COMMODITY PRICE

SIAM MONTHLY MONITOR

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

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

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

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

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

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

Society of Indian Automobile Manufacturers (SIAM)

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Iron & Steel 4
Non-Ferrous Metals 15
Polymers 24
Rubber 28
Crude Petroleum 34
Forex Movement 38
Other Rates 44
 HR Steel
Movement of HR Steel Prices (1.8 mm, IS2062) 2022-23 2023-24 Commodity HR Steel
94,500
Month-Year ₹/Tonne
89,000 July-22 60,500-61,500

Aug-22 58,375-59,375
83,500
Sept-22 57,375-58,375
78,000 Oct-22 57,875-58,875
₹/Tonne

72,500 Nov-22 57,300-58,300

Dec-22 55,000-56,000
67,000
Jan-23 58,750-59,750
61,500 Feb-23 60,750-61,750

Mar-23 61,200-62,200
56,000
April-23 60,750-62,000
50,500 May-23 58,750-60,125

45,000 June-23 56,500-57,625

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 56,500-57,625

Source: Published Data

A. In July 2023, HR Steel prices varied between ₹56,500-57,625 per tonne.
B. Prices in July 2023 were about 7% lower than last year, same as the previous month, and nearly 8% lower than the peak witnessed in March 2023.
C. In Q2 2023, various factors influenced HR steel prices including producer returns after shutdowns, unplanned outages, strong demand despite interest
rate concerns, and reluctance to lower offers below $900/t.
D. Analysts predicted prices would stabilize before August with steady or growing demand. In India, the monsoon impacted construction, causing slight
price drops for steel in July.

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

94,000
Month-Year ₹/Tonne

88,500 July-22 67,375-68,375

Aug-22 66,625-67,500
83,000 Sept-22 65,125-66,125

Oct-22 64,875-65,875
77,500
Nov-22 62,300-63,300
72,000 Dec-22 59,125-60,125

Jan-23 62,500-63,500
66,500
Feb-23 64,375-65,375

61,000 Mar-23 64,200-65,200

April-23 63,500-64,750
55,500
May-23 62,125-63,250

50,000 June-23 59,500-60,750

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 58,875-59,875

A. In July 2023, CR Steel prices varied between ₹58,875-59,875 per tonne. Source: Published Data

B. Prices in July 2023 were 13% lower than last year, 1% lower than the previous month, and 13% lower than the peak witnessed in the last 12 months.
C. India's steel imports rose 5.9% month-on-month and 7.6% year-on-year. The change in steel prices was driven by production restrictions in Tangshan,
China to address air pollution and competition between high and low-grade steel scrap.
D. Indonesia's CO2 emissions and trade restrictions also influenced prices. In July, India's steel mills saw a demand slowdown, causing rebars and cold-
rolled coils (CRCs) prices to drop.

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 Alloy Steel – Forging
Movement of Alloy Steel (Forgings) - 20MnCr5 Prices Alloy Steel - Forging
2022-23 2023-24 Commodity
1,14,500 (20MnCr5)
1,10,000 Month-Year ₹/Tonne
1,05,500 July-22 84,200

Aug-22 83,000
1,01,000
Sept-22 83,000
96,500
Oct-22 83,000
92,000
Nov-22 79,000
87,500 Dec-22 76,000

83,000 Jan-23 75,000

78,500 Feb-23 75,000

Mar-23 76,000
74,000
April-23 77,000
69,500
May-23 75,500
65,000 June-23 72,800
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 70,500
A. In July 2023, 20 MnCr5 Alloy Steel’s price on average was ₹70,500 a tonne. Source: Published Data
B. Prices in July 2023 were about 16% lower than last year, 3% lower than the previous month, and 16% lower than the peak witnessed in the last 12
months.
C. Alloy steel prices are affected in July due to consecutive downward corrections, driven by high input costs, particularly expensive coal and iron ore
supplied by Odisha Mineral Corporation.
D. COVID-19 disrupts supply chains, raising production costs due to delayed raw material deliveries. Strong infrastructure, autos, and machinery demand
in emerging economies creates an alloy steel supply-demand imbalance.
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Alloy Steel - Forging
Alloy Steel
Movement of Alloy Steel (Forgings)-EN 8 prices 2022-23 2023-24 Commodity
(EN 8)
1,09,000
Month-Year ₹/Tonne
1,03,500 July-22 83,200

Aug-22 82,000
98,000
Sept-22 82,000

Oct-22 82,000
92,500
Nov-22 78,000

87,000 Dec-22 75,000

Jan-23 74,000
81,500
Feb-23 74,000

76,000 Mar-23 75,000

April-23 76,000
70,500 May-23 74,500

June-23 71,800
65,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 69,500
Source: Published Data
A. In July 2023, EN 8 Alloy Steel’s price on average was ₹69,500 a tonne.
B. Prices in July 2023 were about 16% lower than last year, 3% lower than the previous month, and 16% lower than the peaks witnessed in last 12
months.
C. Analysts tend to gauge the health of the global steel sector on Chinese steel pricing.
D. Additionally, coal availability issues and rakes diverted to the power sector are adding pressure on steelmakers.

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

90,000 Month-Year ₹/Tonne

July-22 54,200

Aug-22 54,000
80,000
Sept-22 51,800

Oct-22 50,500
70,000 Nov-22 49,375

Dec-22 48,200

Jan-23 48,750
60,000
Feb-23 50,500

Mar-23 49,250
50,000 April-23 48,500

May-23 48,250

June-23 47,700
40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 46,875

Source: Published Data

A. In July 2023, Pig Iron’s price on average was ₹46,875 a tonne. (Punjab {Grade B}- Basic rate, excluding GST & Freight)
B. Prices in July 2023 were about 14% lower than last year and 2% lower than the previous month and about 14% lower than the peak witnessed in the last
12 months.
C. The reduction in pig iron supply from Ukraine and Russia caused a 21% global drop in exports in 2023. Brazil was the only major exporter to increase
supplies, while India's exports sharply declined due to duties.
D. Additionally, the US introduced a 70% duty on pig iron imports from Russia.

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Stainless Steel
Movement of Stainless Steel Prices (G 304 CR Coil) Stainless Steel
2022-23 2023-24 Commodity
(CR Coil)
3,15,000
Month-Year ₹/Tonne
2,90,000 July-22 2,46,250-2,49,250

Aug-22 2,48,500-2,52,500
2,65,000 Sept-22 2,49,000-2,53,000

Oct-22 2,56,000-2,60,000
2,40,000
Nov-22 2,54,600-2,57,400

Dec-22 2,57,000-2,60,500
2,15,000
Jan-23 2,52,500-2,56,500

Feb-23 2,40,000-2,44,000
1,90,000
Mar-23 2,29,200-2,33,600

April-23 2,15,000-2,17,500
1,65,000
May-23 2,15,500-2,18,500

June-23 2,12,000-2,14,500
1,40,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 2,08,500-2,11,500

Source: Published Data

A. In July 2023, Stainless Steel prices (Cold Rolled) varied between ₹2,08,500-2,11,500 per tonne.
B. Prices in July 2023 were about 15% lower than the last year, 2% lower than the previous month, and 19% lower than the peak witnessed in Dec 2022.
C. Indian traders exploiting significant discounts on Chinese steel raised concerns among local producers ahead of expected domestic demand growth.
China's steel exports to India surged 62%, constituting 25% of finished steel imports.
D. While India's steel exports rose, mainly led by South Korea, higher production and consumption led to a net increase in steel exports.

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

Month-Year ₹/Tonne
2,94,000
July-22 2,34,500-2,37,000

Aug-22 2,35,500-2,39,250
2,62,000
Sept-22 2,36,500-2,40,500

Oct-22 2,43,000-2,47,000
2,30,000 Nov-22 2,42,000-2,44,800

Dec-22 2,44,000-2,47,500

1,98,000 Jan-23 2,40,000-2,44,000

Feb-23 2,28,000-2,30,750

Mar-23 2,18,000-2,22,400
1,66,000
April-23 2,04,375-2,06,000

May-23 2,02,750-2,05,250
1,34,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar June-23 1,99,000-2,01,000

July-23 1,96,750-2,00,250

Source: Published Data

A. In July 2023, Stainless Steel prices (Hot Rolled) varied between ₹1,96,750-2,00,250 per tonne.
B. Prices in July 2023 were 16% lower than the last year, 1% lower than the previous month, and 19% lower than the peak witnessed in Dec 2022.
C. Stabilizing Chinese steel prices in early July, the global steel market experienced slight stability. Despite changes in domestic steel prices, anticipated
increased imports did not materialize, allowing domestic producers to maintain pricing discipline.
D. Futures pricing data indicates a slight upward trend, but traders expect prices to stabilize rather than rise long-term.

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Steel Scrap
Movement of Steel Scrap Prices (RM end Scrap) 2022-23 2023-24 Commodity Steel Scrap
92,000
Month-Year ₹/Tonne
July-22 46,600
82,000
Aug-22 49,325
Sept-22 46,600
72,000
Oct-22 44,500
Nov-22 42,250
62,000 Dec-22 39,800
Jan-23 42,025
52,000 Feb-23 44,275
Mar-23 44,925

42,000 April-23 43,500

May-23 41,625
June-23 41,840
32,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 40,650

Source: Published Data

MG - Punjab -Basic rate
A. In July 2023, Steel Scrap price on average was ₹40,650 a tonne.
B. Prices in July 2023 were about 13% lower than last year and 3% lower than the previous month, and 18% lower than the peak witnessed in August 2022.
C. Indian steel market participants shifted towards raw materials due to lower prices for iron ore and coal, favouring them over lower-carbon ferrous scrap. The
scrap lobby's influence was countered by cost considerations.
D. During the period, Chinese electric arc plants used 50% of their capacity, and Ukraine increased scrap exports but saw reduced production and supplies.

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 Coal (Coking Coal)
Movement of Coal Prices - Premium HCC, Australia-origin in USD 2022-23 2023-24
Commodity Coal (Coking Coal)
840
Month-Year $/Tonne
July-22 264
690
Aug-22 255
Sept-22 285
Oct-22 309
540
Nov-22 298
Dec-22 279

390 Jan-23 327

Feb-23 380
Mar-23 362
240 April-23 289
May-23 247
June-23 243
90
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 244
Source: Published Data
A. In July 2023, Coking Coal’s price on average was $244 a tonne.
B. Prices in July 2023 were about 8% lower than last year and 0.4% higher than the previous month and 36% lower than the peak witnessed in Feb 2023.
C. India's coal production surged during FY22 and FY23 due to government initiatives, with Coal India's output growing by 12.1% in FY23, the highest in
decades. July 2023 saw a 9.73% YoY increase in total coal production and a 4.27% rise in shipments, reflecting dedication to energy needs and economic
growth.
D. Coal India and Singareni both showed strong growth in production and offtake, maintaining ample stock at thermal plants and no critical stock level issues.

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 Iron Ore
Movement of Iron Ore Prices - Fe 62% (Australia Origin) 2022-23 2023-24 Commodity Iron Ore
245
Month-Year $/Tonne
220
July-22 107
Aug-22 106
195
Sept-22 99
Oct-22 93
170
Nov-22 93
Dec-22 111
145
Jan-23 122

120 Feb-23 126

Mar-23 127

95 Apr-23 117
May-23 105
70 June-23 111
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 113

A. In July 2023, Iron Ore price on average was $113 a tonne. Source: Published Data
B. Prices in July 2023 were about 6% higher than last year and 2% higher than the previous month and more than 11% lower than the peak witnessed in
March 2023.
C. Decreased blast furnace activity and lower molten iron production, weak downstream demand and steel mill profits narrowing indicate a near-term
correction. EU's high-carbon tariffs might affect India's exports, while energy price stability could alleviate trade deficits.
D. Iron ore prices are expected to average higher than last year in 2023, with China's uncertain steel outlook potentially pressuring prices.

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Virgin Aluminium
Movement of Virgin Aluminium Prices 2022-23 2023-24 Commodity Virgin Aluminium

Month-Year $/Tonne
3,800
July-22 2,401.60
Aug-22 2,431.30
3,500
Sept-22 2,229.90
Oct-22 2,243.30
3,200
Nov-22 2,335.30
Dec-22 2,394.90
2,900
Jan-23 2,489.00
Feb-23 2,417.30
2,600
Mar-23 2,290.10

2,300 April-23 2,341.00

May-23 2,267.60

2,000 June-23 2,181.10

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 2,150.20

A. In July 2023, Virgin Aluminum’s price on average was $2,150.20 a tonne. Source: Published Data

B. Prices in July 2023 were about 10% lower than last year and 1% lower than the previous month and 14% lower than the peak witnessed in Jan 2023.
C. Aluminium prices surged, achieving their highest weekly gain since January, attributed to a weakened dollar, which reduced their cost for non-dollar
holders. The dollar's decline resulted from market speculation on the Fed's nearing end to rate hikes due to easing inflation worries.
D. Aluminium producers shares also rose, benefiting from reduced coal expenses and higher aluminium prices.

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

11,400 Month-Year $/Tonne

July-22 7,529.80
10,600
Aug-22 7,961.00

9,800 Sept-22 7,734.70

$/Tonne

Oct-22 7,626.00
9,000
Nov-22 8,030.00

8,200 Dec-22 8,367.20

Jan-23 8,999.80
7,400
Feb-23 8,955.20

Mar-23 8,835.70
6,600
April-23 8,814.00
5,800 May-23 8,234.30

June-23 8,386.20
5,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 8,435.80

Source: Published Data

A. In July 2023, Copper price on average was $8,435.80 a tonne.
B. Prices in July 2023 were 12% higher than last year and 1% higher than last month, 6% lower than the peak witnessed in January 2023.
C. Copper prices rose on hopes of Chinese economic stimulus and declining inventories, while weaker demand and a global economic slowdown affected
prices. Chinese industrial activity slowdown and weaker demand affected prices. Copper stocks in LME-registered warehouses fell, supporting prices.
D. However, the global economic slowdown and lack of Chinese stimulus weighed on demand. Recycling copper scrap could alleviate the tight copper ore
supply and bring energy-saving benefits.

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 Lead
2022-23 2023-24
Movement of Lead Prices Commodity Lead
3,500
Month-Year $/Tonne
July-22 1,976.30
3,100
Aug-22 2,077.90

Sept-22 1,874.50

Oct-22 1,989.20
$/Tonne

2,700
Nov-22 2,099.40

Dec-22 2,212.50
2,300 Jan-23 2,208.20

Feb-23 2,098.90

Mar-23 2,114.80
1,900
April-23 2,149.10

May-23 2,087.50

1,500 June-23 2,118.40

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 2,104.70

A. In July 2023, the Lead price on average was $2,104.70 a tonne. Source: Published Data

B. Prices in July 2023 were nearly 6% higher than last year, and 1% lower than the previous month, 5% lower than the peak witnessed in Dec 2022.
C. Increased production of refined lead, and rising costs for lead battery companies due to higher prices. The downstream battery market had average
consumption, causing some companies to raise battery prices.
D. China's automobile sector is expected to support lead prices, with global offtake anticipated to grow by 1.7%.

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

Month-Year $/Tonne
39,000
July-22 21,483.30
Aug-22 21,997.70
Sept-22 22,682.30
34,000
$/Tonne

Oct-22 21,945.00
Nov-22 25,257.00
29,000
Dec-22 28,853.80
Jan-23 28,240.50
24,000 Feb-23 26,689.80
Mar-23 23,307.20
April-23 23,756.70
19,000
May-23 22,229.50
June-23 21,193.00
14,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 20,862.00

Source: Published Data

A. In July 2023, Nickel price on average was $20,862.00 a tonne.
B. Prices in July 2023 were 3% lower than last year, 2% lower than the previous month, and 28% lower than the peak witnessed in Dec 2022.
C. Nickel prices on the London Metal Exchange (LME) dropped below $20,000/t in June due to subdued demand in major economies, and increased
Indonesian supply. A structural surplus has resulted from weak demand in the stainless steel sector despite resilient demand from the electric vehicle
battery sector.
D. China's economic struggles and a surplus of Class Two nickel have contributed to the bearish outlook for nickel prices for the rest of the year.

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 Zinc
Movement of Zinc Prices 2022-23 2023-24 Commodity Zinc
5,400
Month-Year $/Tonne
4,950 July-22 3,097.20

Aug-22 3,572.90
4,500
Sept-22 3,136.40

Oct-22 2,970.00
$/Tonne

4,050
Nov-22 2,923.70

Dec-22 3,128.30
3,600
Jan-23 3,289.40

Feb-23 3,143.70
3,150
Mar-23 2,956.30

April-23 2,772.80
2,700
May-23 2,477.70

June-23 2,368.10
2,250
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 2,388.90

A. In July 2023, Zinc price on average was $2,388.90 a tonne. Source: Published Data
B. Prices in July 2023 were 23% lower than last year, 1% higher than the previous month, and 33% lower than the peak of $3,572 witnessed in August 22.
C. Increasing supply, and tepid demand from China amid a stalling post-pandemic recovery.
D. Refined metal production and lead volumes were also lower, while a weaker dollar made greenback-priced metals cheaper, affecting prices on the
London Metal Exchange.

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Platinum
Movement of Platinum Prices 2022-23 2023-24 Commodity Platinum
5,000

Month-Year ₹/gm
4,500 July-22 2,249.76
Aug-22 2,348.89
4,000 Sept-22 2,285.98
Oct-22 2,442.76
3,500 Nov-22
₹/gm

2,630.96
Dec-22 2,715.57
3,000 Jan-23 2,810.59
Feb-23 2,575.98
2,500 Mar-23 2,599.46
April-23 2,804.29
2,000 May-23 2,843.06
June-23 2,618.14
1,500 July-23 2,534.13
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar

Source: Published Data

A. In July 2023, the Platinum price was ₹2,534.13 a gram on average.
B. Prices in July 2023 were 13% higher than last year, 3% lower than the previous month, and 11% lower than the peak witnessed on May 23.
C. China's struggling platinum jewellery sector with a 22% slump in fabrication in Q1. The industry experienced the eighth consecutive year-on-year
decline, In the mining industry, fuel cell and battery electric vehicles are considered for decarbonization.
D. South Africa's platinum producers faced challenges with load-shedding, impacting power generation and supply risks.

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 Palladium
Movement of Palladium Prices 2022-23 2023-24
7,950 Commodity Palladium
7,500
Month-Year ₹/gm
7,050 July-22 5,089.17

6,600 Aug-22 5,508.69

Sept-22 5,500.83
6,150
Oct-22 5,604.14
5,700
Nov-22 5,114.39
5,250 Dec-22 4,925.04

4,800 Jan-23 4,636.64

Feb-23 4,164.05
4,350
Mar-23 3,828.29
3,900
April-23 4,046.03
3,450 May-23 3,979.27
June-23 3,635.16
3,000
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 3,385.73

Source: Published Data

A. In July 2023, Palladium price on average was ₹3,385.73 a gram.
B. Prices in July 2023 were 33% lower than last year and 7% lower than the previous month and 40% lower than the peak witnessed in Oct 2022.
C. Palladium prices were affected by Russia's military actions and the rise of electric cars. Analysts predict weaker palladium demand with rising US
interest rates and declining consumer spending.
D. Demand for palladium is growing due to environmental measures. Nornickel increased PGM production in H1 2023.

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Rhodium
Movement of Rhodium Prices Commodity Rhodium
2022-23 2023-24
47,500
44,500
Month-Year ₹/gm

41,500 July-22 36,485.26

38,500 Aug-22 36,986.23

35,500 Sept-22 36,571.71

32,500 Oct-22 37,019.74

29,500 Nov-22 35,352.94

26,500 Dec-22 33,470.75

23,500 Jan-23 32,220.72
20,500 Feb-23 31,130.85

17,500 Mar-23 23,929.01

April-23 20,737.07
14,500
May-23 19,437.73
11,500
June-23 15,610.15
8,500
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 10,885.42

Source: Published Data

A. In July 2023, the Rhodium price on average was ₹10,885.42 a gram.
B. Prices in July 2023 were about 70% lower than last year, 30% lower than the previous month, and 71% lower than the peak witnessed in Oct 2022.
C. The forecast of increased fuel cell heavy-duty vehicles in 2023 could influence rhodium demand indirectly, depending on the improvement in FCEV
market share and automotive demand.
D. Recently, rhodium saw buying interest, and its price decreased, but its long-term sustainability relies on surpassing combustion vehicle sales
expectations.

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

165.00
Month-Year ₹/kg
July-22 115.60
155.00
Aug-22 108.70
145.00 Sept-22 105.90
Oct-22 107.30
135.00
Nov-22 105.90
₹/kg

125.00 Dec-22 104.30

115.00 Jan-23 105.40

Feb-23 106.90
105.00
Mar-23 106.80
95.00
April-23 106.80
85.00 May-23 101.10

75.00 June-23 90.50

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar
July-23 88.60

A. In July 2023, Polypropylene price on average was ₹88.60 a kilogram. Source: Published Data
B. Prices in July 2023 were about 23% lower than last year, 2% lower than the previous month, and 23% lower than the peak of ₹115.6 witnessed in the
last 12 months.
C. Demand improved midweek as more processors returned to the market. Despite initial concerns, sentiment improved due to heavy late June sales to
China.
D. PP prices have stabilized, and the market anticipates gradual recovery with limited downside risk. International buyers' returns and weather-related
surprises could impact prices in the coming weeks.

25
 Acrylonitrile Butadiene Styrene (ABS)
Movement of ABS Prices Acrylonitrile Butadiene
2022-23 2023-24 Commodity
Styrene (ABS)
470.00
Month-Year ₹/kg
420.00
July-22 171.00

370.00 Aug-22 170.60

Sept-22 172.00
320.00
Oct-22 148.30
270.00
₹/kg

Nov-22 143.00

220.00 Dec-22 134.40

Jan-23 138.00
170.00
Feb-23 137.00
120.00 Mar-23 140.60

70.00 April-23 141.30

May-23 132.00
20.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar June-23 127.70

July-23 130.60
Source: Published Data
A. In July 2023, Acrylonitrile Butadiene Styrene price on average was ₹130.60 a kilogram.
B. Prices in July 2023 were about 24% lower than last year, 2% higher than the previous month, and 24% lower than the prices in the last 12 months.
C. European markets saw smaller decreases at the start of the month due to feedstock correction and low demand. Prices were affected by lower
feedstock settlements while ABS prices remained stable to softer.
D. Delivery delays and reduced production were noted. Asian ABS prices fluctuated due to weak demand and supply dynamics.

26
Poly Carbonate
Movement of Poly Carbonate Prices
2022-23 2023-24 Commodity Poly Carbonate
350
Month-Year ₹/kg
325
July-22 234.70
300 Aug-22 234.20

275 Sept-22 232.10

Oct-22 232.30
250
Nov-22 232.30
₹/kg

225
Dec-22 217.80
200 Jan-23 202.90

175 Feb-23 201.90

Mar-23 201.70
150
April-23 194.90
125
May-23 189.30
100 June-23 183.50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 186.30

Source: Published Data

A. In July 2023, Poly Carbonate price on average was ₹186.30 a kilogram.
B. Prices in July 2023 were about 21% lower than last year and 2% lower than the previous month and 21% lower than the peak witnessed in the last 12
months.
C. Reduced automobile production and low construction investments caused a downtrend in Polycarbonate demand. India relies on imports, but a new
project aims to boost domestic production.
D. General-purpose grade dominates consumption, with North and West regions leading due to more end-user industries and distribution channels.

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

300
Month-Year ₹/kg
July-22 176.25
250
Aug-22 164.94
Sept-22 150.80
200
Oct-22 152.01

Nov-22 148.60
₹/kg

150
Dec-22 140.95

Jan-23 139.96
100 Feb-23 143.10

Mar-23 145.27
50 April-23 151.00

May-23 157.91
0 June-23 154.70
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 153.80
Source: Published Data
A. In July 2023, RSS4 price on average was ₹153.80 a kilogram.
B. Prices in July 2023 were about 13% lower than last year, 1% lower than the previous month, and about 13% lower than the peak of ₹176.2 witnessed in July
2022.
C. India's natural rubber (NR) production rose by 8.3%, and consumption increased by 9%. The increase in production is credited to efforts like rain guarding
materials distribution, increased harvesting during rainy seasons, and the Rubber Production Incentive Scheme.
D. The automobile tyre segment consumed 70.3%, while the general rubber products sector grew rapidly by 20.4% in 2022-23.

29
Synthetic Rubber - SBR
Movement of Synthetic Rubber Prices – SBR 1502
2022-23 2023-24 Commodity Synthetic Rubber - SBR
300
Month-Year ₹/kg
280
July-22 173.88
260 Aug-22 182.52

240 Sept-22 176.27

Oct-22 171.50
220
Nov-22 170.57
200
₹/kg

Dec-22 168.59
180 Jan-23 155.19

160 Feb-23 149.95

Mar-23 161.93
140
April-23 172.68
120 May-23 177.11

100 June-23 162.42

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 140.19
Source: Published Data
A. In July 2023, Synthetic Rubber price on average was ₹140.19 a kilogram.
B. Prices in July 2023 were about 19% lower than last year, 14% lower than the previous month, and about 23% lower than the peak of ₹182.52
witnessed in August 2022.
C. The SBR market experienced a mixed price trend in H1 2023 due to weak demand from the automotive and rubber industries. However, occasional
price peaks were influenced by rising feedstock prices, specifically Styrene and Butadiene.
D. The growing tyre manufacturing sector, a major consumer of SBR, is expected to drive the market's growth during the forecast period.

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

450
Month-Year ₹/kg
July-22 343.21
400 Aug-22 346.26

Sept-22 344.87
350
Oct-22 341.57
Nov-22 342.28
300
Dec-22 340.35
₹/kg

250 Jan-23 329.43

Feb-23 304.71
200
Mar-23 280.57

April-23 263.68
150
May-23 255.33

100 June-23 245.67

Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 233.61

A. In July 2023, EPDM price on average was ₹233.61 a kilogram. Source: Published Data
B. Prices in July 2023 were about 32% lower than last year, 5% lower than the previous month, and 33% lower than the peak of ₹346.26 witnessed in
August 2022.
C. The COVID-19 pandemic, post-pandemic conditions, and the Russia-Ukraine War, EPDM rubber prices in 2023 faced a downward trend due to
oversaturated European inventories.
D. Excess products were exported to Asian markets at lower prices, while reduced demand from automotive and tyre industries further contributed to the
decline in EPDM prices in the Asian market.
31
 Carbon Black
2022-23 2023-24
Commodity Carbon Black
Movement of Carbon Black Prices – N330
250.00 Month-Year ₹/kg
July-22 127.04
225.00
Aug-22 136.17

200.00 Sept-22 133.90

Oct-22 138.50
175.00 Nov-22 148.92
₹/kg

Dec-22 152.74
150.00
Jan-23 141.77

125.00 Feb-23 127.25

Mar-23 118.24
100.00 April-23 115.90

May-23 118.56
75.00
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar June-23 115.06

July-23 105.57
A. In July 2023, Carbon Black price on average was ₹105.57 a kilogram. Source: Published Data
B. Prices in July 2023 were 17% lower than last year and 8% lower than the previous month and 31% lower than the peak of ₹152.74 witnessed in
December 2022.
C. Prices in the month were shaped by varying degrees of decline in raw material market prices and weak downstream demand, leading to a decline in the
carbon black market.
D. Despite limited price declines in the raw material market and stable products, low inventory and high demand contributed to the market's situation.

32
 Polybutadiene Rubber
Movement of Polybutadiene Rubber Prices (1220 Grade) 2022-23 2023-24 Commodity Polybutadiene Rubber
340
Month-Year ₹/kg
320
July-22 213.42
300
Aug-22 229.70
280 Sept-22 233.69

260 Oct-22 218.61

Nov-22 205.42
240
Dec-22 193.96
220
₹/kg

Jan-23 185.00
200
Feb-23 166.87
180 Mar-23 162.88

160 April-23 160.12

May-23 163.51
140
June-23 151.12
120
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 138.30
Source: Published Data
A. In July 2023, Polybutadiene Rubber’s price on average was ₹138.30 a kilogram.
B. Prices in July 2023 are about 35% lower than last year and 8% lower than the previous month and 41% lower than the peak witnessed in September 2022.
C. In July 2023, US Polybutadiene Rubber prices dropped due to stabilizing demand from the automotive and tyre industries after a successful month. Factors like
seasonal fluctuations and initial demand surge tapering off contributed.
D. Declining Butadiene feedstock prices also lowered Polybutadiene Rubber production costs, weakening its market value despite strong automotive and tyre
sectors.

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

146
Month $/Barrel
July-22 113.53
134 Aug-22 98.87
Sept-22 87.28
122
Oct-22 93.01
110 Nov-22 91.42
$/Barrel

Dec-22 80.86
98
Jan-23 82.46
86 Feb-23 82.61
Mar-23 78.46
74
April-23 84.74
62 May-23 75.47
June-23 74.84
50
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar July-23 80.11

Source: Published Data

A. In July 2023, the Europe Brent Spot price on average was $80.11 a barrel.
B. Prices in July 2023 were about 29% lower than last year, 7% higher than the previous month, and 29% lower than the peaks witnessed in the last
12 months.
C. Surging petrochemical use in China drove global crude oil prices up with a projected demand increase of 2.2 mb/d in 2023. Russian oil exports fell,
impacting revenues.
D. Analysts doubt the sustainability of prices above $80 per barrel due to weak China growth and a global economic slowdown. India and China saw
record-high crude oil imports in June.

35
 Compressed Natural Gas (CNG) Prices
DEL 2022-23 DEL 2023-24 MUM-2023-24 MUM-2022-23 Compressed Natural Gas (CNG) Prices
100
98 2023-24
Mumbai:2022-23 90
Month Delhi (IGL) Mumbai (MGL)
₹/kg ₹/kg
90 80
Jul-22 75.60 78.50
70
Aug-22 75.60 80.00
82 Mumbai: 2023-24 Delhi: 2022-23
60 Sep-22 75.60 80.00

Delhi:2023-24
Oct-22 77.90 85.40
50
74 Nov-22 78.60 89.00
40 Dec-23 79.10 89.50

66 Jan-23 79.60 89.50

30
Feb-23 79.60 87.00
20 Mar-23 79.60 87.00
58
April-23 79.60 80.90
10
May-23 73.60 79.00
50 0 June-23 73.60 79.00
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
July-23 73.60 79.00

A. In July 2023, the CNG price on average was ₹73.60 a Kg in Delhi and ₹79.00 a kg in Mumbai. Source: Published Data
B. Prices in July 2023 were about 3% lower than last year, the same as the previous month, and 8% lower than the peak witnessed in Jan 2023 in
Delhi. Whereas 1% higher than last year, same as the previous month, and 12% lower than the peaks witnessed in Dec 2022 in Mumbai.
C. Domestic gas prices are tied to imported crude, at 10% of the Indian crude basket. June saw a $6.5/MMBtu domestic gas price, impacting ONGC
and OIL gas.
D. Monthly revisions also affect LPG and CNG rates. EV competition grows, with lower long-term costs and government incentives favouring EVs.

36
Petrol-Diesel Prices
Rupees per Litre

Month/Year Delhi Mumbai

Petrol Diesel Petrol Diesel
July-22 96.76 89.66 108.57 89.66
Aug-22 96.76 89.66 106.29 89.66
Sep-22 96.76 89.66 106.29 89.66
Oct-22 96.76 89.66 106.29 89.66
Nov-22 96.76 89.66 106.29 89.66
Dec-22 96.76 89.66 106.29 89.66
Jan-23 96.76 89.66 106.29 89.66
Feb-23 96.76 89.66 106.29 89.66
Mar-23 96.76 89.66 106.29 89.66
Apr-23 96.76 89.66 106.29 94.25
May-23 96.76 89.66 106.29 94.25
June-23 96.76 89.66 106.29 94.25
July-23 96.76 89.66 106.29 94.25
Source: Published Data
A. In July 2023, the Petrol-Diesel prices on average were ₹96.76-₹89.66 a litre in Delhi and ₹106.29-₹94.25 a litre in Mumbai.
B. In Delhi, Prices of petrol and diesel are same as the last year, and the same as the previous month.
C. Crude oil Indian basket prices rose by 7% to $80.37/bbl in July from $74.37/bbl in June. Petrol price in Delhi comprised 59% base price, 21% excise
duty, 16% VAT, 4% dealer commission, and 0.2% transportation freight.
D. Monsoon-hit travel and agri demand caused India's July petrol and diesel consumption to drop. Diesel demand fell 15% YoY to 2.96 million tonnes
on July 1-15, decreasing 20% MoM from June. Petrol sales fell 10.5% YoY and 10.8% MoM.
E. Manufacturing and services sectors boosted oil demand, but monsoon reduced diesel use in tractors, trucks.

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

90 May 77.14 77.69 82.34 82.91

June 77.42 77.97 82.23 82.80

84 July 79.57 79.92 82.15 82.73

Aug 78.38 78.93

78
Sep 79.59 80.14
Oct 81.96 82.53
72
Nov 81.93 82.50
Dec 81.89 82.46
66
Jan 82.46 83.03
Feb 82.38 82.95
60
Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Mar 82.28 82.85
A. Indian rupee appreciated by 0.07 paise to the US Dollar from Rs. 82.80 in June 2023 to Rs. 82.73 in July 2023. Source: Published Data
B. In the month, the US accounted for 25% of exports and 9% of imports in Indian trade. The latest trade data indicates a YoY decrease of 13.5% in exports and a
16.18% decrease in imports with the US.
C. In the period of Apr- June 2023 (the latest available data), India exported 18.8 Billion USD and imported 10.7 Billion USD.
D. Manufactured goods(USD 5,340Mn), Engineering goods(USD 1,346Mn), Other Manufactured goods(USD 1,179Mn), Chemical & related products(USD 1,002Mn),
Electronic goods(USD 953.1Mn), Gems & jewellery (USD 666.1Mn), Drugs formulations & biologicals(USD 621Mn), Machinery & instruments(USD 571.4Mn) were
major exports While Manufactured goods(USD 2,506 Mn), Other manufactured goods(USD 1,099Mn), Engineering goods(USD 744 Mn), Pearl precious and semi-
precious stones(USD 519Mn), Chemical and related products (USD 311.9Mn), Ores and minerals(USD 311Mn) were major imports in June 2023.

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

123 2022-23 2023-24

Month
Buying Selling Buying Selling
Rupees per Unit of Pound Sterling

115
April 98.48 99.57 101.98 103.11

May 94.04 95.08 102.73 103.86

107
June 97.08 98.16 103.81 104.96

July 95.28 96.43 105.81 106.97

99
Aug 95.47 96.53

Sep 91.93 92.96

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

A. Indian rupee depreciated by 2.01 INR to GBP from Rs.104.96 in June 2023 to Rs.106.97 in July 2023. Source: Published Data
B. In the month, the UK accounted for 5% of exports and 1.1% of imports in Indian trade. The latest trade data indicates a YoY increase of 33.5% in exports and a
decrease of 49.9% in imports with the UK.
C. In the period of Apr- June 2023(the latest available data), India exported 3.32 Billion USD and imported 1.56 Billion USD from the UK.
D. Manufactured goods(USD 982Mn), Other manufactured goods(USD 282.3Mn), Engineering goods(USD 230.2 Mn), Electronic goods(USD 176Mn), Paper, paper
board and product(USD 157Mn), Telecom instrument(USD 143.1Mn), Readymade garments(USD 110.2Mn) were major exports while Manufactured goods(USD
459.8Mn), Engineering goods (USD 197.8Mn), Other manufactured goods(USD 98.7Mn), Chemical & related products(USD 86.7Mn), Electronic goods(USD
71.9Mn), non-electric machinery(USD 43.5Mn), iron & steel(USD 38.7Mn) were major imports in June 2023.

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

117 2022-23 2023-24

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

105 May 80.34 81.22 89.48 90.44

June 82.56 83.47 89.07 90.05

99 July 81.13 82.17 90.83 91.83

Aug 79.98 80.87

93
Sep 79.07 79.94
Oct 80.20 81.09
87
Nov 81.23 82.13

81 Dec 86.43 87.38

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

A. Indian rupee depreciated by 1.78 INR to Euro from Rs. 90.05 in June 2023 to Rs.91.83 in July 2023. Source: Published Data
B. In the month, Europe accounted for about 9% of exports and 4% of imports in Indian trade. The latest trade data indicates an increase of 2.5% in exports
and an increase of over 9.94% in imports with Europe.
C. In the period of Apr- June 2023 (the latest available data), India exported 18.2 Billion USD and imported 14.7 Billion USD from Europe.
D. Manufactured goods(USD 6,015Mn), Petroleum & crude products(USD 1,970Mn), Engineering goods(USD 1,959 Mn), Chemical & related products(USD
1,153Mn), Other manufactured goods(USD 997.2Mn), Electronic goods(USD 840.6Mn), Machinery instruments(USD 750.5Mn) were major exports While
Manufactured goods(USD 7,525 Mn), Crude petroleum (USD 3,964Mn), Other manufactured goods(USD 2,886 Mn), Engineering goods(USD 2,281 Mn), Gold &
silver(USD 1,920 Mn), Electronic goods(USD 1,195Mn) were major imports in June 2023.

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

May 59.74 60.46 60.04 60.75

70
June 58.01 58.72 58.26 58.95

July 58.10 58.98 58.26 58.96

65
Aug 59.67 60.39

Sep 56.45 57.14

60
Oct 56.37 57.05
Nov 55.51 56.18
55 Dec 60.05 60.78
Jan 61.19 61.93
50 Feb 62.62 63.38
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar 61.52 62.26
Source: Published Data
A. Indian rupee depreciated by 0.01 Paise to 100 JPY from Rs. 58.95 in June 2023 to Rs.58.96 in July 2023.
B. Japan accounted for 2% of exports and 3% of imports in Indian trade this month. The latest trade data indicate a decrease of 6.6% in exports and an increase of 5.8%
in imports with Japan.
C. In the period of Apr-June 2023 (the latest available data), India exported 1.24 billion USD and imported 4.36 Billion USD from Japan.
D. Manufactured goods(USD 335.2Mn), Engineering goods(USD 145.1Mn), Chemicals & related products(USD 100.4Mn), Agriculture & allied products(USD 61.6Mn),
Inorganic/organic/agrochemicals (USD 47.1Mn), Machinery & instruments(USD 44Mn), Transport Equipment(USD 43.5Mn) were major exports while Manufactured
goods(USD 1,272 Mn), Engineering goods(USD 623.8Mn), Chemical & related products(USD 345Mn), Non electrical machinery(USD 204.2Mn), Chemical material &
products(USD 170.5Mn), Other manufactured goods(USD 160.4Mn), Ferrous and non-ferrous metal products(USD 156.8Mn) were major imports in June 2023.

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

17 Period Rate Period Rate

April 2022 11.95 April-2023 11.87

Rupees per Unit of Renminbi (CNY)

May 2022 11.58 May-2023 11.75

14 June 2022 11.68 June-23 11.45

July-2022 11.80 July-23 11.46

Aug-2022 11.68
11
Sept-2022 11.43

Oct-2022 11.50

8 Nov-2022 11.42

Dec-2022 11.89

Jan-2023 12.06
5 Feb-2023 12.03
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Mar-2023 11.94

A. Indian rupee depreciated by 0.01 paise to CNY from Rs 11.45 in June 2023 to Rs.11.46 in July 2023. Source: Published Data
B. In the month, China accounted for 5% of exports and 18% of imports in Indian trade. The latest trade data indicates a decrease of 24.28% in exports and a
decrease of 11.25% in imports from China.
C. In the period of Apr- June 2023 (the latest available data), India exported 3.86 Billion USD to and imported 23.5 Billion USD from China.
D. Manufactured goods(USD 591 Mn), Agricultural & allied products(USD 249.2Mn), Ores & minerals (USD 220.4Mn), Iron ore(USD 173.1Mn), Engineering
goods(USD 172.5Mn), Petroleum & crude products(USD 123.6Mn), Chemicals & related products(USD 118.1Mn) were major exports while Manufactured
goods(USD 7,658 Mn), Electronic goods(USD 2,581Mn), Engineering goods(USD 2,361Mn), Chemical& related products(USD 1,624Mn), Non-electrical machinery
(USD 881.6Mn), Electronic components(USD 831.6Mn), Other manufactured goods(USD 769Mn), Computer hardware peripherals(USD 670.4Mn) were major
imports in June 2023.
43
Banking Policy & Lending Rates
Rates Cash Reserve Ratio Bank Rate Base Rate

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

July-22 4.50 5.15 7.25 – 8.80

Aug-22 4.50 5.15 7.75 – 8.80

Sept-22 4.50 5.65 7.75 – 8.80

Oct-22 4.50 6.15 7.75 – 8.80

Nov-22 4.50 6.15 8.10 – 8.80

Dec-22 4.50 6.15 8.10 – 8.80

Jan-23 4.50 6.50 8.10 – 9.40

Feb-23 4.50 6.50 8.65 - 9.40

Mar-23 4.50 6.75 8.65 - 9.40

April-23 4.50 6.75 8.75-10.10

May-23 4.50 6.75 8.75-10.10

June-23 4.50 6.75 8.75-10.10

July-23 4.50 6.75 8.85-10.10

Source: Published Data
A. RBI continued to hold Repo rates at 6.50% from February. Consequently, Yields on 3-month maturity treasury bills moved from 6.74% in June to 6.70% in
July 2023. In the long-term interest rates, yields on 1-year maturity AAA corporate bonds moved from 7.48% to 7.61%. The weighted average base rate
remained at a 76-month high of 9.52%.
B. Interest rate tightening across the globe appears to be further slowing in July. Out of the 39 major central banks that are tracked, 12 central banks raised
interest rates compared to 16 last month. However, the average rate hike was 75bp compared to 52bp in June. This was due to a 690bp rise in Turkey, a 40bp
rise in Norway, and 30bp raise in the United Kingdom. Without these three the average rate hike was 20bp. BP stands for Basis Points 1/100th or 1%.
45
Shipping Freight Index
Baltic Dry Index (BDI) 2022-23 2023-24
Commodity Baltic Dry Index (BDI)

Month-Year Dry Bulk

4,100 July-22 2,077

3,650 Aug-22 1,412

Sept-22 1,487
3,200
Oct-22 1,814
2,750 Nov-22 1,299
Dec-22 1,453
2,300
Jan-23 909
1,850 Feb-23 658

1,400 Mar-23 1,410

Apr-23 1,493
950
May-23 1,416
500 June-23 1,080
Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar
July-23 1,040
A. In July 2023, the Baltic Dry Index decreased to 1,040 compared to 1,080 in the previous month. Source: Published Data
B. Dry bulk Index in July 2023 was about 50% lower than last year, 4% lower than the previous month, and 50% lower than the peaks witnessed in
the last 12 months.
C. Freight rates were impacted by lagging demand, excess inventories, and new vessel introduction. Global trade contraction and reduced consumer
spending also contributed.
D. A stronger second half of 2023 is expected as consumer spending and wages normalize, reducing inventories.

46
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