 2024 to
6.44% in the month. In the long-term interest rates, yields on 1-year maturity AAA corporate bonds moved from 7.78% to 7.68%. The weighted average
bank rate remained constant at 6.75%.
B. Interest rate tightening across the globe appears to have almost halted in November. Out of the 39 major central banks that are tracked, There are
no central banks that raised interest rates in this month compared to the 2 central banks that raised interest rates last month.

49
 Shipping Freight Index
Baltic Dry Index (BDI) 2023-24 2024-25
Commodity Baltic Dry Index (BDI)
3,500
Month-Year Dry Bulk
Dec-23 2,538
3,050
Jan-24 1,785

Feb-24 1,650
2,600
Mar-24 2,233

April-24 1,731
2,150 May-24 1,895
June-24 1,893

1,700 July-24 1,925

Aug-24 1,683

1,250 Sept-24 1,965

Oct-24 1,969

800 Nov-24 1556

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
*DEC-24
Source: Published Data
A. In November 2024, the Baltic Dry Index decreased to 1556 compared to 1,969 in the previous month.
*awaiting data from source
B. Dry bulk Index in November 2024 was about 15% lower than last year, 21% higher than the previous month, and 39% lower than the peaks witnessed in
Dec 2023.
C. The global Exports for 41 countries experienced 2% increase in September 2024 compared to 4% growth in August 2024.
D. The global Imports for 41 countries experienced 6% increase in September 2024 compared to 4% growth in August 2024.

50
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