Metals Rate Review

1. VOLUME NO. 19 ISSUE NO. 47 NOVEMBER 22 - 28, 2021
I N D I A ’ S F I R S T N E W S P A P E R O N M E T A L S
Minerals & Metals
Review W E E K L Y
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Road map with enabling
policies needed for making
EV dream a reality
'Govt working towards
decarbonizing steel industry'
Increased logistical &
raw material costs posing
headwinds for corporates
Cu demand to grow on
economic recovery,
global energy transition
RAW
MATERIAL
TRENDS
Import prices for coal likely to remain elevated
BASE
METALS
WEEKLY
REVIEW
India Ratings and Research (Ind-Ra) has published
the October 2021 edition of its credit news digest on
India's coal sector. The report highlights the demand-
supply scenario, price trends, imports in both India
and China, encompassing non-coking coal and coking
coal, while also evaluating the impact of end-user
industries on India's coal sector. The report also covers
the recent updates on commercial coal mining.
Ind-Ra believes the coal import prices could sustain at
the current high levels due to limited downside risks
with no sharp corrections likely over the current quarter.
The prices shall be supported by a strong power
demand, driven by robust industrial activities, winter
demand, supply concerns in key exporting countries,
supply chain constraints and a continued strong steel
sector demand ex-China as against China curtailing
steel production over 2H21. Domestic coal offtake is
likely to increase in 3QFY22, primarily driven by
sustained high industrial activities, a higher share of
coal-based power generation, critically low coal
inventory levels and curtailed imports on sky-high
import prices.
However, if the COVID-19 infections resurge in China
or there is a slowdown in Chinese real estate demand
along with metal production cuts, the coal consumption
may slow down, leading to higher availability of coal and
thus, a softening of the prices.
Production and offtake to pick-up in 3QFY22
Coal offtake reduced 8.50% qoq in 2QFY22 (12.9% higher
yoy on a low base) as the pre-monsoon re-stocking is
generally done in 1Q. Also, as the contribution of
renewable sources of power having a must-run status
is generally higher in 1Q-2Q, the coal inventories up to
July 2021 were stocked accordingly by the power sector.
Metalsmostlygainamidcorrectionindollar
Shanghai nonferrous metals mostly closed with gains as
the US dollar index corrected as the recent labour report
indicated that the US economy keeps recovering.
Shanghai copper rose 2.41%, aluminium jumped 3.36%,
lead lost 0.7%, zinc added 0.97%, tin advanced 1.25%,
and nickel soared 3.9%. The most-traded copper closed up
2.41% or 1660 yuan/mt to 70510 yuan/mt, with open interest
up 4286 lots to 150000 lots.
On the macro front, US jobless claims last week has dropped
to the pre-pandemic level, indicating sustained recovery in
the labour market; the US dollar index declined 0.26% from a
16-month high on Thursday last upon the labour report.
Oil prices trended up slightly on Thursday, which once
plunged to a low in 6 weeks. The investors are eager to know
how much oil as national reserves will be released by leading
economies, and to what extent will such action ease global
crude oil supply shortage. The strong oil prices supported
intraday copper prices. The strong reality of low inventory
pushed up copper prices.
The most-traded aluminium closed up 3.36% or 625 yuan/
mt to 19205 yuan/mt, with open interest down 8779 lots
to 227450 lots.
The rise of aluminium prices was mainly triggered by a fire
accident of an aluminium smelter in Yunnan, which stopped
production completely with an annual capacity of 300,000
mt. The aluminium prices gained support amid tightening
supply. However, the downstream demand was in seasonal
low, and the continuously rising aluminium ingot inventory
will also suppress the growth potential of SHFE aluminium.
The SHFE tin closed up 1.25% or 3570 yuan/mt at
288320 yuan/mt, with open interest down 181 lots to
31417 lots. The most-traded nickel closed up 3.9% or
5540 yuan/mt to 147440 yuan/mt, with open interest
down 5587 lots to 94237 lots.
Note: Data / information found in our publications is
solely for informative & instructional purposes only, and
cannot be used to establish a physical contract with
another party.
We accept no liability for any financial gains or losses
that could result from the information reported in MMR.
All the published prices are indicative in nature.
'India'ssteeldemandmay
reach 160 mt by FY25'
The domestic steel consumption
is expected to touch the 160-
million tonne (MT) mark by the
financial year 2024-25, Union
Steel Minister Ram Chandra
Prasad Singh said.
He said this while chairing a
meeting of the Consultative
Committee of the Members of
Parliament for the Ministry of
Steel, held at the Narmada
district of Gujarat, the ministry
said in a statement.
During the financial year 2020-21,
the total finished steel
consumption in the country was
EU to limit metals scrap exports
tonon-OECDcountries
EU exports of waste, including
metals scrap, to non-OECD
countries may be restricted in a
move to create a robust and
integrated market for secondary
raw materials, in line with the
concepts of a circular economy, the
European Commission said.
That is geared to help the EU meet
its so-called 'Fit for 55' package of
legislative proposals to reduce
greenhouse emissions by 55% by
2030, as compared to 1990 levels,
the EC said.
Under a proposed revised
legislation on waste shipments
including steel and non-ferrous
Contd. on page 02
at 96.2 MT, and the same is
expected to reach about 160 MT
by 2024-25, and about 250 MT by
2030-31, the minister said.
"The government is continuously
making efforts to enhance the steel
production capacity and increase
its demand and usage of steel.
"The government's recently
announced Gati Shakti Master
Plan will complement the Rs 100-
lakh crore investment plan for
infrastructure development in the
next five years. It will further give
a boost to the steel usage in the
country," Singh said.
He added that steel has been
playing an important role in the
country's industrial
development, as it is the key
input for critical sectors such as
infrastructure, construction,
engineering and packaging,
automobile and defence.
Parliamentarians Janardan Singh
Sigriwal, Bidyut Baran Mahato,
Satish Chandra Dubey, Akhilesh
Prasad Singh and Chandra
Prakash Choudhary, along with
other senior ministry officials,
attended the meeting, the
ministry statement said.
scrap, EU scrap metal exports to
third countries will be allowable
only if they can manage these
sustainably, the EC said in a formal
communication on the subject to
the European Parliament, European
Council, the European Economic
and Social Committee and
Committee of the Regions.
Under the proposal, all EU
companies that export waste
outside the bloc should ensure
that the facilities receiving their
waste are subject to an
independent audit showing they
manage the waste in an
environmentally sound manner.
"The EC will rely on audits to be
conducted in third countries,"
EC Executive Vice-President Frans
Timmermans said.
EU is the world's largest exporter
of ferrous scrap. The region
exported 17.4 million mt of steel
scrap in 2020, as well as 1.6 million
mt of copper, aluminium and nickel
scrap and 0.1 million mt of precious
metals scrap, the EC said. The new
proposal falls short of a strict or
even blanket export ban on certain
types of steel and metals scrap
which had been feared by some
trade quarters and which could
possibly have distorted trade.

2. 2 Minerals & Metals Review
NOVEMBER 22 - 28, 2021
Increased logistical & raw material costs
posing headwinds for corporates
India Ratings and Research
(Ind-Ra) has maintained an
improving outlook on
corporates for 2HFY22, as it
expects the economic
recovery to gain further
traction in 2H, backed by the
fading impact of the COVID-
19 pandemic and favourable
financing and external
demand conditions. Entities
with a strong market share
and healthy balance sheet
will continue to show strong
earnings, although margin
may moderate. However,
sectors which consume
commodities will face
challenges in the complete
pass-through of input prices.
Ind-Ra's upgrade and
downgrade trend highlights
strong cash flows in
manufacturing and services
companies which have aided
them to improve credit
profiles by deleveraging and
reducing debt.
Structural shifts across
sectors: Ind-Ra opines that
most sectors would continue
to witness a surge in demand
post the second covid wave as
they were better prepared than
during the first wave. The fiscal
and monetary measures have
backed economic activities by
maintaining adequate liquidity.
The entities have learnt to make
quick structural changes after
the first covid wave and are
now better poised to face
challenges if subsequent covid
waves appear. Furthermore,
Ind-Ra expects the Production-
linked Incentive scheme in
PERSPECTIVE
'Regulator to check steel
prices required'
The PHD Chamber of Commerce
and Industry (PHDCCI) requested
the government to have a regulator
to check rising steel prices.
Anil Kumar Chaudhary, chairman
of the PHDCCI's metals and
minerals committee, made the
request during his address at a
session organised by PHDCCI to
discuss the issues faced by the
stakeholders of the industry.
Speaking at the session, where
Minister of State for Steel Faggan
Singh Kulaste was the chief guest,
he said micro, small and medium
enterprises (MSMEs) of the steel
industry are facing various issues
today and high prices of steel is a
major one.
"I suggest and request for a
regulator for the sector that can
check and regulate the issues
POLICY UPDATE
AD duty on steel from
Singapore, Cambodia
The Finance Ministry has imposed
anti-dumping duty on steel and
fibreglass measuring tapes
imported from Singapore and
Cambodia.
This follows the Designated
Authority in the Directorate General
of Trade Remedies (DGTR),
concluding a circumvention in the
anti-dumping duty imposed on such
tapes originating from China. The
Designated Authority had, in
September2021,initsfinalfindings,
recommendedthesamelevelofanti-
dumping duty as applicable for such
tapes imported from China be
applied for those imported from
Singapore and Cambodia.
Accordingly, the revenue
department has now imposed an
specialty steel to lead to large
capex announcements by both
large and small steel companies.
Volatile commodity prices could
pose challenges to economic
recovery: Ind-Ra observes that
since the second covid wave,
especially during 2QFY22, the
risk appetite in system has
reasonably improved. This has
largely been driven by the
strong corporate performance,
buoyant external condition and
sustained ultra-loose monetary
policy conditions. Ind-Ra
expects that the financing
condition to remain conducive
in 2HFY22, backed by the easy
money conditions. The agency
believes that easy money is a
precursor for corporate capex,
especially in the aftermath of
crisis. However, owing to the
tepid domestic demand, large
capex activities are still not
visible, barring a few pockets.
The effect of an ultra-loose
monetary policy across the
globe coupled with an
unprecedented counter cyclical
fiscal has pushed global
commodity prices at a multi-year
high. The initial sign of high
commodity prices is visible in
the inflation print of various
countries, including India.
Ind-Ra expects continued high
commodity prices to boost
demand for working capital loans
in 2HFY22, therefore, demand for
short-term funding could go up.
Sustained high commodity
prices and looming risk of
supply-side disruptions: Ind-
Ra expects the sustained pace
of rising commodity prices could
pose challenges for the financial
market, by way of abrupt
volatility in key commodity
prices such as crude oil.
Additionally, elevated
commodity prices in the medium
term could hurt household
demand, unless compensated
by higher real income growth.
The agency expects commodity-
consuming sectors to face
challenges in the complete pass-
through of input costs, leading
to a moderation in margins.
Liquidity overhang continues
to aid NBFCs & HFCs: Ind-
Ra believes that non-bank
finance companies (NBFCs)
and housing finance
companies (HFCs) could
witness growth of 10% yoy in
assets under management in
2HFY22 with a weakening of
disbursements. The agency
estimates gross non-
performing assets for NBFCs to
increase to 7.3% in FY22 from
6.8% in1QFY22 and for HFCs
to rise to 3.8% from 3.6%. Ind-
Ra believes that diversification
in product lines supported by a
wider product basket will be key
for NBFCs and HFCs to sustain
loan growth in a cyclical
downturn. HFCs continue to
see a demand uptick due to
higher consumer affordability,
backed by stamp duty cuts in
few states, lower interest rates
and reverse migration.
including prices in the sector,"
he said.
Besides prices, MSMEs also face
issues like timely availability of raw
materials and its transportation,
Chaudhary said.
All these issues have a cascading
effect on the growth and
performance of the smaller
companies that have financial
commitments with banks and
customers, he said.
In his address, the minister assured
government support to address the
issues being faced by the steel
MSMEs and invited suggestions
from the stakeholders on the same.
On the suggestion of having a
regulator for prices, Kulaste
without assuring any substantial
solution said "there can be a
discussion on it".
anti-dumping duty of $1.83 per kg
has been imposed on steel
measuring tapes from Singapore
and Cambodia. For fibreglass
measuring tapes, the anti-dumping
duty has been pegged at $ 2.56 per
kilogram in the case of imports from
Singapore and Cambodia.
The revenue department has also
specified that the anti-dumping
duty will be co-terminus with the
anti-dumping duty already in
place for such tapes imported
from China. It may be recalled that
the Finance Ministry had in July
last year imposed definitive anti-
dumping duty on steel and fibre
glass measuring tapes from
China. This duty is to be valid till
July 2025.
Import prices for coal likely to remain elevated
Contd. from page 01
However, an unprecedented
increase in the power demand
over August and September 2021
on the back of robust industrial
activities led to steady drying-
up of inventories at power
stations. On the other hand,
adequate incremental supplies
could not be arranged in a short
span as the production levels
could only sustain until 2QFY22
(0.47% qoq and 13.4% yoy
higher), despite operational
challenges during the monsoons.
With the monsoon season over,
the production volumes are likely
to pick up qoq in 3QFY22, thus
increasing domestic coal supply.
Furthermore, multiple efforts by
the Ministry including augmenting
supplies from captive coal mines,
offloading additional inventories,
and temporarily diverting coal for
non-power sectors to the power
sector shall offer some respite amid
the prevailing coal crisis. With
increased coal availability, the
offtake is likely to go up qoq as the
increased power demand is likely
to sustain.
Surged thermal
coal import prices
Import prices for Indonesian-
origin thermal coal, primarily
consumed in the power sector,
continued to surge by 105%
during June to October 2021
(higher by around 375% yoy) on
a sustained high demand from
China, which is grappling with an
acute coal shortage and
continued supply concerns
regarding heavy rainfall in
Indonesia. While the onset of the
monsoon season in Indonesia
and priority to domestic demand
obligations shall partially support
prices on persistent supply
concerns, as China's domestic
supply increases with additional
coal mines commencing
production and increased focus
on thermal coal production over
coking coal, import demand may
subside leading to a softening of
the import prices.
South Africa-origin thermal coal
prices, primarily used in sponge
iron manufacturing in the steel
sector, followed a similar trend on
continued supply disruptions in
the transportation services to the
RCBT port in South Africa, limited
cargo availability, limited stocks on
Indian ports and a sustained high
export demand on winter re-
stocking needs. Nevertheless, a
16%-18% yoy correction in South
Africa-origin thermal coal prices
was seen over the last 15 days in
October 2021 as natural gas (a
substitute) supplies were
increased, Indian sponge iron units
deferred imports at such high rates
along with multiple efforts from the
Indian government towards
increasing domestic supplies. As
the supply and logistics improve
post the second covid wave in
South Africa, the prices are likely
to correct further. Nevertheless, a
sustained steel sector demand in
India amid China curtailing steel
production in 2H21 is likely to limit
the downside risks.
Transition to green
energy on track: Puri
India's Minister of Petroleum and
Natural Gas & Housing and Urban
Affairs, Hardeep Singh Puri said
that India is on track with its
transition from a fossil-fuel-based
to a green economy.
Interacting with media in the India
Pavilion at EXPO2020, the minister
said, "What is happening in India
is truly remarkable. In the coming
decades, the transition from a
fossil-fuel-based economy to a
green economy will come from
within the existing structure and the
oil companies will facilitate that."
Puri also inaugurated the Ministry
of Petroleum and Natural Gas
section of the India pavilion at
EXPO2020, and invited the Gulf
Cooperation Council (GCC)
countries and others to invest and
participate in this transition.
The minister said that the
country's strategic relationship
with the UAE is very important,
adding that the real growth will
now come from India. "If there is
opportunity in the world, it is in
India. We are extending an open
invitation to everyone operating
in the oil and gas sector to come
to India. The transition from fossil-
fuel to green energy has to be
organised in a way that, it is a win-
win for all," he added.
The minister said that India is
moving ahead with its plans on bio-
fuel and green energy, and added
that, "In 2014, when Narendra
Modi became Prime Minister, only
1% or less than 1% of ethanol
blending was taking place."
"Today we are already at 8.5%
and I am sure that the 2030 target
for 20% ethanol blending, which
we have now brought forward to
2025, would lead to 20% blended
fuel being available at the pump,
I think from January 2023,"
Puri said.

3. 3
FERROUS BITS
JSW in Dow Jones Sustainability Index
JSW Steel, the flagship company of the diversified US$ 13 billion
JSW Group announced that it has been selected in the S&P Dow
Jones Sustainability Index (DJSI) for the Emerging Markets for
2021. JSW Steel is one of the 15 companies from India and one
amongst only three steel companies from Emerging Markets that
have made it to the DJSI EM Index which comprises 108 companies
globally. The company has progressively improved its score
across the three domains of Environment, Social and Governance.
DJSI is the gold standard for corporate sustainability and is highly
regarded by global investors, fund managers, and financial
analysts looking at ESG based investments. With a steel-making
capacity of 27 million tonnes per annum (MTPA) in India & the
USA, including capacities under joint control, JSW Steel has
participated in the Corporate Sustainability Assessment
conducted by the Dow Jones Sustainability Index. As a
responsible corporate citizen, JSW Steel's carbon reduction goals
are aligned to India's Climate Change commitments under the
Paris Accord.
RHI Magnesita to invest Rs 400 cr in India
Vienna-based RHI Magnesita is planning to invest Rs 400 crore
in India to expand its refractory making capacity, its Global CEO
Stefan Borgas said. At present, the company produces 1.42 lakh
tonne (LT) refractory material at three plants located at Bhiwadi,
Visakhapatnam and Cuttack, he told PTI during an interaction.
Without sharing any timeline, Borgas said, "The company plans
to double its capacity to 2.8 LT. We will make Rs 400 crore Capex
investment to expand India production capacity". He further said
a research and development (R&D) centre was inaugurated at
Bhiwadi on Tuesday. This is the fifth R&D facility in the company's
global network after Leoben (Austria), Contagem (Brazil), Dalian
(China) and York (United States), the CEO said. "The R&D centre
in India is part of our efforts to make India an R&D and
manufacturing hub for India, Middle East, Africa region," he said.
The investments will be made through its Indian listed entity RHI
Magnesita India, Borgas added. Parmod Sagar, MD and CEO of
RHI Magnesita India, said, "The centre will help us to better
understand the local market needs and to react faster to customer
requirements". It will work closely with the company's global R&D
network for local raw materials development, provide solutions
support for customer's performance improvement projects and
support local manufacturing in the three plants in India, he noted.
SAIL supplies steel for Purvanchal Exp
Steel Authority of India Ltd (SAIL) said it has supplied around
50,000 tonne of steel for the Purvanchal Expressway in Uttar
Pradesh. Prime Minister Narendra Modi on Tuesday last
inaugurated the 341-km-long Purvanchal Expressway, which
connects Lucknow to Ghazipur in eastern Uttar Pradesh. In a
statement, the state-owned steel maker said it has "supplied 48,200
tonne of steel for the Purvanchal Expressway, which has been
inaugurated by Prime Minister Narendra Modi". The total
products supplied for the project were TMT Bars, structurals and
plates, it said. The statement added that the expressway will
substantially improve the road connectivity among several
districts of Uttar Pradesh. The company earlier supplied steel for
projects like Eastern and Western Peripheral Expressways, Atal
Tunnel, Bogibeel and Dhola Sadiya bridges. SAIL, under the
Ministry of Steel, is the country's largest steel-making company
having an annual capacity of over 21 million tonnes (MT).
China Baowu unveils global alliance
China Baowu Steel Group has set up a Global Low-Carbon
Metallurgical Innovation Alliance with partners to tackle climate
change and cut greenhouse emissions in the world's biggest steel
producer, it said on Thursday last. The more-than 60 members from
15 countries include ArcelorMittal, BHP Group, Rio Tinto, Vale,
Fortescue Metals Group, Tata Steel , Thyssenkrupp, Angang Group,
HBIS Group and Shagang Group, Baowu said at an inaugural
ceremony in Shanghai. "For now, it's hard for any steel firm to
realize low-carbon transition on their own," said Baowu Vice General
Manager Hou Angui at the event. Hou was also named secretary
general of the alliance. The alliance hopes to advance technological
cooperation, and promote engineering and industrialization of low-
carbon techniques, according to Baowu. "There are many ways to
reach carbon neutrality in the steel sector," He Wenbo, executive
chairman of the China Iron and Steel Association told the forum.
"But the fundamental solution lies in technology," he said, adding
a plan to implement carbon neutrality in China's steel sector had
mostly been finalised and would be issued soon.
Minerals & Metals Review
NOVEMBER 22 - 28, 2021
'Govt working towards
decarbonizing steel industry'
PHD Chamber of Commerce &
Industry organized an
Interactive Session with Mr
Faggan Singh Kulaste, Minister
of State for Steel & Rural
Development, Government of
India on 17 November, 2021.
Minister Kulaste in his address
informed that a vibrant domestic
steel industry was important for
a developing economy like India
as it was a critical input across
major sectors such as
construction, infrastructure,
automotive, capital goods,
defence, rail etc.
The Indian steel industry has
entered into a new development
stage, post deregulation, riding
high on the resurgent economy
and rising demand for steel. With
continuous support from the
Ministry of Steel, rapid rise in
production has resulted in India
becoming the 2nd largest
producer of crude steel during
last three years. India holds a fair
advantage in production and
conversion costs in steel and
alumina. Its strategic location
enables export opportunities to
develop as well as fast-
developing Asian markets.
China's steel output in early Nov down 20% y-o-y
China's daily crude steel output
in early November was 20% lower
year on year, to be slightly above
October's average, according to
China Iron & Steel Association.
Industry sources expected China's
steel production to remain low
through November-December, but
said it may rebound in early 2022
after steelmakers complete
mandatory output cuts by the end
of December.
CISA estimated China's daily
crude steel output over Nov. 1-
10 averaged 2.343 million mt/day,
up 1.5% from October but still
the second lowest level since
March 2018.
Besides weak steel demand,
China's mandatory requirements
to keep 2021 steel output within
2020 levels were the major reason
behind low steel production.
Steel mills in northern China,
Supplies of scrap steel in China are
expected to be about 338 million
metric tonne by 2025, which will
significantly promote the
development of electric arc
furnace-based steelmaking in the
country, according to a senior
industry expert.
Li Xinchuang, chief engineer and
Party secretary of the Beijing-
based China Metallurgical
Industry Planning and Research
Institute, made the remarks at a
recent forum the institute held in
Beijingonrawmaterialsforthesteel
industry in China.
As China aims to peak carbon
China's scrap steel to contribute to lower-carbon output
He enumerated that considering
that the steel sector is pivotal for
India due to employment
generation potential and
economic growth, our
Government is leaving no stone
unturned and has brought
progressive policies like PLI
scheme for Specialty Steel and
reforms in Mining sector to
further give a boost to the Steel
sector. Various schemes being
spearheaded by PM Narendra
Modi like Gatishakti, Vocal for
Local. Made in India, National
Infra Pipeline, are going to give
further phillip to the sector. The
Ministry of steel is also focusing
on digital technology, safety for
workers and decarbonisation to
usher in better productivity
and sustainability.
Pradeep Multani, President,
PHDCCI, expressed his gratitude
to Hon'ble Minister for
accepting PHDCCI's invitation
and informed that industry
wanted Ease of Doing Business,
low cost of doing business and
level playing field like other major
countries to become a world
leader in any sector.
The Opening Remarks at the
session were given by Rakesh
Gupta, Chair, Parliamentary
Forum who introduced about the
Parliamentary forum and the
significance of steel sector for
MSMEs. He requested the
Hon'ble Minister that
profiteering by steel companies
needed to be checked.
Anil Chaudhary, Chairman,
Minerals & Metals Committee,
gave a brief about the potential
of steel sector & goals of
National Steel Policy 2017. He
appealed the Minister to
consider creation of a Regulatory
body for Steel sector.
Pradeep Agrawal, Co-Chair,
Parliamentary Forum, said
though the Steel industry and
the rest of the world was
grappling with certain
challenges, a push from the
government and the adoption of
emerging technologies would
enable India to become a
USD 5 trillion economy in the
next 5 years.
Saket Dalmia, VP, PHDCCI,
delivered the Vote of Thanks. Dr
Yogesh Srivastav, Asst Secretary
General, PHDCCI, moderated
the Session.
especially in the Hebei province,
will continue to conduct winter
steel output cuts over January-
March 2022, but other parts of
China could be allowed to ramp
up production to at least the level
of a year ago.
Hebei has pledged to keep its
crude steel output from Jan. 1 to
March 15 at 70% of the level
seen in the same period of 2021.
Output at that level during those
three months, if realized, would
be higher than the current level.
According to sources, average
blast furnace utilization rates in
Hebei's Tangshan and Handan
cities, two major steelmaking
hubs in China, were at below
65% and 70%, respectively, as
of mid-November.
Meanwhile, oversupply
concerns have emerged amid
expectations of soft end-user
demand in Q1 2022.
Market sources said while property
construction was likely to
deteriorate in Q1 2022 due to poor
home sales and land purchases in
2021, steel production on the
contrary may increase.
Some sources said both traders
and end-users were not
interested in restocking, as steel
market may continue trending
downwards amid oversupply in
the first quarter of 2022.
Although daily crude steel
output in early November was
almost 20% lower on year,
combined finished steel
inventories at steel mills and
spot markets monitored by
CISA, as of Nov. 10, were still
0.1% higher on year at 22.91
million mt, indicating dip in steel
demand still outstripped that
in production.
dioxide emissions by 2030 and
realize carbon neutrality by 2060,
production technologies with lower
carbon emissions, such as electric
arc furnace-based steelmaking, will
be greatly promoted, according to
Li,whoisalsoaforeignacademician
of the Russian Academy of
Natural Sciences.
Partly due to stressed scrape steel
supplies, electric arc furnace-
based steelmaking costs are higher
than blast furnace-based steel
production in China. In 2020,
electric arc furnace steel only
accounted for about 10 percent of
China's total output, while
worldwide the figure was 30
percent, and in the United States,
about 70 percent.
In 2017, the country's production
capacity of substandard steel,
about 140 million tons, was
completely banned, which led to
significant increases in scrap steel
resources, he said.
From 2018 to 2020, as China's steel
reserves continued to rise, the
supplies of scrap steel also
increased steadily, with annual
growth of about 20 million tonne.
In 2020, statistically feasible
supplies of scrap steel in China
achieved about 260 million tonne.

4. 4 Minerals & Metals Review
NOVEMBER 22 - 28, 2021
SOLARUPDATE
Europe's distributed solar, storage
marketpresentsscopefornewinvestors
Europe's distributed solar and
storage market presents
opportunities for a new class of
investors from the non-
traditional power segment, says
Wood Mackenzie, a Verisk
business (Nasdaq: VRSK).
Europe is moving quickly to
decarbonise its power sector, with
over 124 gigawatts (GW) of gas,
coal and nuclear capacity expected
to be displaced by 2030, and most
EU member states are looking to
increase their solar uptake.
New research from Wood
Mackenzie, confirms that strong
policy targets and carbon
mandates will support robust
solar deployment as costs
continue to decline.
Photovoltaics' (PV) share in
Europe's power supply will reach
around 30% by 2030, passing 450
GW capacity through sector
expansion and evolution across
the continent, while the global
race to net zero gathers pace.
The global consultancy forecasts
Germany and Spain will drive
deployment, installing around 56
GW and 33 GW from 2020 to 2030,
respectively; followed by France,
PTCIndiabagsordersfromBEE
PTC India said it has bagged
orders from the Bureau of
Energy Efficiency (BEE) and
has also won consultancy
assignments from Belgavi
Smart City Limited and Energy
Efficiency Services Limited.
PTC India Limited, has got
orders from BEE for their
flagship Perform Achieve &
Trade (PAT) scheme in eight
states / UTs, the leading
power trading solutions &
consulting services provider
said in a statement.
Further, it stated that the company
has won consultancy
assignments on project
management & impact assessment
of energy efficiency projects from
POWER WATCH
Finance Minister Nirmala
Sitharaman asked India Inc to
seize the opportunities
presented by Aatmanirbhar
Bharat and be a "lot more risk
taking and create capacity"
to bring more dynamism to
the economy.
Simultaneously, the government
stepped up its privatisation
effort, with DIPAM Secretary
Tuhin Kant Pandey stating at the
CII Global Economic Policy
Summit 2021 that financial bids
for privatising as many as six
CPSEs (BEML, Shipping
Corporation, PawanHans,
Central Electronics, NINL)
would be invited by January.
"I appeal to the industry not to
further delay increasing
capacity, not to further delay
looking at areas to partner in
technology," said the
Finance Minister, addressing
the Summit.
Sitharaman exhorted the
industry to seize the
opportunities presented by
Aatmanirbhar Bharat, ramp up
capacities, create job
opportunities and empower
Takemorerisks,addcapacitiesto
boosteconomy:FMtellsIndiaInc
ECONOMY
Italy and Netherlands with more
than 20 GW this decade.
Wood Mackenzie research
analyst for solar, Daniel Tipping,
said: "There are enormous
opportunities for non-traditional
power market participants at a
time when the sector is evolving.
Green hydrogen policy
developments could also
incentivise further solar PV
deployment with the EU looking
to install 40 GW of renewable
electrolyser capacity by 2030,
while hybrid technology auctions
across the continent should also
boost solar storage deployment.
"Each market has its own
unique challenges, from
competition, to planning, to
grid saturation. Meanwhile,
solar PV business models are
becoming more complex."
Governments will need to ensure
policy support is not cut hastily
and retroactively, as has occurred
in Ukraine, which could hamper
further industry investment.
While falling costs and rising
power prices should support
deployment, Europe's rooftop
solar potential is still relatively
untapped. Further policy
pledges would help investment
- France and Germany recently
mandated solar installation for
specific newbuilds.
Wood Mackenzie remains bullish
on its distributed storage market
outlook, with massive pairing
potential expected to rise with
increased solar uptake. Asset
owner diversification is expected
to increase in residential and
non-residential storage
segments, unlocking a 40-GWh
(gigawatt-hour) market and 12x
market growth in this decade.
Lead analyst for energy storage,
Anna Darmani, said: "With
distributed solar market passing
128 GW by 2026, Europe's
residential and non-residential
storage segments will grow
significantly. Investments
outside cramped markets such as
Germany, Italy, UK, will unlock
14 GWh of distributed storage
demand by 2030."
Investing at the right time to take
advantage of short-term policies
and incentives has made
storage's economics favourable
in some European countries.
people with skill-sets. She
asked India Inc to venture into
new areas, find partners to
upgrade technologically, invest
in infrastructure and turn
growth-oriented. "The
government's intention is to
make the business landscape
easy and facilitative,"
she added.
The Minister asked the industry
to offer jobs to reduce income
disparity. She asked corporates
to cut down on importing
finished goods and instead
ramp up investments in
manufacturing. "At a time when
India is looking at impetus to
growth, I want the industry to
be a lot more risk-taking and
understand what India wants,"
she said.
The FM stressed that the spike
in consumer spending suggests
not just pent up demand, but
also that life is getting back to
normal after a crisis of
unprecedented scale.
The Finance Minister outlined
some of the priority areas for the
government, including building
t e c h n o l o g y - d r i v e n
infrastructure. She added that
Rs.5.5-lakh crore has been
allocated for infrastructure with
134 per cent increase for the
health segment.
"Fintech and BharatNet are
reaching the farthest corners of
the country which present
collateral benefits for growth.
Start-ups and new age technology
will make a big difference to the
economy," she said.
In his remarks, Economic Affairs
Secretary Ajay Seth said the
past 5-7 years have seen pivotal
changes in economic thinking,
with more reforms, removal of
frictions and cleaning up of
processes to fuel India's future.
BelgaviSmartCityLimited(BSCL)
and Energy Efficiency Services
Limited(EESL).
The assignments are valued at
Rs 6.2 crore.
The consulting business of
PTC is growing at a compound
annual growth rate (CAGR) of
more than 40 per cent for the
last four years and the
cumulative order book value
stands at around Rs 221 crore
for the same period.
PTC presently offers consulting
services in the areas of Energy
Management Solutions,
Distribution Management
Solutions, Transmission
Advisory, Regulatory and Open
Access consultancy, etc.
Metals & mining companies report record earnings in H1 of FY22
Metals and mining companies
earned a windfall thanks to the
high prices of industrial metals
and ores in the first half of
financial year 2021-22 (H1FY22),
with listed firms in the space
reporting all-time high net
profits of nearly Rs 82,500 crore,
a stellar jump from Rs 6,000
crore in H1FY21 and Rs 58,700
crore in H2FY21.
Thanks to this, metals and
mining companies accounted
for a fifth of India Inc's
combined net profit in H1, up
from 4.2 per cent in H1FY21 and
more than double the 10-year
average of 9.5 per cent.
However, the companies
accounted for only 10.8 per cent
of the combined net sales of all
listed firms, just a notch above
their 10-year average of around
9.2 per cent.
In comparison, all 4,166 listed
companies whose numbers were
available reported a combined
net profit of Rs 4.1 trillion in
H1FY22, up 185 per cent from Rs
1.44 trillion in the H1FY21.
The combined net sales of the
202 metals and mining companies
in the Business Standard sample
jumped 66.7 per cent year-on-year
(YoY) in H1FY22 to Rs 5.54 trillion
from Rs 3.32 trillion in H1FY21.
In the same period, the combined
net sales of all listed companies
rose 32.7 per cent YoY to Rs 51.1
trillion from Rs 38.55 trillion
MININGUPDATE
in H1FY21.
The biggest jump in earnings
was reported by integrated steel
producers like Tata Steel, JSW
Steel, and Steel Authority of
India (SAIL). The combined net
profit of listed iron and steel
producers was a record Rs
53,100 crore in H1FY22, against
a net loss of Rs 2,077 crore in
H1FY21 and net profit of Rs
30,780 crore in H2FY21.
The steel makers' combined net
sales rose 76.3 per cent YoY in
H1FY22 to Rs 3.24 trillion from
Rs 1.84 trillion in H1FY21. The
numbers also suggest that
metals and mining companies
now have greater pricing power
than in the previous metals bull-
run that ended in 2011.
This shows in the sharp rise in
operating margins over the past
18 months, despite a fairly
benign cost environment for
metals producers. This is
especially true for steel makers,
who reported their best-ever
core operating margins of
25.4 per cent of net sales in
H1FY22, more than double the
10.7 per cent a year ago.
The industry's overall
operating or Ebitda (earnings
before interest, taxes,
depreciation, and amortisation)
margin reached a record high of
26.2 per cent in H1FY22, up from
15.8 per cent in H1FY21 and
24.3 per cent in H2FY21. The
core operating margins, which
excludes other income, grew
even faster. Core operating
profit rose nearly 1,150 basis
points (bps) from 12.3 per cent
of net sales in H1FY21 to 23.7
per cent of net sales in H1FY22.
In comparison, metals and mining
companies' input costs to net sales
ratio, including raw materials and
power and fuel costs, declined 60
bps in the last year. Every Rs 100
worth of metals and ores consumed
Rs 46.4 worth of raw materials and
energy in H1FY22, down from
Rs 47 in H1FY21.

5. MMR Landed Prices is a neutral pricing mechanism for the domestic market. Currently, this has been
developed for copper products, aluminium, lead and zinc. These prices are derived from LME Rates and
take into account premia on CIF, all forms of levies (duties, taxes, cess) and other costs.
MMR Landed Prices = CIF Value + Levies + Other Costs
MMR Landed Prices provide a realistic estimate of landed costs of imports and as such, are comparable
with domestic producer prices. Details on the calculation of MMR Landed Prices can be found in the
explanatory notes alongside. For the convenience of users, two sets of prices, including and exclud-
ing GST, have been provided.
We urge readers to use MMR Landed Prices as a barometer of domestic prices, just as LME
rates are synonymous with international prices.
Explanatory Notes
* MMR Landed Prices are expressed per tonne and are rounded off to the nearest Rupee.*The duty
structure and the premia used is shown in the table below. * Notional landing charges (1% of CIF) have
been taken into account .*Other costs like wharfage, terminal handling charges and bank charges have
been taken as Rs.2,850 per tonne.
*Premium on Levies (%)
CIF ($/tonne) BCD Cess GST Total
Copper Cathode 60 5 3 18 24.08
Copper CC Rods 180 5 3 18 24.08
Zinc 160 5 3 18 24.08
Lead 90 5 3 18 24.08
*Aluminium 115 7.5 3 18 27.12
*Aluminium: IAP as specific by Vendata Ltd on there website w.e.f 21/04/2017
BCD=Basic Customs Duty, GST=Goods & Service Tax, Cess = Education Cess
MMR Landed Prices v/s Producer Prices
Non-ferrous Metals: MMR Landed Prices
London Metal Exchange Prices
NYMEX, COMEX Stocks
(troy ounces)
As on As on
11 Feb 2019 14 Feb 2019
Copper * ............................................. 165,448 ..........................................162,190
Aluminium* ............................................. 7,715 .............................................. 7,489
Zinc* ........................................................ 3,053 .............................................. 3,028
Gold ..................................................8,101,421 ...................................... 8,101,521
Silver............................................ 289,313,984 .................................. 289,267,270
Palladium ............................................. 18,165 ............................................ 18,165
Platinum ............................................... 63,136 ............................................ 63,335
* In tonnes (1 Troy Oz = 31.104 gms)
Minor & Precious Metal Prices
LME Settlement Rates ($/tonne)
AluminiumHG
CopperGradeA
Note: lb: pound; tr.oz: troy ounce
Minerals & Metals Review
NOVEMBER 22 - 28, 2021 5
November 2021 Average
Week Oct.
15 16 17 18 19 ended 2021
19/11/2021
LME Prices ($/tonne)
Copper Grade A 9845.00 9680.00 9495.00 9450.00 9620.50 9618.10 9778.50
Zinc SHG 3266.00 3213.00 3250.00 3202.00 3215.00 3229.20 3370.14
Lead 2389.00 2344.00 2281.50 2239.00 2230.00 2296.70 2339.45
Aluminium HG 2678.00 2628.50 2628.00 2607.50 2661.00 2640.60 2955.17
MMR Landed Prices (Incl. GST in Rs./tonne)
Copper Cathodes 912,038 895,371 877,521 873,529 889,098 889,511 911,870
Copper CC Rods 921,194 904,511 886,651 882,661 898,230 898,649 921,085
Zinc SHG 316,986 311,595 314,641 310,300 311,487 313,002 328,668
Lead 230,278 225,769 219,824 215,972 215,150 221,399 227,193
Aluminium Ingots 267,809 262,668 262,342 260,441 265,494 263,751 295,964
MMR Landed Prices (Excl. GST in Rs./tonne)
Copper Cathodes 772,289 758,185 743,080 739,702 752,877 753,227 772,147
Copper CC Rods 780,037 765,920 750,806 747,429 760,604 760,959 779,945
Zinc SHG 268,746 264,184 266,762 263,088 264,093 265,375 278,632
Lead 195,373 191,557 186,526 183,266 182,571 187,859 192,762
Aluminium Ingots 219,702 215,495 215,229 213,673 217,807 216,381 242,736
Exchange Rates (Rs./$)
Bank Rate (Selling) 74.50 74.37 74.29 74.30 74.30 74.35 74.97
Averages for week ended 19th November’ 2021
(excl. GST in Rs./tonne)
Product Producer MMR Landed
Price Price
Copper Cathodes ................................................................................. - ....................... 753,227
Copper CC Rods .................................................................................. - ....................... 760,959
Zinc SHG.............................................................................................. - ....................... 265,375
Lead .................................................................................................... - ....................... 187,859
Aluminium ........................................................................................... - ....................... 216,381
*Copper Products:HCL, Zinc SHG & Lead (ExSmelter):HZL,Aluminium: NALCO
Unit 19-Nov-2021
Antimony (min. 99.65%) ..................................$/tonne ............................................. 13,500.00
Bismuth ............................................................$/lb ............................................................. 4.10
Cadmium (min. 99.95%) ..................................cent/lb .................................................... 122.00
Cadmium (min. 99.99%) ..................................cent/lb .................................................... 122.00
Cobalt (min. 99.8%) ......................................... $/lb ........................................................... 26.95
Chromium (min. 99%) ...................................... $/tonne .................................................. 10,550
Gold (London) ..................................................$/tr oz ................................................. 1,785.70
Germanium Dioxide ...........................................$/kg ........................................................ 890.00
Indium ..............................................................$/kg ........................................................ 285.00
Iridium (min. 99.9%) .........................................$/tr oz .................................................... 242.00
Magnesium (min. 99.9%) ................................. $/tonne ............................................... 8,000.00
Manganese flake (min. 99.7%) .......................... $/tonne ............................................... 7,300.00
Mercury ............................................................$/flask ................................................. 2,400.00
Molybdenum Molybdic Oxide ............................ $/lb ........................................................... 19.70
Palladium (min. 99.9%) .....................................$/tr oz ................................................. 1,965.00
Platinum (min. 99.9%) ......................................$/tr oz .................................................... 995.00
Rhodium (min. 99.9%) .....................................$/tr oz ............................................... 14,300.00
Ruthenium (min. 99.9%) ..................................$/tr oz .................................................... 675.00
Selenium ...........................................................$/lb ........................................................... 11.00
Silver (London) .................................................$/tr oz ...................................................... 22.88
Silicon .............................................................. $/tonne ............................................... 8,650.00
Tungsten ..........................................................$/mtu ..................................................... 320.00
Vanadium Pentoxide,min 98%V,($/Ib V205) ......$/mtu ........................................................... 8.5
Ferro Chrome (HC 6-8.5% C basis 60-70% Cr ...$/lb (European) .......................................... 1.80
November AluminiumHG Copper(A) ZincSHG Lead TinHG Nickel Al. Alloy
2021 Sett 3m Sett 3m Sett 3m Sett 3m Sett 3m Sett 3m Sett 3m
Daily LME Rates ($/tonne)
08 2530.50 2558.00 9885.00 9540.00 3274.50 3228.50 2390.00 2355.5038800.0037500.0019625.0019575.00 2514.00 2500.00
09 2582.00 2601.0010002.00 9660.00 3338.00 3293.00 2399.00 2372.0038600.0037450.0019720.0019635.00 2513.00 2500.00
10 2554.00 2575.00 9791.00 9570.00 3305.00 3284.00 2350.00 2325.0038750.0037350.0019635.0019550.00 2513.00 2500.00
11 2645.50 2655.50 9850.00 9630.00 3315.00 3294.00 2386.00 2355.5039150.0037800.0019850.0019715.00 2512.00 2500.00
12 2392.00 2354.00 9854.50 9617.00 3270.00 3250.00 2392.00 2354.0039250.0037900.0019950.0019750.00 2462.00 2450.00
15 2678.00 2678.00 9845.00 9732.00 3266.00 3256.00 2389.00 2356.0038950.0037800.0019950.0019800.00 2461.00 2450.00
16 2628.50 2628.00 9680.00 9650.00 3213.00 3197.50 2344.00 2325.0038900.0037455.0019675.0019550.00 2410.00 2400.00
17 2628.00 2622.00 9495.00 9495.00 3250.00 3215.00 2281.00 2282.0039100.0037850.0019575.0019460.00 2409.00 2400.00
18 2607.50 2596.00 9450.00 9410.00 3202.00 3161.00 2239.00 2239.0039700.0038505.0019295.0019200.00 2408.00 2400.00
19 2661.00 2644.00 9620.50 9545.00 3215.00 3180.00 2230.00 2222.0039750.0038500.0019980.0019835.00 - -
LME Averages ($/tonne)
Oct.2021 2955.17 2970.00 9778.50 9635.64 3370.14 3341.57 2339.45 2297.3337962.3836566.6719420.2419363.10 2695.71 2673.81
Oct.2020 1802.82 1819.84 6702.77 6716.30 2441.55 2458.41 1777.07 1793.5218154.0918152.2315219.3615258.77 1519.89 1555.14
LME Month-end Stocks (tonnes)
Aluminium HG Copper Grade A Zinc SHG Lead Tin HG Nickel Al Alloy
Oct 2021 10,42,800 1,40,175 1,97,400 55,100 6,80 1,43,022 1,820
Oct 2020 14,62,925 1,71,300 2,19,925 1,25,800 4,555 2,19,925 5,560
Oct 2019 9,68,505 2,72,061 61,341 69,259 6,642 9,877 6,054
$/tonne
CopperCathodes
(per tonne in excl. GST)

6. Domestic Prices :
Ex. Kalamboli
Mandi Gobindgarh
Open Market Rates of Finished products
PRIMARY MATERIAL & SEMI-FINISHED PRODUCTS
(Open market rates of rerollables)
(Rs./tonne Inclusive of GST) :
Rates of MG,there is a 1% disc. on cash purchases.
(Rs./tonne Inclusive of GST)
6
MMR Reference : Domestic Prices
Basic prices : Advance payment excl. other duties.
Monthly Average Prices
Products Oct’2021 Sept’2021 Aug’2021 July’2021
ADC12
Ex-Delhi ......................................................................................... 223.00 ....................... 226.00 ................... 188.00 ..................... 176.00
Mumbai ........................................................................................... 224.00 ....................... 227.00 ................... 188.00 ..................... 176.00
Ahmedabad .................................................................................... 225.00 ....................... 228.00 ................... 186.00 ..................... 180.00
AlSi 9 Cu3-(Mumbai) ...................................................................... 227.00 ....................... 230.00 ................... 192.50 ..................... 180.00
LM6-(Mumbai) ................................................................................. 290.00 ....................... 305.00 ................... 220.00 ..................... 195.50
Domestic Prices: Aluminium Alloys
Average Rates (Rs./kg)
Rs./tonne Exclusive (GST)
05-11-21 12-11-21
Mild MS Rounds (mm)
4 59,500 59,600
10 58,900 59,400
22/25 60,000 60,500
Heavy Rounds (mm)
28 - 53 61,600 62,100
63 - 100 61,600 62,100
200 61,000 61,500
TMT Bars(Local-mm)
8 62,200 62,700
10 63,200 63,700
16 / 18 63,300 63,800
28 / 32 64,400 64,900
MS Squares (mm)
4 63,900 64,400
8 60,100 60,600
10 60,100 60,600
12 60,100 60,600
MS Angles (mm x mm)
3 x 20 57,900 58,400
5 x 25 62,900 63,400
6 x 32 62,800 63,300
MS Flats (mm x mm)
3 x 20 61,600 62,100
5 x 25 61,300 61,800
6 x 32 61,600 62,100
MS Patra (Gauge, mm)
10,80 65,700 66,200
12,102 65,850 66,350
14,127 66,050 66,550
16,47 63,800 64,300
18,57 64,100 64,600
20,76 62,150 62,650
21,95 64,300 64,800
24,125 64,100 64,600
Girders (mm x mm)
150 x 75 59,700 60,200
175 x 90 59,700 60,200
175 x 85 59,700 60,200
100 x 116 59,700 60,200
Shutter Patti (125mm)
12 Gauge 65,500 66,000
14 Gauge 64,800 65,300
FLAT PRODUCTS-Mandi Gobindgarh-Punjab
(Rs. PMT - Exclusive of GST)
05-11-21 12-11-21
Plate 5-10 mm 63,000 63,000
H.R. Coil 70,000 70,000
H.R. Sheets (8x12 g) 71,000 71,000
C.R. Coils (16 to 20 g) 80,000 80,000
C.R. Sheets (Black) 76,000 76,000
G.P. Coil 68,000 68,000
G.P. Sheets 71,000 71,000
G.C. Sheets 72,000 72,000
05-11-21 12-11-21
MUMBAI
TMT Bars (Local) (mm)
8 51,720 52,220
10 51,820 52,320
12 55,720 56,220
16/20mm 52,220 52,720
MS Angles (mmxmmxmm)
25 x 32 x 40 x 3 51,780 52,280
45 x 5,50 x 5 52,080 52,580
65 x 6, 65 x 6 50,880 51,380
M.S. Channels (mmxmm)
75 x 40 51,550 52,050
100 x 50 50,660 51,160
125 x 65 54,220 54,720
160 x 75 - -
M.S.Joists (mmxmm)
150 x 75 48,150 48,650
160 x 80 48,200 48,700
175 x 85 49,200 49,700
200 x 100 49,500 50,000
KOLKATA
TMT Bars (ISI-mm)
8 52,860 53,360
10 52,860 53,360
12 52,860 53,360
16 / 20 52,960 53,460
25mm 53,360 53,860
TMT Bars (Local)
8 56,660 57,160
10 52,560 53,060
12 51,160 52,660
16 / 20 51,060 52,560
25mm 53,560 54,060
MS Squares (mm)
8 51,960 52,460
10 50,660 51,160
12 52,860 53,360
16 / 20 52,960 53,460
M S Angles (mm x mm)
25x32x40x3 52,620 53,120
45x5,50x5 51,860 52,360
60x6,65x6 51,660 52,160
M.S. Channels (mm x mm)
75 x 40 51,950 52,450
100 x 50 51,550 52,050
125 x 65 51,450 51,950
160x75 53,760 54,260
M.S. Joists (mm x mm)
150 x 75 50,300 50,800
160 x 80 49,200 49,700
DELHI
TMT Bars (ISI-mm)
8 52,400 52,900
10 52,920 53,420
12 51,920 52,420
16/20 51,020 51,520
25 51,920 52,420
TMT Bars (Local-mm)
8 50,890 51,390
10 50,920 51,420
12 50,920 51,420
16/20 53,020 53,520
25 51,120 51,620
MS Squares (mm)
8 50,520 51,020
10 50,520 51,020
12 49,420 49,920
16/20 51,020 51,520
25 51,020 51,520
MS Angles (mm x mmxmm)
25 x 32 x 40 x 3 51,140 51,640
45x5,50x5 50,020 50,520
M.S. Channels (mm x mm)
75 x 40 52,850 53,350
100 x 50 52,180 52,680
125 X 65 54,200 54,700
Joists (m mx mm)
150 x 75 52,250 52,750
Commodity Market
05-11-21 12-11-21
Billets & Squares
100 x 100 MS MG 46,900 47,400
100x100 ConcastBillets MG 48,000 48,500
Induction Mumbai 47,000 47,500
Concast Billets Mumbai 46,000 46,500
Induction Kolkata 47,000 47,500
Concast Billets Kolkata 47,300 47,800
Blooms
251mm (HC) MG 43,700 44,200
251mm (MS) MG 43,700 44,200
150 x 150mm (DSP) MG 46,900 47,400
Ingots
Round quality (21x25) MG 46,300 47,800
Structural (28x30) MG 46,600 47,100
Low Carbon (12x16) MG 46,650 47,150
Semi low carbon (18x21) 46,600 47,100
5x6 girder quality (25x30) 45,100 45,600
Ingots Arc Mumbai 47,000 47,500
Ingots Arc Kolkata 47,200 47,700
M.S.Ingots - Excl. GST
Bhiwadi 46,700 47,200
Kanpur 46,700 47,200
Ghaziabad 46,700 47,200
Durgapur 46,800 47,200
Mumbai (Ingots Ladle Quality) 46,700 47,200
FORGING RATES 12-11-21 19-11-21
MS/EN-8 MG 83,000 83,000
EN-19 MG 88,000 88,000
EN-24 MG 99,000 99,000
EN-31 MG 87,000 87,000
Commodity Market
05-11-21 12-11-21
Old & Re-rollable Material
Old Ship Breaking (H) MG 40,800 41,300
Ship Breaking (L) MG 40,900 41,400
Old Ship Breaking(Tukri)MG 38,900 39,400
Old Angle/Channels (H) MG 39,700 40,200
ROLLS SCRAP
Chill Shaft Scrap MG 32,600 33,100
Chill Solid Scrap MG 32,600 33,100
S.G. Scrap MG 44,400 44,900
Adamile Scrap MG 34,600 35,100
Solid Steel Scrap MG 31,600 32,100
STEAM COAL
Naga MG 16,700 16,200
Assam MG 17,000 17,500
Ledo (Steel Grade) MG 17,300 17,800
Nangal MG 15,500 16,000
Indonesia MG 11,300 11,800
Billets & Squares
Mild Steel (mm)
75x75x80x80x90x90 MG 46,700 47,200
Daily Rates (Rs./kg : November 2021) Average Rates (Rs./kg)
Variety Market 15 16 17 18 19 Week ended Oct. Oct.
19-11-2021 2021 2020
Aluminium
Ingot Mumbai 218.00 218.00 218.00 218.00 218.00 218.00 246.40 153.22
SheetScrap Delhi 234.00 234.00 234.00 234.00 234.00 234.00 242.60 148.70
UtensilScrap Mumbai 176.00 176.00 176.00 176.00 176.00 176.00 203.85 117.73
UtensilScrap Delhi 187.00 187.00 187.00 187.00 187.00 187.00 202.20 122.43
WireScrap Mumbai 208.00 208.00 209.00 209.00 210.00 208.80 238.80 149.43
WireScrap Delhi 218.00 218.00 218.00 219.00 219.00 218.40 238.25 149.67
Copper
Cathode Mumbai 744.00 741.00 738.00 734.00 737.00 738.80 735.15 461.79
Pat Delhi 763.00 760.00 758.00 755.00 758.00 758.80 761.05 518.16
Armecher Mumbai 693.00 695.00 692.00 688.00 690.00 691.60 691.25 469.12
WireBar Mumbai 729.00 732.00 729.00 726.00 729.00 729.00 734.45 529.91
SuperD.Rod Delhi 777.00 774.00 758.00 748.00 750.00 761.40 768.20 523.17
WireRod Mumbai 713.00 716.00 713.00 708.00 712.00 712.40 689.00 471.12
Wire Delhi 757.00 754.00 751.00 747.00 750.00 751.80 771.45 526.89
UtensilScrap Mumbai 635.00 635.00 631.00 631.00 631.00 632.60 648.35 439.13
CableScrap Mumbai 726.00 729.00 723.00 712.00 715.00 721.00 721.70 485.14
WireScrap Mumbai 756.00 759.00 757.00 752.00 755.00 755.80 735.60 470.36
WireScrap Delhi 725.00 722.00 719.00 715.00 719.00 720.00 708.10 480.45
TurningScrap Mumbai 716.00 719.00 716.00 711.00 716.00 715.60 713.30 441.04
Mix. Scrap Delhi 720.00 717.00 714.00 710.00 713.00 714.80 716.50 519.41
Brass
Sh.Cutting Mumbai 524.00 520.00 519.00 513.00 513.00 517.80 516.05 340.61
UtensilScrap Mumbai 482.00 480.00 480.00 475.00 475.00 478.40 466.55 326.79
Honey Mumbai 480.00 484.00 480.00 480.00 480.00 480.80 469.45 312.25
GunMetalScrap Delhi 520.00 520.00 520.00 520.00 520.00 520.00 508.15 370.09
Lead
Ingot Mumbai 193.00 193.00 193.00 188.00 188.00 191.00 187.70 153.27
Soft Delhi 183.00 183.00 183.00 180.00 180.00 181.80 179.60 157.42
Hard(4%) Delhi 173.00 173.00 173.00 170.00 170.00 171.80 173.25 168.90
Zinc
Ingot Mumbai 278.00 273.00 273.00 265.00 265.00 270.80 282.05 203.11
Ingot Delhi 271.00 269.00 269.00 265.00 261.00 267.00 271.50 257.23
Dross Delhi 264.00 262.00 262.00 260.00 258.00 261.20 257.35 184.20
Tin
Ingot Mumbai 3050.00 3018.00 3010.00 3010.00 3010.00 3019.60 3121.80 1571.21
Ingot Delhi 3044.00 3017.00 3009.00 3009.00 3009.00 3017.60 3138.95 1495.75
Nickel
Ingot Mumbai 1555.00 1550.00 1545.00 1523.00 1523.00 1539.20 1532.75 1144.66
Ingot(4x4) Delhi 1555.00 1550.00 1542.00 1520.00 1520.00 1537.40 1526.30 1135.48
Minerals & Metals Review
NOVEMBER 22 - 28, 2021
Non-ferrous Metals : Producer’s Prices
ALUMINIUM
Producer Effective Date CG Ingot EC Ingot CG Wire Rod EC Wire Rod Alloy Wire Rod
National Aluminium Co. Ltd 16-11-2021 230,350
230,600
232,850
234,150
235,950
11-11-2021 219,850
220,100
222,350
223,650
225,450
Hindalco Industries Ltd 09-11-2021 220,250
220,750
226,850
228,600
231,350
10-11-2021 223,750
224,250
230,350
232,100
234,850
11-11-2021 222,250
222,750
228,850
230,600
233,350
12-11-2021 230,500
231,000
237,100
238,850
241,600
COPPER, ZINC LEAD Effective Dates
Prices in Rs./tonne % chg
COPPER (excl. GST)
MMR Landed prices (excl. GST) Oct’2021 Sept’2021 Aug’2021 July’2021
Copper Cathodes (Full) 772,147 722,667 730,959 740,733 6.8
**Continuous Cast Copper Rods 779,945 730,317 738,670 748,485 6.8
Note : Hindustan Copper has stopped providing copper rates since Dec. 2020. Hence in place of it MMR
Landed rates for Copper are updated based on Monthly Average rates of LME. The formula is kept same as
Hindustan Copper.
ZINC
Hindustan Zinc Ltd 28-10-2021 25-10-2021 18-10-2021 14-10-2021
(Ex-Smelter:Debari/Chanderiya)
Prime Western 291,000 297,600 309,900 279,200 -2.2
High Grade 292,500 299,100 311,400 280,700 -2.2
Special High Grade 293,000 299,600 311,900 281,200 -2.2
Bangalore:(Stock Points)
Prime Western 291,500 298,100 310,400 279,700 -2.2
High Grade 293,000 299,600 311,900 281,200 -2.2
Special High Grade 293,500 300,100 312,400 281,700 -2.2
Kolkata:(Stock Points)
Prime Western 291,000 297,600 309,900 279,200 -2.2
High Grade 292,500 299,100 311,400 280,700 -2.2
Special High Grade 293,000 299,600 311,900 281,200 -2.2
Chennai:(Stock Points)
Prime Western 291,000 297,600 309,900 279,200 -2.2
High Grade 292,500 299,100 311,400 280,700 -2.2
Special High Grade 283,000 299,600 311,900 281,200 -2.2
Panvel:(Stock Points)
Prime Western 291,000 297,600 309,900 279,200 -2.2
High Grade 292,500 299,100 311,400 280,700 -2.2
Special High Grade 293,000 299,600 311,900 281,200 -2.2
Baroda:(Stock Points)
Prime Western 291,500 298,100 310,400 279,700 -2.2
High Grade 293,000 299,600 311,900 281,200 -2.2
Special High Grade 293,500 300,100 312,400 281,700 -2.2
LEAD
Hindustan Zinc Ltd (min 99.99%) 28-10-2021 25-10-2021 18-10-2021 14-10-2021
Ex-Smelter:Chanderiya 214,600 212,200 208,400 203,300 1.1
Bangalore (Stock Points) 217,100 214,700 210,900 205,800 1.1
Kolkata (Stock Points) 217,600 215,200 211,400 206,300 1.1
Chennai (Stock Points) 219,100 216,700 212,900 207,800 1.1
Panvel (Stock Points) 218,200 215,800 212,000 206,900 1.1
Baroda (Stock Points) 218,600 216,200 212,400 207,300 1.1

7. PRIMARY MATERIAL SEMI-FINISHED PRODUCTS
(Open market rates of rerollables)-Mandi Gobindgarh-Punjab
7
Rashtriya Ispat Nigam Limited : 01st November 2021
Products Description Grade Rs. Per Tonne
Products Vizag ....... Ludhiana ....... Chennai .......Mumbai .... Kolkata
Billet 125x125 mm IS 2830 52,100 ........... 55,800 ......... 55,000 ......... 54,800 ...... 53,800
Channel 200x75 IS2062 Gr.A 56,900 ........... 59,900 ......... 57,700 ......... 59,000 ...... 58,000
Rebar 8mm Is 1786 Fe 500 D 61,200 ........... 64,000 ......... 62,400 ......... 62,800 ...... 62,500
Round 20.64 mm 55Si7 67,500 ........... 67,500 ......... 67,500 ......... 67,500 ...... 67,500
Round 40 MM SAE 1018 58,100 ........... 60,400 ......... 58,900 ......... 60,200 ...... 59,200
Wire rod 5.5 MM HC 50 - HC 85 60,300 ........... 62,800 ......... 61,500 ......... 62,700 ...... 61,000
Wire Rod 7 mm PC115 59,900 ........... 62,400 ......... 61,100 ......... 62,300 ...... 60,600
Wire Rod 7 mm PC115 59,800 ........... 62,300 ......... 61,000 ......... 62,200 ...... 60,500
The above prices are Branch Level Prices excl of GST
Mumbai Market : Steel Flat Products: Basic Prices (Rs./Kg) : 19-11-2021
Carbon Steel
A 516 Gr 70 8 to 40mm 84
SA 516 Gr 45 to 63 mm 85
SA 516 Gr 65 to 90 mm 90
S355j2G3 8 to 40 mm 82
S355j2G3 45 to 63 mm 84
S355j2G3 65 to 90 mm 85
IS 2062 E20BR 8 to 400 mm 78
Stainless Steel Sheets/Coils
SA 240 Type 304 : 1mm to 3mm (CR) 262
SA 240 Type 304 : 4mm to 12mm (HR) 267
SA 240 Type 304 : 13mm to 100mm (HR) 272
SA 240 Type 316L : 3mm to 12mm (CR) 332
SA 240 Type 316L:12mm to 100mm (HR) 350
SA 240 Type 316L 1mm to 3mm (CR) 360
SA 240 Type 316 : 4mm to 12mm 362
Stainless Steel Sheets/Coils
SA 240 Type 316 : 14, 32mm 281
SA 240 Type 321 : 6 to 12mm 222
SA 240 Type 321 : 14 to 20mm 223
SA SA 240 - 304 H 193
SA 240 - 347 H 247
SA 240 - 317 L 326
SA 240 Type 321 : above 20mm 208
Titanium : Grade 2 1,830
Titanium : Grade 5 2,035
Duplex : 2205 180
Inconel 600 : 2018
Incoloy 904 : 1520
Monel 400 : 2,025
Haste Alloy : B 2,029
Haste Alloy G : 2,028
Haste Alloy C 2,031
IndicativeBasicRateRs.PerTonne(F.O.R.)(Additional18%GSTasappli.):ImmediatePayment.(Nov2021)
Weekly Average
12-11-2021 19-11-2021
Melting Scrap
Rolling Mill end (angle/fish cut) Scrap (MG-Punjab) ---------- 44,500 ------ 45,500
Rolling Mill end (angle/fish cut) Scrap (Pune)------------------ 45,500 ------ 45,500
Old Scrap Godown (MG-Punjab) --------------------------------- 39,000 ------ 39,300
Degi Scrap (MG-Punjab) -------------------------------------------- 40,800 ------ 41,100
Turning (MG-Punjab) ------------------------------------------------ 41,300 ------ 41,600
Tin Tapper (MG-Punjab) -------------------------------------------- 41,500 ------ 41,800
Sponge Iron (MG-Punjab)------------------------------------------ 42,000 ------ 42,300
Melting Scrap (Regular) (Mumbai/Pune) ------------------------ 44,000 ------ 44,500
Melting Scrap (Mumbai/Pune) (Foundry) ----------------------- 48,000 ------ 49,000
Heavy Melting Scrap (Mumbai/Pune) (old) (Ingot) ----------- 48,300 ------ 48,500
MS Turning Scrap (Pune) ------------------------------------------ 35,500 ------ 35,700
Heavy Melting Scrap (Bhavnagar) (old) ------------------------- 45,200 ------ 45,500
Cast Iron Scrap (Bhavnagar)--------------------------------------- 45,200 ------ 45,500
Heavy Melting Scrap (Kolkata) (old) ----------------------------- 41,300 ------ 41,600
Heavy Melting Scrap (Delhi) (old) -------------------------------- 41,200 ------ 41,500
Melting Scrap (CRCA - Bundle) LSLP (Mumbai/Pune) -------- 48,500 ------ 48,500
Melting Scrap (CRCA - Zn,Al. Coated) Loose - (Pune)------ 31,600 ------ 32,000
Melting Scrap (CRCA) - (Loose) Ahmedabad ------------------ 39,000 ------ 39,000
Melting Scrap (CRCA - Zn,Al. Coated) Loose - (Ahbad) ---- 32,000 ------ 32,000
Heavy Melting Scrap (Chennai) ----------------------------------- 46,300 ------ 46,500
MS Plate Cutting - Foundry Grade (Chennai) ------------------ 43,300 ------ 42,800
Melting Scrap (CRCA - Zn,Al. Coated) Loose - (Chennai) -- 32,000 ------ 31,500
Melting Scrap (CRCA - Bundle) LSLP (Chennai) --------------- 49,000 ------ 49,000
Heavy Melting Scrap (80:20) (Chennai) (Ex-Works) --------- 37,000 ------ 36,000
Boring Scrap (Chennai) --------------------------------------------- 34,200 ------ 33,000
Raw Material
C.I Turning (MG-Punjab) ------------------------------------------- 41,500 ------ 41,700
Deg Casting (MG-Punjab) ------------------------------------------ 54,900 ------ 55,100
Pig Iron SG Grade - A (Pune) ------------------------------------- 51,500 ------ 52,000
Pig Iron Foundry Grade - A (Mumbai/Pune) ------------------- 50,000 ------ 50,500
Pig Iron Foundry Grade - B (Punjab) ---------------------------- 47,000 ------ 47,500
Steel Grade (Punjab) ----------------------------------------------- 45,500 ------ 46,000
STATEWISE MRRP (INCL. GST) for SAIL TMT - SeQR TMT BAR
FOR SEPTEMBER 2021
BULLION PRICES (Friday close)
Gold (Standard) ................................Mumbai ......................Rs./10g .................. 49,002
Silver (.999) .....................................Mumbai ........................ Rs./Kg .................. 71,240
Gold .................................................. London ....................... $/tr.oz. ............... 1,866.50
Silver ................................................ London ....................... $/tr.oz. ..................... 27.75
LME prices in $/metric ton
Friday PM Kerb
Buy Sell Stock
Aluminium................................... 2948.00................. 2964.00 .............. 10,86,625
Copper ..................................... 10000.00................. 9848.00 ................ 1,16,550
Lead ........................................... 2433.00................. 2406.00 ................... 56,775
Nickel ....................................... 20286.00............... 20165.00 ................ 1,42,446
Tin ............................................ 38755.00............... 37375.00 ........................ 975
Zinc ............................................ 3501.00................. 3456.00 ................ 1,98,275
PRECIOUS
METAL
REVIEW
Branch/Location TMT“6MM TMT 8MM TMT“10MM TMT“12MM TMT“16MM TMT“20MM
KOLKATA 191 340 517 739 1311 2050
HOWRAH 191 340 517 739 1311 2050
DURGAPUR 191 340 517 739 1311 2050
CUTTACK 195 346 527 753 1336 2088
BERHAMPORE 195 346 527 753 1336 2088
PATNA 190 338 513 733 1302 2035
BOKARO 176 312 474 676 1201 1877
GUWAHATI 204 362 550 788 1398 2185
DELHI - 323 493 701 1243 1943
FARIDABAD - 321 490 697 1237 1941
GHAZIABAD - 322 491 698 1238 1935
KANPUR - 325 495 704 1249 1952
ALLAHABAD - 325 495 704 1250 1953
LUDHIANA - 332 506 720 1278 1997
PANCHKULA - 324 494 703 1247 1949
BAREILLY - 335 511 726 1288 2014
SRINAGAR - 342 523 745 1322 2067
JAMMU - 319 487 692 1229 1921
LEH - 358 548 781 1386 2166
JAIPUR - 325 489 698 1240 1937
KOTA - 328 493 705 1251 1964
RAIGAD - 329 494 706 1252 1957
KOLHAPUR - 337 506 723 1284 2006
NAGPUR - 311 466 666 1182 1848
AHMEDABAD - 321 482 688 1222 1909
DHULE - 320 480 686 1217 1903
BHILAI - 301 452 646 1146 1791
AHMEDNAGAR - 331 496 709 1258 1966
JABALPUR - 319 479 685 1215 1899
INDORE - 321 482 689 1223 1912
THIRUVALLUR - 332 504 720 1277 1996
THANJAVUR - 345 524 748 1328 2075
Madurai - 341 517 739 1312 2050
COIMBATORE - 342 520 742 1317 2059
COCHIN - 347 527 753 1336 2089
HYDERABAD - 331 502 718 1273 1990
KURNOOL - 347 527 752 1335 2086
GUNTUR - 331 503 718 1275 1992
VIZAG - 319 484 691 1226 1916
BANGALORE - 329 499 713 1265 1977
MMR's quoted Pig Iron prices are exclusive of GST.
A = Low Sulphur/Phosphorus i.e. 0.09% Max / B = High Sulphur/Phosphorus i.e. above 0.09%
* Loading unloading Mathadi charges excluded.
Minerals Metals Review
NOVEMBER 22 - 28, 2021
Gold steadies as inflation risks
support safe-haven appeal
Gold edged higher last Friday as rising inflation buoyed its safe-haven
appeal, although a stronger dollar and expectations that central banks
would hike interest rates kept bullion on course for its first weekly decline
in three.
Spot gold rose 0.1% to $1,860.20 per ounce by 0956 GMT. U.S. gold
futures gained 0.2% at $1,864.30.
The dollar was set to post fourth week of gains, making gold more expensive
for those holding other currencies, as traders wager on interest rates
rising faster.
Higher interest rates translate into an increased opportunity cost of holding
the non-interest-bearing metal. U.S. Federal Reserve policymakers are
pencilling in the possibility of earlier interest rate hikes than they thought
would be needed just a few months ago.
The Fed announcing a rate hike at some point next year is gold negative,
(but) there is still a lot of uncertainty, a lot of inflation concern to help gold
stay supported in this environment, said UBS analyst Giovanni Staunovo.
The potential for inflation to keep moving even higher could propel gold to
move above $1,900 an ounce, Staunovo added.

8. International Prices
Import Steel Prices of Middle East (UAE)
Nov.2021
Billets - Blooms 650-670
Reinforcing Bars 665-675
Angles 910-930
Beams (JIS sizes) 890-900
Wire Rods 850-860
HR Plates 990-1010
HR Coils =3.mm 930-970
CR Coil, 1mm 1040-1050
HD Galvd. Coils, HR Base, 2mm 1210-1230
HD Galvd. Coils, CR Base, 1mm 1250-1270
Prepainted Galvd. Coils 0.35mm 1370-1380
Tinplate 0.32mm -
SS HR Coils 304 base 3100-3120
SS HR Coils 316L base 3950-3970
Source: MEsteel.com
($/tonne)
Domestic Steel Prices
($/tonne)
LME Minor Metal Prices
Minerals Metals Review
NOVEMBER 22 - 28, 2021
8
Cobalt Molybdneum
Date Sett. 3m Sett. 3m
12-Nov-21 59215.00 59500.00 26000.00 26000.00
15-Nov-21 59200.00 59500.00 26000.00 26000.00
16-Nov-21 59200.00 59500.00 26000.00 26000.00
17-Nov-21 61200.00 61500.00 26000.00 26000.00
18-Nov-21 61200.00 61500.00 26000.00 26000.00
Average (Sept’21) 54878.33 55273.57 26000.00 26000.00
Stocks (Month-end in tonnes) 271.00 0
Ferro Alloys Minor Metals-Mumbai (Basic Price) Week ended averages 19-11-2021
Indicative Prices of Flat Products (MS-Commercial Grade-250) : Exclusive of GST
Mumbai / Ex-Kalamboli (Rs./ton; as on 19-11-2021)
Ferro Molybdenum (60%) .........................2200
Pure Molybdenum .....................................4200
Nitrated FeCr. ...............................................530
Ferro Silicon (70-75%) ................................305
Molybdenum Oxide 62 to 63 % .................2025
Ferro Boron .................................................350
Ferro Manganese HC ...................................143
Ferro Manganese MC ..................................195
Pure Manganese ELC 99.9 % ......................550
Ferro Phosphorous .......................................66
Ferro Silicon Zirconium ................................500
Ferro Titanium 30/35 % ...............................225
Ferro Titanium 70/75 % ...............................400
Ferro Chromium(Cr.60%)Low Carbon .........330
Ferro Chromium (Cr.75%)Low Carbon ........385
Ferro Chromium High Carbon 60 to 65 % ....157
Ferro Tungsten 70% ..................................2800
Pure Tungsten 99% ...................................3300
Ferro Vanadium (50%) ..............................1750
Chromium 99.9 % .......................................850
Pure Silicon 99.9 % .....................................400
Cobalt Chip 99.9 % ...................................5000
Magnesium 99.9 % .....................................850
Manganese 99.8 % .....................................575
Bismuth 99 % .............................................800
Silico Manganese ........................................300
Ferro Silicon Magnesium .............................365
(Basic Prices: Rs. Per Kgs)
Items Industrial Scrap Foundry Scrap
(Unprocessed)
Stainlesss Steel - 304 .............................................................................. 180 ...................... 185
Stainlesss Steel - 304 L ................................................................................ - ...................... 210
Stainlesss Steel - 316 .............................................................................. 258 ...................... 265
Stainlesss Steel - 316 L ................................................................................ - ...................... 280
Stainlesss Steel - 410 (11.5% chromium) ................................................... 56 ........................ 86
Stainlesss Steel - 430 (16% chromium) ...................................................... 60 ........................ 80
Stainlesss Steel - 2205 ........................................................................... N.A. ...................... 200
Stainlesss Steel - 2507 ........................................................................... N.A. ...................... 250
International Scrap Metals FOB Price : $ / Tonne (Oct 2021)
Product Name ................................ 15 ................ 18................. 19 ............... 20 ................ 21
U.S. clean 6063 .......................... 2720 ............ 2750............. 2750 ........... 2690 ............ 2685
Acsr/Ins(68%) ............................ 1905 ............ 1925............. 1925 ........... 1880 ............ 1880
Shredded Aluminum ................... 2405 ............ 2435............. 2430 ........... 2380 ............ 2375
356 Auto Wheels ........................ 2805 ............ 2835............. 2835 ........... 2775 ............ 2770
Aluminum Radiator ..................... 2220 ............ 2245............. 2240 ........... 2190 ............ 2190
#1 Bare Bright ............................ 9894 .......... 10194........... 10144 ........... 9844 .......... 10084
#2 Birch/Cliff .............................. 9605 ............ 9905............. 9875 ........... 9605 ............ 9845
Yellow Brass Honey ..................... 6095 ............ 6275............. 6255 ........... 6100 ............ 6240
Ocean Auto Radiator ................... 5538 ............ 5698............. 5683 ........... 5533 ............ 5663
304 Sabot ................................... 1840 ............ 1870............. 1870 ........... 1850 ............ 1930
Shanghai Changjiang Market Spot Price CNY / Ton (Oct/Nov 2021)
Product Name 29 01 02 03 04
Copper 71770 71370 71390 70950 71470
Aluminum 20190 20230 20100 19820 19950
Lead 15750 15750 15750 15650 15750
0 # Zinc 24100 24850 24400 24120 24420
1 # Zinc 23575 24325 23875 23595 23895
Tin 278000 289000 289500 288000 291500
Nickel 146100 146550 146700 145150 144350
Chalco’key products Daily Sales Price CNY / Ton (Oct 2021)
Product Name ................................ 21 ................ 22................. 25 ............... 26 ................ 27
Aluminium Ingot (99.70) .......... 23340 .......... 21900........... 21650 ......... 20860 .......... 20480
Alumina ............................................ - ................... - .................... - .................. - ...................-
Aluminium Hydroxide ........................ - ................... - .................... - .................. - ...................-
Plates
5mm ............................ 74,500
6mm ............................ 74,500
8mm ............................ 74,500
10mm .......................... 74,500
12mm .......................... 74,500
16mm .......................... 74,500
20mm .......................... 74,500
25mm to 32mm ...........74,500
40mm to 50mm ...........74,500
CR Sheets
14/16G ........................ 76,500
18G ............................. 76,500
20G ............................. 76,500
HR Sheets
10G ............................. 74,500
12G ............................. 74,500
14G ............................. 74,500
16G ............................. 74,500
ST-52 10mm to 14mm 74,500
Stainless steel Scrap : Mumbai Market (19-11-2021)
SS Flat Products- Mumbai Market : Excl of GST - (Rs./Kgs) 19-11-2021
SSLNM/Q , CR , Thickness - 1.2 MM ..................................................................................... 156
SSLNM/Q , CR , Thickness - 3 MM ........................................................................... 162
SSLNB , CR , Thickness - 1.2 MM ............................................................................. 161
SSLNB , CR , Thickness - 3 MM ................................................................................ 153
SSLNB , HR.............................................................................................................. 154
SSLN1 , CR , Thickness - 1.2 MM.............................................................................. 168
SSLN1 , CR , Thickness - 3 MM ................................................................................ 167
SSLN1 , HR , Thickness - 3 MM ................................................................................ 164
SSLNA , CR , Thickness - 1.2-3 MM .......................................................................... 153
SSLNA , HR , Thickness - 3 MM................................................................................ 162
204CU , CR , Thickness - 1.2-3 MM ........................................................................... 163
204CU , HR , Thickness - 3 MM................................................................................. 163
304 , CR , Thickness - 1.2-3 MM ............................................................................... 225
304 , HR , Thickness - 3-8 MM .................................................................................. 225
430 , CR , Thickness - 1.2 MM .................................................................................. 148
430 , HR , Thickness - 3-8 MM .................................................................................. 159
409M , CR , Thickness - 1.2 MM ............................................................................... 149
409M , CR , Thickness - 3 MM .................................................................................. 156
409M , HR , Thickness - 3-8 MM ............................................................................... 154
409L , CR , Thickness - 1.2 MM................................................................................. 154
409L , CR , Thickness - 3 MM ................................................................................... 145
409L , HR , Thickness - 3-8 MM ................................................................................ 146
304 Sq Bar ............................................................................................................... 280
304 Round Bar .......................................................................................................... 302
316L Round Bar ........................................................................................................ 340
Coke - Ex-Plant Basic Prices - (Rs. PMT)-Dated : 19-11-2021
LAM Coke .......................................................................................................................... 51,500
Note : Delivery order upon receipt of 100% payment.
Raipur Local Market Prices : Basic Rates (Rs./kgs) 19-11-2021
Variety Rate
Ferro Silicon 70/75 .............................................................................................................. 308.00
Ferro Manganese 70/75 ...................................................................................................... 166.00
High Ferro Manganese (78% Mn) ........................................................................................ 105.00
Electrolytic Manganese Dioxide (MnO2 : 90% min) : ............................................................... N.A.
Import Low Sulp. : (max 1.5%) cal Petro. Coke 98% ............................................................ 64.00
Import Low Sulp. : (max. 0.25%) cal Petro coke 93/80% ...................................................... 70.00
High Carbon Ferrochome .................................................................................................... 156.00
Ferro Titanium 30/35 % ....................................................................................................... 211.00
GP Sheets
18G ........................... 85,500
20G ............................. 85,500
22G ............................. 85,500
24G ............................. 85,500
Indicative Basic Rate Rs. Per Tonne (Oct‘2021)
Weekly Average
12-11-2021 19-11-2021
Finish Flat
ERW Pipes (HR Coil based) (Punjab) ---------------------------- 75,000 ------ 75,000
ERW Pipes (Patra based) (Punjab) ------------------------------ 52,000 ------ 52,000
Finish long
Rebar 12-25mm Induction IS 1786-500 Fe (Pune) ---------- 51,000 ------ 51,000
Wire Rod : 5.5-6mm SAE 1008 (Coimbatore) ----------------- 55,000 ------ 55,000
Wire Rod :5.5mm (Raipur) ----------------------------------------- 50,000 ------ 50,000
Binding Wire 20 Gauge (Raipur) ---------------------------------- 56,000 ------ 56,000
HB Wire- 12 Gauge (Raipur) --------------------------------------- 52,000 ------ 52,000
Billets (Raipur) -------------------------------------------------------- 45,000 ------ 45,000
Rebar 12-32mm IS 1786 Fe 500D (Mumbai) ------------------ 52,000 ------ 52,000
Structural - Channel (75*40 Channel) (Pune) ----------------- 50,000 ------ 50,000
Structural - Beam 125*70 I-Bean (Durgapur) ----------------- 47,000 ------ 47,000
Met Coke (25-90 mm) - (Cuttack) ------------------------------- 51,000 ------ 51,000
Iron Ore Lumps - 10-40 mm Fe 67% DR (Chattisgarh) ------- 7,800 --------7,800
PRIMARY MATERIAL SEMI-FINISHED PRODUCTS

9. Minerals Metals Review
NOVEMBER 22 - 28, 2021
9
International Prices
Export Prices: China Ferro Alloys dated: 19th November 2021
Unit Chinese European Japanese American
Main China Port European Main Port Japan Main Port
Ferrochrome -H/C Cr 60% C6-8% Si 3.5% P0.05% ...... lb........................................................... 128 .................................... 130 .................................... 131 ............................................... --
Ferrochrome -L/C Cr 60% C 0.25% Si 1.5% P0.03% .... lb........................................................... 190 .................................... 192 .................................... 191 ............................................ 192
Ferrochrome - M /C Cr60% C 0. 1% Si 1.5% P0.03% .. lb........................................................... 191 .................................... 193 .................................... 192 ............................................ 216
Ferrochrome - M /C Cr60% C0.05% P0.03% ................... lb........................................................... 196 .................................... 198 .................................... 197 ............................................ 221
Ferrochrome - M /C Cr65% C0.10% P0.03% ................... lb........................................................... 221 .................................... 223 .................................... 224 ............................................ 223
Ferromanganese - H/C Mn75% C8%P0.3%S0.04% ...... $/mt .................................................... 2225 .................................. 2625 .................................. 2315 .......................................... 2825
Ferromanganese - H/C Mn65% C8%P0.3%S0.04% ...... $/mt .................................................... 1755 .................................. 2155 .................................. 1845 .......................................... 2355
Ferromanganese - M/C Mn78%C1.5% Si1.5% ................. $/mt .................................................... 2870 .................................. 3270 .................................. 2960 .......................................... 3470
Fromanganese - M/C Mn78%C2.0%................................... $/mt .................................................... 3065 .................................. 3465 .................................. 3155 .......................................... 3665
Ferromanganese -L/C Mn80%C0.5% Si1.0%P0.2% ...... $/mt .................................................... 4375 .................................. 4775 .................................. 4465 .......................................... 4975
Silicon manganese ¨CMn65%,Si17% ,P0.3% .................. $/mt ................................................... 1830 .................................. 2230 .................................. 1930 .................................................-
Silicon manganese¨CMn£½60-70% Si£½14-17%,P0.3% ..... $/mt .................................................... 1780 .................................. 2180 .................................. 1880 .................................................-
Manganese Electrolytic flakes -Mn 99.7% .............................. $/mt .................................................... 7000 .................................. 7400 .................................. 7090 .......................................... 7600
Manganese Metal lumpy 95%min.............................................. $/mt .................................................... 7200 .................................. 7600 .................................. 7290 .......................................... 7800
Manganese Briquettes 97%min.................................................. $/mt .................................................... 7100 .................................. 7700 .................................. 7190 .......................................... 7700
Ferrosilicon- Si75% AL1.5% C 0.2% ¹è Ìú 75% ................ $/mt .................................................... 2300 .................................. 2900 .................................. 2480 .................................................-
Ferrosilicon-Si72% Al2.5% ¹è Ìú 72% .................................. $/mt .................................................... 2100 .................................. 2310 .................................. 2280 .................................................-
Silicon Metal 98.5% - 5-5-3 Grade 10-100mm ...................... $/mt .................................................... 7150 .................................. 7500 .................................. 7450 .......................................... 7800
Silicon Metal ¨C 4-4-1 Grade SIZE 10-100mm.......................... $/mt .................................................... 7650 .................................. 8000 .................................. 7800 .......................................... 8400
Ferromolybdenum Mo60%..................................................... $/kg.................................................... 35.55 ......................................... - ......................................... - .................................................-
Molybdenum Oxide-Mo51%min ................................................ $/lb....................................................... 9.29 ................................... 9.31 ................................... 9.30 ........................................... 9.36
Molybdenum Concentrates 40% ............................................... $/lb....................................................... 9.07 ................................... 9.09 ................................... 9.08 .................................................-
Ferrotungsten ¨C W=70-80%................................................... $/kg.................................................... 37.50 ................................. 37.54 ................................. 37.53 ........................................... 38.0
Ferrovanadium - V =78%-80%.................................................. $/kg.................................................... 37.00 ..................................................................................... - .................................................-
Vanadium Pentoxide V2O5(FLAKES)......................................... $/lb....................................................... 8.00 ................................... 8.50 ......................................... - .................................................-
Ferrotitanium 68-72% AL3.5%max ............................................ $/kg...................................................... 8.30 ......................................... - ......................................... - .................................................-
Titanium Concentrate 46% ........................................................ $/kg...................................................... 0.73 ......................................... - ......................................... - .................................................-
Sponge Titanium....................................................................... $/kg...................................................... 9.49 ................................... 9.54 ................................... 9.49 ........................................... 9.55
Ferro Boron B 19%min :10-50mm/ 0-2mm ............................... $/mt .................................................... 2850 ......................................... - ......................................... - .................................................-
Ferro Phosphorous: P 20-23%Max, Mn:5%max, C:1%max........ $/MT ..................................................... 365 ......................................... - ......................................... - .................................................-
Exchange Rates
Currency Import Export
Australian Dollar 56.80 54.40
BaharaniDinar 204.55 192.00
Canadian Dollar 61.25 59.05
Danish Kroner 11.85 11.40
Hongkong Dollar 9.75 9.40
Kuwaiti Dinar 255.85 239.60
New Zealand Dollar 54.55 52.20
Japanese Yen (100) 66.85 64.45
EURO 88.10 84.95
Norwegian Kroner 8.90 8.60
Pound Sterling 103.60 100.10
SingaporeDollar 56.35 54.45
S. African Rand 5.00 4.70
S. Arabian Riyal 20.55 19.30
Swedish Kroner 8.85 8.55
Swiss Franc 83.40 80.15
UAE Dirham 21.00 19.70
US Dollar 75.55 73.85
Currency Import Export
USD/INR
Note: This table only gives exchange rates as announced on the first of every month. Interim revisions, if any, are not reflected in this table.
Currency Nov 2021 Sept 2021 Aug 2021 July 2021 June 2021 Nov 2021 Sept 2021 Aug 2021 July 2021 June 2021
Australian Dollar 56.80 55.05 56.15 57.00 57.90 54.40 52.75 53.75 54.65 55.50
Canadian Dollar 61.25 58.95 60.35 61.20 61.85 59.05 56.85 58.20 59.00 59.65
Hongkong Dollar 9.75 9.55 9.70 9.75 9.60 9.40 9.20 9.35 9.40 9.25
Japanese Yen (100) 66.85 67.70 68.95 68.25 67.90 64.45 65.20 66.45 65.80 65.40
Danish Kroner 11.85 11.85 12.05 12.10 12.25 11.40 11.40 11.60 11.65 11.75
Pound Sterling 103.60 102.40 104.90 104.65 105.35 100.10 98.95 101.40 101.15 101.85
Swiss Franc 83.40 81.45 83.45 82.05 83.00 80.15 78.25 80.20 78.85 79.75
U S Dollar 75.55 73.95 75.10 75.30 73.95 73.85 72.25 73.40 73.60 72.25
SingaporeDollar 56.35 55.30 55.90 56.30 56.25 54.45 53.40 54.00 54.35 54.35
Euro 88.10 88.10 89.45 89.80 90.85 84.95 84.95 86.30 86.65 87.65
Customs Notified Exchange Rates (w.e.f. 04-11-2021)
Trends in Customs Notified Exchange Rates (Rs./unit currency)
IMPORTS EXPORTS
Average Bank Rates (Rs/$)
Month Buying Selling
Indicative Bank Exchange Rates (Rs./unit currency) : November 2021
IMPORTS - Buying Rates EXPORTS - Selling Rates
Dec 2019 71.24 71.33
Nov 2019 71.52 71.57
Oct 2019 70.97 71.10
Sept 2019 71.35 71.26
Aug 2019 71.21 71.12
Currency 15 16 17 18 19 15 16 17 18 19
Australian Dollar - - - - - - - - - -
Canadian Dollar - - - - - - - - - -
Hongkong Dollar - - - - - - - - - -
New Zealand Dollar - - - - - - - - - -
Danish Kroner - - - - - - - - - -
Pound Sterling - - - - - - - - - -
Swiss Franc - - - - - - - - - -
U S Dollar - - - - - - - - - -
SingaporeDollar - - - - - - - - - -
Euro - - - - - - - - - -