ACMA - Commodity Prices - June2021

www.pwc.
com
Commodity price
monitor
June -21
Prepared for ACMA
Strictly private
and confidential
July 2021
Contents | Commodity trend dashboard
Iron & Steel Ferro-alloys Base Metals Precious Metals Polymers & Rubber Appendices
Contents
Commodity trend dashboard 4
Iron & Steel 7
1 Iron Ore 8
2 Pig Iron 9
3 Wire Rod 10
4 Steel Billets 11
5 Hot-Rolled (HR) Coils 12
6 Cold-Rolled (CR) Coils 13
7 Steel Scrap (Heavy Melting) 14
Ferro-alloys 15
9 Ferro chrome 16
10 Ferro silicon 17
11 EN8 Alloy Steel (Forging) 18
12 Stainless Steel 19
13 20MnCr5 Alloy Steel (Forging) 20
Base Metals 21
14 Aluminium 22
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Commodity price monitor Strictly private and confidential July 2021

PwC 2
Contents
15 Copper 23
16 Zinc 24
17 Lead 25
18 Nickel 26
19 Tin 27
Precious Metals 28
20 Precious Metals 29
Polymers & Rubber 30
21 Low density polyethylene (LDPE) 31
22 Polypropylene (PP) 32
23 Acrylonitrile Butadiene Styrene (ABS) 33
24 High Impact Polystyrene (PS) 34
25 Rubber 35
Appendices 36
26 Forex Movement 37
27 Crude Oil 38
28 Commodity Specifications 39

PwC 3
Commodity trend dashboard

PwC 3
Commodity trend dashboard Quarter-on-

Quarter changes (1/2)-Rolling view
Calendar Year 2021: Q vs. Q update
Commodity Region Q-o-Q Up Q-o-Q Down

Iron & Steel
Iron Ore International 29% p
Domestic low grade #N/A
Domestic high grade #N/A
Pig Iron International 13% p
Domestic 10% p
Stainless steel Domestic -7% q
Domestic -7% q
Wire rod International 32% p
Domestic 9% p
Steel Billets International 11% p
Domestic 4% p
Hot-rolled coils International 31% p
Domestic 23% p
Cold-rolled coils International 35% p
Domestic 24% p
Steel Scrap Domestic 15% p
EN8 Domestic 8% p
20MnCr5 Domestic 8% p
Ferro-alloys
Ferro chrome International -3% q
Domestic 1% p
Ferro silicon International 11% p
Domestic 18% p
ND: Not disclosed by the source

PwC 4
Commodity trend dashboard Quarter-on-

Quarter changes (2/2)- Rolling view
Calendar Year 2021: Q vs. Q update
Q-o-Q
Commodity Region Q-o-Q Up
Down
Base Metals
Aluminum International 14.7% p
Domestic 14% p
Copper International 15% p
Domestic 14% p
Zinc International 7% p
Domestic 7% p
Lead International 5% p
Domestic 4% p
Nickel International -2% q
Domestic 0% q
Tin International 23.2% p
Domestic N/A
Precious Metals
Platinum International 2% p
Palladium International 16% p
Rhodium International 11% p
Polymers
Low density polyethylene (LDPE) International 3% p
Domestic 7% p
Polypropylene (PP) International 1% p
Domestic 6% p
International 15% p
Acrylonitrile Butadiene Styrene (ABS)
Domestic 16% p
International 9% p
Polystyrene (PS)
Domestic 14% p
Rubber Domestic 7% p
Currency Exchange
Dollar International 1% p
Pound International 1% p
Euro International 2% p
Yen International -2% q

PwC 5
Iron &
Steel

PwC 6
1 Iron Ore
Iron Ore
280
International
260 +2%
240 +29%
220 *Int'l *Dom

200
+8% +5%
180 +5% $/tonne Rs/tonne
-4% Period
+20%
160
+5% +2% 65% & 65% &
140 +7% -2%
+4% below above
120
Jun-20 1 04 1 834 301 4
100
Jul-20 1 08 1 988 3223
80
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Aug-20 116 21 20 37 50
Source: Crisil Sep-20 1 22 2090 37 97
13,000 Oct-20 1 20 2090 3901
Domestic +14% Prices not
12,000 Nov-20 1 22 2090 447 3
released
11,000 +15% by the Dec-20 1 46 3499 51 48
10,000 source yet
+67% -8% +10% Jan-21 1 58 4301 5888
9,000
4% +4% Feb-21 1 52 447 3 541 8
8,000 +1% +15% 0%
7,000 +16%
+23% Mar-21 1 60 447 7 541 9
+3% 0%
6,000 +7% Apr-21 1 68 4652 5936
0%
5,000 +7% 0% May-21 21 6
+8% -1%
4,000 Jun-21 220
3,000 Price not available
for Oct, Nov:
2,000 assumed constant
1,000
Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21
Source: Crisil *The actual prices may vary depending
on city, player, grade etc.
Outlook
In June and July, international prices showed strong recovery due to pent-up demand and supply concerns as economies returned to
regular volume levels. In August, international prices rose as Chinese infrastructure spending was aided by a government stimulus, along
with supply concerns from Brazil. In September, international prices continued their upturn on account of high demand from China. In
October, international prices declined due to lower Chinese imports, along with greater supply from Brazil and South Africa. In November,
international prices rose on account of a shortage of available supply in the market. In December, prices rose aggressively on the backs of
trade disputes between China and Australia. In January, domestic prices continued to rise due to disruptions in supply. In February,
international prices saw a dip due to reduced buying from China as part of low-carbon initiatives to reduce crude steel output. In March,
international iron ore prices rose on the back of high demand from China fuelled by strong steel margins and high output. In April,
international prices rose on demand amidst increased infrastructure projects post Covid-19 recovery. In May, international prices surged in
line with flat steel prices and strong demand. In June, iron ore prices rose marginally on the back of global supply constraints.

PwC 7
2 Pig Iron
Pig Iron
750
International Pig Iron (Foundry grade-FOB CIS) $/tonne +6%
700
+9% +10%
650
-8%
600 +13% +1%
Monthly Average Prices
550
+28%
500 Period *Int'l *Dom
450
+5%
+6%
400 +6% -1%
+1% $/tonne Rs/tonne
350
Jun-20 31 1 29650
300
Jul-20 31 4 293 50
250
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Aug-20 333 3 1 3 50
Source: Crisil Sep-20 3 54 3 1 3 50
51,000 Oct-20 3 51 3 1 7 50
Domestic Pig Iron (Foundry grade, Ex-factory) Rs/tonne Nov-20 37 0 3 2250
48,000
+5% +2% Dec-20 47 1 3 5250
45,000 +5% +2%
Jan-21 53 3 3 8250
42,000 -4%
+9% Feb-21 490 3 67 50
39,000 +9% Mar-21 53 3 3 87 50
36,000 +2% Apr-21 53 9 407 50
+7% +1%
33,000 0% May-21 591 41 7 50
-1% Jun-21 625 427 50
30,000
27,000
24,000
*The actual prices may vary depending on
Source: Crisil city, player, grade etc.
Outlook
In December, pig iron prices rose aggressively globally, following from a trend of higher prices for iron and steel commodities due to higher
Chinese buying. Domestic prices rose in tandem. In January, international prices rose due high Chinese consumption which led to shortage
of imports, while domestic prices rose due to infrastructure projects gaining momentum post lockdown. In February international prices fell
along with Iron Ore prices, while domestic prices slumped on lower demand. In March, international prices surged on increased buying
from Brazil and good demand. Domestic prices rose due to healthy demand coupled with strong flat steel prices. In April, international rose
in conjunction with steel prices. Domestic prices rose on demand from both castings and steel segment coupled with strong flat steel prices.
In May. International prices rose on surged on strong demand and limited supply from China. Domestic prices rose in line with flat steel
prices, even as demand remains weak owing to the second wave of Covid-19. In June, international and domestic prices rose in line with flat
steel prices despite weakened demand in India due to the second wave of the pandemic

PwC 8
3 Wire Rod
Wire Rod
1,300
International Wire Rod (CIS Black Sea) $/tonne
1,200 -9%
1,100 +24% Monthly Average Prices
1,000
+12%
900 Period ^*Int'l *Dom
+2%
+8%
+19%
0% ($/tonne) (Rs/tonne)
700
+6%
600 +4% 0%
0%
0% Jun-20 484 3 8294
500
Jul-20 484 3 8994
400 Aug-20 504 40494
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
Sep-20 504 40494
Source: Crisil
Oct-20 504 40494
70,000
Domestic Wire Rod (India 5.5 mm, Inc. ex) Rs/tonne Nov-20 53 5 44494
65,000 +6% Dec-20 63 8 47 994
+5% +3%
60,000 -1% Jan-21 648 51 994
-6%
+8% Feb-21 648 48994
+8%
Mar-21 7 00 51 494
50,000 +10% Apr-21 7 82 54494
45,000 +4% 0% May-21 967 55994
+2% 0%
40,000
Jun-21 885 55494
35,000
30,000
*The actual prices may vary depending
Source: Crisil on city, player, grade etc.
Outlook
. In June, prices rose internationally as well as domestically, owing to higher demand from producers. In July, prices stabilized globally
while rising slightly domestically. In August, international as well as domestic prices rose on the backs of growing demand, shortage of
inventory. In September, international and domestic prices remained stable. In October, international and domestic prices remained
stable. In November, international as well as domestic prices rose due to the higher cost of iron ore. In December, a boom in Chinese
construction drove higher international and domestic prices. In January, international prices rose on tight supply and price rise for scrap.
Domestically, prices rose reflecting soaring steelmaking cost. In February, international prices remained stable on good demand, while
domestic prices slumped with reduced steel prices. In March, international and domestic prices rose in conjunction with steel prices. In
April, international as well as domestic prices rose on the back of increased demand from China. In May, global prices surged on short
supply in Europe and Asia. Domestic prices followed suit. In June, international price fell on the back of decreased demand from China
and Southern Europe. Domestic prices remained stable.
^Prices have been retrospectively revised by the source due to change in base year

PwC 9
4 Steel Billets
Steel Billets
900
International International Price (Black Sea Steel Billet Spot FOB) $/tonne
+12%
800
+1%
700 +7% +8% 0% Monthly Average Prices
-8%
+28% Period ^*Int'l *Dom
600
500 +5% ($ /tonne) (Rs/tonne)

+5%
+6% -1%
+1%
400 Jun-20 37 1 3 2 1 00
Jul-20 37 3 3 2 000
300 Aug-20 3 96 3 1 950
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Sep-20 41 6 3 2 500
Source: Crisil Oct-20 41 3 3 2 567
Nov-20 43 3 3 3 1 50
Domestic Billets (100^100 mm) Rs/tonne Dec-20 553 3 62 3 3
90,000
Jan-21 590 41 1 00
80,000
Feb-21 542 41 3 50
+1%
70,000
Mar-21 584 40667
60,000 +13% +5% Apr-21 590 41 500
+2%
-2% -1%
50,000 +9% May -21 658 43 500
+2% +2%
0% Jun-21 661 42 900
40,000 0% 0%
30,000
20,000
10,000
0
Outlook
In June, international as well as domestic prices rose due to higher input costs as well as a rise in demand. In July, international prices rose
slightly whilst domestic prices remained constant. In August, international billet prices rose on greater demand and a shortage of scrap. In
September, international prices rose, while domestic prices rose on account of higher DRI rates. In October, international prices declined
while domestic prices remained stable. In November, international prices rose on higher ore prices, as well as reduced supply. Domestic
prices followed suit. In December, international as well as domestic prices rose due to the higher price of scrap. In January, international
prices along with domestic prices rose due to increased demand of steel in China and an upward trend in prices of steel products. In
February, international prices saw a dip due to lack of trade and falling steel prices, while domestic prices remained stable. In March,
international prices surged on the back of high Chinese buying. Domestic prices dipped on account of weaker demand for finished products.
In April, international as well as domestic prices rose in conjunction with scrap prices. In May, international and domestic prices increased
due to reduced availability. In June, international and domestic prices remained fairly stable.
^International prices changed due to change in the grade

PwC 10
5 Hot-Rolled (HR) Coils
Hot-Rolled (HR) Coils

1,500
International HR Coils (FOB Black Sea) $/tonne
1,400
1,300 +16%
1,200 Monthly Average Prices
+14% -1%
1,100
1,000 +10%
+15% Period *Int'l ^*Dom
900 -7%
+9% +32%
800
($/tonne) (Rs/tonne)
700 +13%
+1%
600 0%
+4% Jun-20 400 3 7 250
500 Jul-20 41 6 3 7 250
400
Aug-20 469 40250
300
Sep-20 51 2 42050
Oct-20 51 2 43 550
Source: Crisil
90,000 Nov-20 51 7 45550
Domestic HR Coils (India 14G-2mm) Rs/tonne
85,000 +5% Dec-20 682 51 050
80,000 Jan-21 7 84 54050
+13%
75,000 Feb-21 7 25 51 550
70,000 +11% Mar-21 7 94 52550
+6%
65,000 +2% Apr-21 906 58550
60,000 +12%
-5% May-21 1 055 66050
55,000 +5% Jun-21 1 050 69550
+4%
50,000 +4%
+8%
45,000
0%
40,000
35,000
30,000
Source: Crisil *The actual prices may vary depending

Outlook
In November, prices of HR coils rose internationally on the backs of reduced supply, while domestic growth was enabled by improvement in
construction, higher ore prices and reduced availability. In December, international prices alongside domestic prices rose on the back of
higher cost for steel raw materials. In January, international prices continued to rise on robust demand. Domestic prices surged amid
constrained supply and increased demand from construction, automotive and white goods sectors. In February, International prices
slumped due to decreased demand. Domestic prices dipped due to traders’ sufficient inventories as well as moderation in demand from auto
and pipe makers. In March, international prices rose on strong demand in China post resumption of activities after New Year holidays.
Domestic prices followed suit. In April, international and domestic prices surged on the back of increased demand from China. In May,
international prices rose on the back of increased crude steel output from China coupled with increasing iron ore prices. Domestic prices
followed suit. In June, international prices declined on the back of pressure from global governments to bring down steel price rally.
Domestic prices rose despite weakened demand due to high export potential and increasing flat steel prices.

PwC 11
6 Cold-Rolled (CR) Coils
Cold-Rolled (CR) Coils

1,600
International
1,500 CR Coils (CIS Black Sea) $/tonne +7%
1,400 +14%
1,300
1,200 +14%
1,100 +10% Period *Int'l ^*Dom

+13%
1,000
+9% +26% -1%
900
($ /tonne) (Rs/tonne)
800 +1%
+12%
+1%
700
Jun-20 461 43 3 50
600 +3%
Jul-20 47 4 43 3 50
500
Aug-20 52 9 47 3 50
400
Sep-20 57 8 493 50
Oct-20 584 51 3 50
Source: Crisil
Nov-20 590 53 3 50
130,000 Dec-20 7 44 58850
Domestic CR Coils (Mum-16G) Rs/tonne
120,000 +12% Jan-21 843 62 850
110,000 +7% +13% Feb-21 83 0 603 50
+10% Mar-21 91 6 61 3 50
90,000 +2%
Apr-21 1 046 693 50
80,000 +4% -4%
70,000 +4% May -21 1 1 87 7 7 3 50
+4%
+9% Jun-21 1 2 67 81 3 50
60,000 0%
-2%
50,000
40,000
30,000
20,000
10,000
0
May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21
Source: Crisil. on city, player, grade etc.
Outlook
In June, international prices declined slightly on weak demand, while domestic prices declined, mirroring the decline in HR coil prices. In
July, prices rose internationally on stronger demand, while domestic prices remained constant. In August, prices rose in tandem with HR
coil prices. In September, international and domestic prices rose in line with HR Coil prices. In October, international prices rose on
continued strong Chinese demand, while domestic prices rose in accordance with HR Coil prices. In November, international and domestic
prices rose in tandem with HR coil prices. In December, international and domestic prices rose in tandem with HR Coil prices. In January,
domestic as well as international prices rose in line with HR Coils, reflecting strong demand. In February, both international and domestic
prices dipped in conjunction with hot-rolled coil prices. In March, international and domestic prices rose in accordance with HR Coil prices.
In April, international and domestic prices increased concurrently with HR Coils. prices. In May, prices rose mirroring HR coil prices. In
June, international as well as domestic prices rose in line with increasing flat steel prices.

PwC 12
7 Steel Scrap (Heavy Melting)
Steel Scrap (Heavy Melting)
Mont hly Average

Prices
42,000
Domestic Steel scrap (Heavy melting, Excl. GST) Rs/Tonne Period *Dom
+7%
+7% (Rs/Tonne)
35,000 +2% -1%
+10%
+10% Jun-20 2 0800
+2% -7%
Jul-20 2 0800
28,000 +6%
+10% Aug-20 2 2 800
0%
Sep-20 2 3 3 00
0%
Oct -20 2 3 3 00
21,000
Nov-20 2 4 800
Dec-20 2 7 4 00
14,000 Jan-21 2 7 9 00
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Feb-21 2 59 00
Mar-21 2 84 00
Source: CRISIL
Apr-21 3 04 00
May -21 3 2 4 00
Jun-21 3 2 1 00

Outlook
In April, domestic prices remained constant. In May, domestic prices declined as traders reduced orders due to logistical concerns during
the lockdown. In June, domestic prices declined on the back of continued weak demand and oversupply in the market, while in July, prices
remained constant. In August, domestic prices rose as Indian manufacturers had to contend with global price rise. In September, prices
continued to rise on the backs of strong Chinese demand. In October, prices remained stable. In November prices rose on account of higher
demand for steel. In December, scrap prices rose internationally and domestically on limited supply and greater demand from developing
economies. In January, scrap prices saw a slight increase, reflecting strong demand and lack of abundant supply. In February, prices fell due
to plummeting steel prices coupled with weakened demand. In March, prices rose in conjunction with steel prices. In April, domestic scrap
prices increased, owing to rise in global steel prices. In May, domestic prices increased in line with global and domestic steel prices. In June,
prices fell marginally due to better availability.

PwC 13
Ferro-alloys

PwC 14
8 Ferro chrome
Ferro chrome
1,600
1,550
International Ferro Chrome (FOB Hong Kong, Cr 50%) $/tonne
1,500 +3%
1,450
1,400 +19% -7%
1,350 +4%
-6%
1,300
1,200 +20%
1,150 Period *Int'l *Dom
1,100
1,050
+2%
1,000 +3% +1% ($ /tonne) (Rs/tonne)
950 0% 0%
-1%
900
850 Jun-20 87 3 63 1 00
800 Jul-20 865 597 00
Aug-20 865 61 3 00
Source: Crisil Sep-20 890 67 3 00
130,000 Oct-20 890 661 00
Domestic Ferro Chrome (Cr:60%, Ex Fac) Rs/tonne -10% Nov-20 899 62 600
120,000
Dec-20 91 6 62 400
+4%
110,000 Jan-21 1 096 7 6400
+24% +6% Feb-21 1 3 01 94400
100,000 +1%
Mar-21 1 335 98400
-2%
90,000 Apr-21 1 2 41 88400
+22%
+10% May -21 1173 892 97
80,000
+3% Jun-21 1 224 94400
-5%
70,000 -5% 0%
60,000
50,000
Source: Crisil on city, player, grade etc.
Outlook
. In October, international prices remained stable, while domestic prices fell due to weaker export and excess inventory. In November,
international prices remained stable on strong demand, while domestic prices continued to correct, as producers held excess supply in
expectation of higher demand. In December, international prices rose on tighter spot supplies and higher input costs while domestic prices
remained stable. In January, international and domestic rose on the back of South Africa’s increased export duty coupled with reduced raw
material supply and anticipation of pick up in demand. In February, international prices rose on reduced production from China due to
high-carbon emission restrictions which led to shortfall in supply. Domestic prices rose on the back of limited supply and increased chrome
ore prices. In March, International as well as domestic prices continued to rise due to increased buying activity from China. In April, global
and domestic ferro chrome prices declined with normalcy in supply situation in China, hence moderation in exports demand. In May,
international and domestic prices declined with increased supply in China, hence a moderation in exports demand. In June, international
prices rose on increasing chrome ore costs. Domestic prices rose on supply issues.

PwC 15
9 Ferro silicon
Ferro silicon
2,250
International Ferro silicon (Si 75%, FOB China)$/tonne
+13%
2,000
+10%
-3%
1,750
+7% +4% Monthly Average Prices
-2%
+13%
1,500 Period *Int'l *Dom
+5%
+1%
+2% +4%
1,250 -2% ($ /tonne) (Rs/tonne)
Jun-20 1 1 32 7 83 00
1,000
Jul-20 1 1 52 7 3 050
Aug-20 1 1 32 83 050
Source: Crisil
Sep-20 1173 80050
150,000 Oct-20 1 1 87 7 7 050
Domestic Ferro silicon (Si 70%, India Ex-Fac) Rs/tonne
140,000 +9% Nov-20 1 2 42 7 6450
130,000 Dec-20 1 408 86450

+20%
-10% Jan-21 1 504 1 02 450
120,000
+19% Feb-21 1 47 7 92 450
+3%
110,000 Mar-21 1 53 2 94450
+2%
100,000 -4% Apr-21 1 490 97 450
+13%
+14%
90,000 -4% May-21 1 642 1 1 6950
-7% -1% Jun-21 1 856 1 2 7 950
80,000
70,000
60,000
Outlook
In November, international prices rose on stronger demand, while domestic prices fell on excess supply in the market. In December and
January, international prices rose on the back of Chinese mills restocking ahead of the festive season. Domestic prices surged on increased
demand, high cost of raw materials as well as increase in no. of megaprojects. In February, international price and domestic prices
plummeted due to lack of trade and producers looking to liquidate stocks. In March, international prices increased with demand, while
domestic prices rose on supply constraints in Meghalaya due to daily power-outages. In April, international prices declined with
moderation in demand and increased supply. Domestic prices increased marginally due to continued supply constraints in Meghalaya as
the producers are over-booked with existing orders amidst power disruptions. In May, international prices rose on tight supply and
increased Chinese prices. Domestic prices increased due to supply constraints in Guwahati and Meghalaya. In June, global prices surged
with tight supply situation and increase in Chinese prices. Domestic prices saw a spike due to continued supply constraints from major
producing regions and backlog in dispatches from Bhutan.

PwC 16
10 EN8 Alloy Steel (Forging)
EN8 Alloy Steel (Forging)
Monthly Average
Prices
*Dom
Period
(Rs/tonne)
105,000
Domestic Alloy Steel (forging)-EN8 India Rs/tonne Jun-20 60000
Jul-20 60000
Aug-20 61 000
90,000
+7% Sep-20 63 000
0%
+7% +4% Oct-20 65000
-3%
+4% 0% Nov-20 662 50
75,000 +2%
+3% Dec-20 69000
+3%
+2%
0%
Jan-21 7 3 600
60,000 Feb-21 7 1 500

Mar-21 7 1 500
Apr-21 7 4600
45,000 May -21 7 97 50
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jun-21 7 97 50
Source: PwC Research

Outlook
In December, prices remained constant on stable market conditions. In January,, prices remained unchanged thanks to stable market
conditions. In February prices remained stable. In March, domestic prices rose thanks to higher demand and improved industrial activity
prior to the national lockdown. In April, prices remained stable. Prices remained stable in May. In June, prices rose as industries reopened
across the country. In July, prices were unchanged. In August, prices rose domestically as part of the trend to higher steel prices. In
September, prices rose further as steel prices rose on a tight supply. In October, prices continued to rise due to increased steel demand from
industry. In November, prices continued to rise, on account of higher steel demand. In December, prices rose on stronger demand and a
global trend of higher steel prices. In January, the trend of rise in prices continued domestically on shortage of demand of demand and
increased supply. In February, domestic prices fell in conjunction with steel prices. In March, domestic prices remained stable. In April,
domestic prices increased in conjunction with international steel prices. In May, domestic prices rose amidst tight supply. In June, domestic
prices remained stable.

PwC 17
11 Stainless Steel
Stainless Steel
Monthly Domestic Average Prices

Domestic G304 HR Coil
*G304 HR *G304 CR
Period
180,000 +3% -4% (Rs/tonne) (Rs/tonne)
+1% +6% -2%
+2% +1% -1% -2%
+4% 0%
0% Jun-20 1 27 7 00 1 3 7 250
Jul-20 1 27 7 00 1 3 7 250
120,000
Aug-20 1 3 27 00 1 42250
Sep-20 1 3 47 00 1 44250
Oct-20 1 3 67 00 1 46250
60,000
Nov-20 1 3 7 7 00 1 47 250
Dec-20 1 457 00 1 55250
Domestic Jan-21 1 497 00 1 59250

G304 CR Coil
Feb-21 1 47 7 00 1 57 250
240,000
Mar-21 1 447 00 1 54250
Apr-21 1 3 87 00 1 48250
+3% -4%
+1% +5% -2%
180,000 +1% +1% -1% -2% May-21 1 3 6200 1 457 50
+4%
0% Jun-21 1 3 6200 1 457 50
0%
120,000
60,000
Outlook
In March, domestic prices fell as the COVID-19 pandemic rocked industrial activity all around the world. In April, international and
domestic prices remained stable. In May, prices rose marginally despite a weak demand environment both in India and globally. In June
and July, prices remained stable and unchanged. In August, international and domestic prices rose due to higher demand, partly in China,
and lower scrap availability. In September, HR Coil prices rose on the back of continued momentum in steel prices. In October, domestic
prices rose on account of higher industrial demand. In November, domestic prices rose on increased demand for steel as a result of new
government stimulus announcements. In December, prices rose due to higher raw material prices. In January, prices rose as steel producers
and dealers increased prices to preserve their margins due to pick-up in demand across construction, automotive and the white goods
sector. In February, domestic prices saw a negligible dip on the back of weakened supply. In March, domestic prices fell marginally on
improved stainless-steel supply in the market. In April, domestic prices fell on the back of improved supply. In May, prices fell owing to
weaker demand amidst the second wave of Covid-19. In June, prices remained unaffected.

PwC 18
12 20MnCr5 Alloy Steel (Forging)
20MnCr5 Alloy Steel (Forging)
*Dom
Period
(Rs/tonne)
90,000
Domestic Alloy Steel (Forging)-20MnCr5 India Rs/tonne Jun-20 61 000
85,000 +7%
0% Jul-20 61 000
Aug-20 62000
80,000 +4%
+7% Sep-20 64000
-3%
75,000 0% Oct-20 66000
+4%
+2% Nov-20 67 250
70,000 +3%
+3% Dec-20 7 0000
+2% Jan-21 7 4600
65,000
0%
Feb-21 7 2500
60,000 Mar-21 7 2500
Apr-21 7 5600
55,000
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 May-21 807 50
Jun-21 807 50

Outlook
In December, prices remained unchanged. In January, prices remained unchanged thanks to stable market conditions. In February prices
remained stable. In March, prices rose on stronger industrial activity and demand prior to the COVID-19 lockdown. In April, prices
remained stable. In May, prices remained stable. In June, prices rose on account of the gradual unlocking of the economy. In July, prices
remained stable. In August, prices rose on stronger demand. In September, prices rose as steel prices continued to trend upwards. In
October, price movement continued upwards as industrial demand from segments such as automotive continued to rise. In November,
prices rose, following the trend of rising steel prices. In December, prices rose on increased demand and tight supply. In January, surging
steel prices globally along with short supply were key drivers to price rise. In February, prices dipped in conjunction with global and
domestic steel prices amidst weaker demand. In March, domestic prices remained stable. In April, domestic prices rose in tandem with
global steel prices on the back of reduced exports from China. In May, prices rose in line with flat steel prices coupled with increased
consumption from China. In June, prices stayed stable in line with other steel alloys.

PwC 19
Base
Metals

PwC 20
13 Aluminium
Aluminium
2,800
International Aluminium (Al99.70) $/tonne
2,600 +5%
0%
+6%
2,400 +5%
+4%
2,200 +4% Mont hly Average Prices
+7% -1%
2,000 +3%
+1% *Int 'l *Dom
+6%
1,800 +5% Period
($ /t onne) (Rs/kg)
1,600
Jun-20 1 564 1 36
1,400
Jul-20 1 63 9 1 39
Aug-20 1 7 34 1 46
Source: LME
Sep-20 1 7 45 1 45
220
Oct -20 1 803 1 50
Domestic Aluminium (min 99.7%) Rs/kg
210 Nov-20 1 93 2 1 60
+3%
+8% -1%
200 Dec-20 2 01 8 1 65
190 +4% Jan-21 2 004 1 64
180 +3% Feb-21 2 080 1 69

+3%
+7% -1% Mar-21 2 1 92 175
170
Apr-21 2324 1 88
160 +3%
+5% May -21 2 43 4 1 94
0%
150 +2%
Jun-21 2 43 9 1 93
140
130
120
Source: MCX*
*Source updated in July 2019
Outlook
In October, international prices rose due to a surge in Chinese demand, while domestic prices rose on account of higher demand from
domestic manufacturers following economic reopening. In November, international prices rose on account of improving demand in China
and the United States, leading to higher prices domestically as well. In December, international prices rose on higher demand from China
and the United States, coupled with higher freight prices. Domestic prices rose in tandem. In January, global prices saw a slight dip to due
rise in Chinese exports, while domestic prices softened due to subdued demand. In February, international prices rose on increased demand
and a softer US Dollar Index, while domestic prices rose in line with international prices and revival in domestic demand. In March,
international and domestic prices rose on demand from consumer industries, primarily from China. In April, international prices increased
on the back of increased buying from China, while domestic prices rose on demand. In May, international prices rose on the back of high
demand and decreased production in China. Domestic prices decreased in tandem. In June, international as well as domestic prices
remained stable.

PwC 21
14 Copper
Copper
12,000
International Copper (Grade A) $/tonne -6%
+9%
+4%
10,500
+6%
+3%
+6%
+2% +5%
7,500 +3% *Int'l *Dom
+11% 0%
Period
6,000 ($/tonne) (Rs/kg)
Jun-20 57 42 443
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-20 63 54 494
Source: LME
Aug-20 6497 51 6
1,000 Sep-20 67 1 2 524

Domestic Copper (Grade 1: B115) Rs/kg Oct-20 67 03 524
900 +6% Nov-20 7 063 545
+7%
+3% -5% Dec-20 7 7 55 599
800 +2%
Jan-21 7 97 1 61 0
+8%
700 +10% Feb-21 8460 662
+5% Mar-21 9005 681
+4%
600 +2%
+12% 0% Apr-21 93 3 6 7 22
May-21 1 01 84 770
500
Jun-21 961 2 7 28
400
300
Source: MCX on city, player, grade etc.
Outlook
In August, international and domestic prices rose as demand returned to normal around the world. In September, prices rose
internationally and domestically as labor issues in Chile caused concerns about future supply. In October, international and domestic prices
remained stable. In November, international prices rose on account of greater demand from China, reduced availability of supply. Domestic
prices rose in tandem. In December, prices rose on the backs of a stronger economy and Chinese stockpiling. In January, global prices rose
due to robust metal demand by China and weakening of the dollar. Domestic prices remain high on supply deficit. In February,
international prices saw a spike due to increased demand from construction, electronics and auto sector. Domestic prices rose on tight
supply amidst rising demand. In March, international prices continued to rise on demand from China’s manufacturing sector. Domestic
prices rose in tandem. In April, international prices rose as demand from renewable energy sector and electric vehicles picked up pace.
Domestic prices rose in accordance. In May, international as well as domestic prices rose, due to supply disruptions in South America. In
June, international prices dropped due to excessive stock amidst reduced demand from China. Domestic prices followed suit.

PwC 22
15 Zinc
Zinc
4,500
International Zinc (min 99.995%) $/tonne
4,000
Mont hly Av erage Prices

3,500
+3%
+2% +3% *Int 'l *Dom
-1%
+2% +4% +1%
3,000 +9% -3% Period
($ /t onne) (Rs/kg)
+11%
0%
2,500 +7% Jun-20 2 02 1 1 62
Jul-20 21 62 173
2,000 Aug-20 2 4 07 1 92
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Sep-20 2 4 51 1 93
Source: LME Oct -20 2442 1 96
280 Nov -20 267 0 21 3
Domestic NCDEX Zinc (min 99.995%) Rs/kg
Dec-20 2 7 82 21 9
Jan-21 2 7 08 21 6
+1%
+2%
+5% Feb-21 27 43 221
240 -1%
+3% +2% Mar-21 27 92 21 8
+9% -1%
Apr-21 2 87 5 229
0% May -21 297 0 234
+2%
+11% Jun-21 2 9 50 237
200
+7%
160
Source: MCX* on city, player, grade etc.
Outlook
In October, international prices remained stable, while domestic prices rose on account of greater demand from consuming industries. In
November, international as well as domestic prices rose on higher demand, reduced availability. In December, prices rose internationally on
strong demand, while domestic prices benefited from a stronger rupee. In January, international and domestic prices dipped due to
weakened demand despite constrained supply in constrained in top-producing countries. In February, international remained stable, while
domestic prices rose on a pick-up in demand. In March, international prices rose on the back of tight supply and shipping delays in the US,
while domestic prices dipped due to weakened demand. In April, international Zinc price increase has been supported by Chinese
infrastructure demand and rebounding global auto output. Domestic prices increased on tight supply. In May, international and domestic
prices rose despite growing unsold inventory, as investors continued to be bullish about the global recovery. In June, international prices
saw a marginal dip due to The National Food and Strategic Reserves Administration of China announcement that it will be releasing
reserves of zinc to help keep costs to Chinese manufacturers down. Domestic prices increased marginally.

PwC 23
16 Lead
Lead
2,400
International Lead ($/Tonne)
+9%
0%
2,200 -6%
+4%
+5% +2%
0% Mont hly Average Prices
+7% +8%
-6%
2,000 -3%
*Int 'l *Dom
+4%
Period
1,800 ($ /t onne) (Rs/kg)
Jun-20 1 7 39 1 41
Jul-20 1 81 2 1 47
1,600
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Aug-20 1 935 1 54
Sep-20 1 881 1 49
Source: LME
Oct -20 1777 1 48
200
Domestic MCX Lead (Rs/kg) Nov-20 1 91 4 1 55
Dec-20 2 01 9 1 59
Jan-21 2 01 5 1 62
+3% Feb-21 2 086 1 69
180
-4% -1%
+4% +4% Mar-21 1 961 1 63
Apr-21 2 006 1 69
+2%
+3% May -21 2 1 86 173
+5% +4% Jun-21 2 1 89 172
160 -3%
+4% 0%
140
Source: MCX
Outlook
In September, international as well as domestic prices declined as inventory levels rose following months of upward price movement. In
October, international prices fell on weak demand while domestic prices remained stable. In November, prices rose on the back of an
economic upturn, and demand from battery developers. Domestic prices rose in tandem as the economy continued to recover. In December,
prices rose internationally, buoyed by continued low supply in the market. Domestic prices rose as the economic recovery continued. In
January, international prices remained stable while domestic prices continued to rise due to increased demand in the domestic market. In
February, prices rose on the back of strong demand from North America, Europe and China, whilst domestic prices rose on the back of
international surging prices. In March, international and domestic prices fell on weakened demand in spite of supply tightness. In April,
international and domestic prices increased, owing to increased demand in batteries. In May, international as well as domestic prices rose
on account of continued bullishness from investors and fears of supply disruptions. In June, international prices remained stable. Domestic
prices saw a minimal dip due improvement in supply.

PwC 24
17 Nickel
Nickel
28,000
International Nickel (min 99.80%) $/tonne
26,000
24,000 +6%
-11%
22,000 +6% +2%
+4% Mont hly Av erage Prices
20,000 +3% +4% +7%
18,000 +9% 0% *Int 'l *Dom

+2%
16,000 +5% Period
($ /t onne) (Rs/kg)
14,000
12,000 Jun-20 1 2 7 03 969
10,000 Jul-20 1 3341 1 01 3

May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Aug-20 1 4 4 87 1 09 7
Source: LME Sep-20 1 4 86 6 1 09 7

2,100 Oct -20 1 52 1 9 1 1 29
Domestic Nickel (4”*4” cut Nickel min 99.80%) Rs/kg Nov -20 1 57 9 6 1 1 87
Dec-20 1 6 807 1 268
1,800
Jan-21 1 7 84 8 1 3 02
-11%
Feb-21 1 856 8 1 361
+10% +5% +2%
1,500 +4% Mar-21 1 6461 1 2 07
0% +3%
+5% Apr-21 1 6 4 81 1 245
+8% +3%
1,200 0% May -21 1 7 6 05 1 298
0%
Jun-21 1 7 943 1 326
900
600
Source: MCX*
Outlook
In September, international prices rose on strong Chinese demand whilst domestic prices remained stable. In October, international prices
rose due to robust demand from the stainless steel industry, and concurrently rose domestically too. In November, international prices rose
on account of greater Chinese demand, with the continued Indonesian export ban and typhoons in Philippines impacting supply. Domestic
prices rose in tandem. In December, international prices rose as demand for batteries remained exceptionally bullish, taking prices close to
their previous high. Domestic prices rose simultaneously. In January, international prices went up due to continued demand for batteries
and in transportation. Domestic prices remained consistent. In February, international prices rose on material shortages and expectations
of higher demand for nickel batteries. Domestic prices rose on the back of greater demand from alloy makers. In March, international and
domestic prices declined on the back of cautious investors amidst weak demand. In April, international prices remained unchanged,
domestic prices rose on tight supply. In August, Nickel prices rose as part of the trend of higher metals prices. In June, international prices
saw a spike due to demand from USA, Europe and China coupled with demand for EV batteries. Domestic prices mirrored global trends.

PwC 25
18 Tin
Tin
40,500
International
39,000 Tin (min 99.85% ) $/tonne
37,500 +14%
36,000
34,500 +4% 0%
33,000 +3%
31,500
28,500
27,000
25,500 +11% *Int'l *Dom
24,000
22,500 +6% Period
+2% +2%
21,000 +4% +1% +1% ($ /tonne) (Rs/kg)
19,500
18,000
Jun-20 1 6806
16,500
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-20 1 7 453
Aug-20 1 7 67 2
Source: LME
Sep-20 1 7 946
1,400
Domestic
1,300 MCX Tin (min 99.85%) Rs/kg Prices not Oct-20 1 81 54
1,200 available
Nov-20 1 8568
yet
1,100 Dec-20 1 97 2 7
1,000
Jan-21 2 1 955
900
800 Feb-21 2 67 1 7
700 Mar-21 2 7 3 96
600 Apr-21 2 8508
500 May -21 3 2 52 4
400
Jun-21 3 2 67 8
300
200
100
0
Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21
Source: Bloomberg on city, player, grade etc.
Outlook
In June and July prices rose as supply constraints, particularly in South America, coincided with the reopening of economic activity. In
August, international prices rose slightly. In September, prices rose internationally on account of stronger demand for electronics,
particularly in Mainland China. In October, international prices rose slightly on In October, prices rose as supply was constrained due to
lockdown in Peru. In November, international prices rose on the back of a resurgent global economy, particularly in China, along with
continued strong demand for electronic products during the pandemic. In December, international prices surged due to a major shortfall in
supply not expected to be filled for months. In January, international prices surged further as consumers continued to boost global demand
for electronics. In February, prices surged on the back of low supply and inventories, coupled with resurgent consumer electronics demand.
In March, international tin prices rose due to tight supply and increased demand from China’s electronic industry. In April, international
prices rose on tight supply amidst reduced supply from Indonesia. In May, international prices surged on increased demand, mainly from
the electronics sector. In June, global prices remained steady.

PwC 26
Precious
Metals

PwC 27
19 Precious Metals
Precious Metals
1,600
International Platinum International Price $/troy oz.
1,400 -2% -7%
+11% +1%
+2%
1,200 +6%
+13%
-4%
+9% +4%
1,000 -4% Monthly Average Prices ($/Oz)
+5%
800
Period Pt Pd Rh
6,000
Jun-20 831 1 952 847 4
International Palladium International Price $/troy oz.
Jul-20 869 2062 8603
4,000 +12% -6% Aug-20 949 21 91 11177
0% +5% +4%
+6% 0% -1%
+6%
+6% +2% +2% Sep-20 91 5 231 4 1 3647
2,000
Oct-20 881 2369 1 397 7
Nov-20 91 8 2368 1 507 8
Dec-20 1 034 2362 1 6436
0
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jan-21 1 097 2398 1 97 63
Feb-21 1 21 5 2367 22549
60,000
International Rhodium International Price $/troy oz. Mar-21 1 1 89 2495 27 484
45,000
+5% Apr-21 1 21 5 27 82 287 37
+22% -20%
-5% May-21 1 221 2896 27 325
+14%
+20%
30,000 +9% Jun-21 1 1 33 27 36 21 7 52
+22% +8%
+30% +2%
15,000 +2%
0

Source: Johnson Matthey
Outlook
In January, Platinum and Palladium prices, internationally, rose due to continuous industrial demand. Rhodium prices saw due to
increased demand from China and continued supply tightness. In February, Platinum prices rose on the back of demand from China as
palladium’s substitution, while palladium prices remained constant. Rhodium prices surged amid supply tightness, existing deficit, stricter
emissions regulation standards implemented worldwide and strong demand from China and Europe. In March, Platinum prices declined on
reduced buying, while palladium prices rose on tight inventories and increased demand from Automotive, industrial, and electric power
sectors Rhodium prices continued to surge on the back of supply deficit as global economies look to meet emission norms. In April,
platinum, palladium and rhodium prices rose on increased demand from the auto industry as governments became stricter on emission
norms. In May, Platinum and palladium prices rose on increased demand. Rhodium prices fell on ease in supply. Palladium In June,
Platinum and Palladium prices fell owing to strengthening of the dollar. Rhodium prices fell on the back of y should improve as supply has
started to normalize.

PwC 28
Polymers
& Rubber

PwC 29
20 Low density polyethylene (LDPE)
Low density polyethylene (LDPE)

1,100
International LDPE (C&F Far East Asia) $/tonne
-1%
+9%
-6%
1,000
+5%
-4% Monthly Average Prices
+5%
900
+3% Period *Int'l *Dom
+6%
0%
+5%
-1% ($ /tonne) (Rs/tonne)
800
Prices not
available Jun-20 7 44 83 005
yet
700 Jul-20 779 8862 6
Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Aug-20 7 67 91 403
Source: Crisil Sep-20 81 3 951 03
180,000 Oct-20 81 3 9987 9

Domestic LDPE (RIL 16MA400 Ex-Mumbai) Rs/tonne Nov-20 83 6 1 051 06
165,000 Dec-20 882 1 2 3 653
-5%
+9%
Jan-21 847 1 2 6609
150,000 +2% -9%
+8% Feb-21 893 1 2 2 1 80
+18% -3% Mar-21 97 3 1 31 7 32
Apr-21 962 1 43 661
120,000 +5% May -21 905 1 3 7 1 45
+5%
+4% Jun-21 1 2 4861
105,000 +3%
+7%
90,000
75,000
Source: Reliance Industries Ltd. on city, player, grade etc.
Outlook
In March, international prices declined as a result of the fall in crude oil prices and the COVID-19 lockdown. In April, low crude prices
caused further decline in international prices. In June, international prices rose, corresponding with the rise in oil prices. In July, domestic
prices continued their upturn. In August, international prices declined slightly, while domestic prices rose on account of higher oil prices. In
September, domestic prices rose on the backs of higher consumer goods sales as the festive season approaches. In October, domestic prices
continued to rise as producers receive higher export demand, with limited availability and high shipping costs. In November, domestic
prices rose on the back of higher crude oil prices. In December and January, domestic prices rose on increased crude oil prices. In February,
international prices rose on the back of increased crude oil prices, domestic prices dropped on the back of limited demand amidst sufficient
supply. In March, domestic prices rose in conjunction with ethylene prices amidst tight supply. In April, domestic prices increased on
supply tightness amidst reduced production from US. In May, prices fell on the back of stable movement of raw material and decreased
margins. In June, domestic prices fell further due to ease in supply tightness and continued demand from consumer industries.

PwC 30
21 Polypropylene (PP)
Polypropylene (PP)
1,900
International International Price (PPHP) $/tonne Prices not
1,800
available
1,700 yet
1,600
1,500 -4%
Mont hly Average Prices
1,400 +14%
-7%
1,300 Period *Int 'l *Dom
+1%
+5%
1,200 +8% 0%
+1% ($ /t onne) (Rs/t onne)
1,100 +8%
+5%
1,000 -2%
Jun-20 863 83 61 6
900
Jul-20 903 86491
800
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Aug-20 883 8563 6
Sep-20 954 8591 7
Source: Crisil
Oct -20 964 90503
160,000
Domestic Domestic Price (RIL D120MA) Rs/tonne Nov-20 1 045 96407
150,000 +1% Dec-20 1 096 1 07 2 61
-6% Jan-21 1 1 06 1 09697

140,000 +18%
Feb-21 1 1 06 1 09658
-6%
130,000 Mar-21 1 2 59 1 2 9681
+2%
120,000 Apr-21 1 2 08 1 3 067 3
+11% 0% May -21 1 1 27 1 2 2 586
110,000 Jun-21 1 1 52 06
+7%
100,000 +5%
+3% 0%
-1%
90,000
Source: Reliance Industries Ltd. on city, player, grade etc.
Outlook
In January, the trend of falling international prices continued thanks to a production surge in China, while domestic prices rose on tighter
availability of product in the domestic market. Zin February, domestic prices remained unchanged. In March, the dramatic decrease in
crude oil prices led to the fall in Polypropylene prices internationally as well as domestically. In April, prices declined on low crude costs. In
June, international prices rose on higher oil prices. Domestic prices followed suit. In July, domestic prices rose on account of higher oil
prices. In July, domestic prices continued their upturn. In August, prices rose on account of higher oil prices. In September, domestic prices
remained stable. In October, domestic prices rose on greater demand from exports, as well as a shortage of supply in the market. In
November, domestic prices continued to trend upwards. In December, international prices rose alongside the spurt in oil prices. In January,
domestic prices rose on the back of increased crude oil prices. In February, international prices rose on demand, while domestic prices
remained constant. In March, domestic prices surged on high demand and tight supply. In April, domestic prices increased slightly due to
supply tightness. In May, prices dipped due to ease in demand and supply tightness. In June, prices fell in line with LDPE.

PwC 31
22 Acrylonitrile Butadiene Styrene (ABS)
Acrylonitrile Butadiene Styrene (ABS)

3,600 +4%
International
3,400 ABS (C&F Far East Asia) $/tonne
3,200 +12%
Mont hly Average Prices
3,000 +3%
+11% -2%
2,800
2,600 +20% *Int 'l *Dom
-10%
2,400
+7% Period
2,200 +9%
($ /t onne) (Rs/t onne)
2,000
+12%
1,800
1,600 -1%
Jun-20 1 3 81 1 1 3920
1,400 Jul-20 1 363 1 1 1 360
Prices not
1,200 Aug-20 1 52 2 1 2 2 880
available
1,000 yet Sep-20 1 664 1 331 20
800
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Oct -20 1 7 88 1 4 2 080
Nov-20 21 42 1 7 2 800
Source: Crisil
Dec-20 221 3 1 7 6640
260,000
Domestic ABS Rs/tonne Jan-21 1 9 82 1 587 2 0
240,000 -10% +5%
-2% Feb-21 21 95 1 7 6640
220,000 +2% +12% Mar-21 2460 1 97 1 20
200,000 +11% Apr-21 2 56 7 2 07 3 6 0
+22%
May -21 2 51 3 2 03 52 0
180,000 +8%
Jun-21
+7%
160,000 +10%
140,000
-2%
120,000
Prices not
100,000 available
yet
Source: Crisil
Outlook
Acrylonitrile Butadiene Styrene (ABS) is a rigid thermoplastic polymer that provides properties such as flexibility, resilience
to temperature and good appearance. It is popular due to its low production cost and the ease with which the material is
machined by manufacturers. It is made by polymerizing styrene and acrylonitrile.
Its applications can be found in dashboards, wheel covers as well as other automotive body parts. It is also used in automotive
covers, shrouds, and housings.
In March and April, international prices rose on the back of increased demand from consumption in appliances and consumer
goods. Domestic prices followed suit. In May, international as well as domestic prices dropped due to contracted margins
which was a result of increase in raw material prices of styrene.

PwC 32
23 High Impact Polystyrene (HIPS)
High Impact Polystyrene (HIPS)

2,600
International HIPS $/tonne
2,400
-2%
+14%
2,000 0%
0% +10% *Int'l *Dom
1,800 +27% -4%
Period
1,600
($ /tonne) (Rs/tonne)
+9%
1,400 +7%
+3%
+3% Jun-20 994 82 400
1,200
Prices not Jul-20 1 02 2 83 43 0
1,000 available
yet Aug-20 1 051 85490
800 Sep-20 1 1 22 8961 0
Oct-20 1 221 98880
Source: Crisil
Nov-20 1 548 1 2 463 0
210,000
Dec-20 1 548 1 2 3 600
Domestic
200,000 HIPS Rs/tonne
Jan-21 1 491 1 1 4845
190,000
180,000
Feb-21 1 63 3 1 2 97 80
+1%
170,000 Mar-21 1 860 1 47 2 90
+13%
160,000 -1% Apr-21 1 81 8 1 493 50
150,000 -1% May -21 1 81 8 1 47 2 90
+13%
140,000 +26%
-7% Jun-21
130,000
+10%
120,000
110,000 +5%
+2% Prices not
100,000 +1%
available
90,000
yet
Source: Crisil
Outlook
Polystyrene exhibits electrical and chemical resistance. It is easy to manufacture, highly elastic and softens when heated
beyond its glass transition temperature. Its mechanical properties include its impact strength, elongation, toughness, and
modulus. It is mainly used in car fittings, display bases, and buttons.
High Impact Polystyrene is commonly used in automotive instrument panels and petrol tanks.
In March, international as well as domestic prices rose in line with ABS. In April, international prices declined due to subdued
demand, while domestic prices rose marginally. In May, international prices remained stable, while domestic prices dipped in
line with ABS.

PwC 33
24 Rubber
Rubber
Mont hly Av erage

Prices
Period *Dom
(Rs/kg)
Domestic Jun-20 1 20
Domestic Price (RSS 4) Rs/Kg
Jul-20 1 27
Aug-20 1 32
200 Sep-20 1 34
+1% +3% Oct -20 1 42
+7% -1%
+10% +3% 0% Nov -20 1 56
-4%
+6% Dec-20 1 58
+1%
150 +4% Jan-21 1 52
+6%
Feb-21 1 56
Mar-21 1 67
Apr-21 1 67
100 May -21 171
Jun-21 1 69
Source: Rubber board

Outlook
In June and July, prices of rubber rose on stronger demand and supply disruptions. In August, prices rose mirroring a continued upward
trend in global markets. In September, prices rose on strong Chinese demand and supply challenges in Southeast Asia. In October, prices
continued to move upwards due to continued demand in China. In November, domestic prices continued to move upwards, with strong
demand from China along with supply constraints in Thailand and other parts of Southeast Asia partly responsible. In December,
international prices rose alongside the spurt in oil prices. In December, prices rose slightly, stabilising after months of upward movement.
In January, domestic rubber prices saw a dip due to reduced demand. In February, prices rose on the back of reluctance shown by growers
to sell their produce at the prevailing levels in anticipation of future prices. In March, domestic prices rose due to higher oil prices and due
to chronic labor shortages in regional rubber-growing areas of Kerala. In April, domestic rubber prices remained unchanged. In May, prices
rose on the back fall in production in Kerala due to the Covid-19 pandemic. In June, prices dipped marginally due to demand from
automotive and rubber gloves manufacturing players.

PwC 34
Appendices

PwC 35
25 Forex Movement
Forex Movement
86 105
Dollar /Rs Euro /Rs
84
100
82
80 0%
-1% +2%
0% -2% 95 -2%
78 -1% -1%
-1% -1% +2%
+3% +2% 0%
-2%
76 +2% +3%
-1% 90 -1%
-1%
0% 0%
74
72 85
Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21
80
115 Pound /Rs 100 Yen/ Rs
+1%
+2% 78
110 +1%
-4% 0% +1% 76 -2%
105 0% 0% -2%
+4% +4% 74 0%
+2% +2%
100 -2% -1% 0%
0% 72
0% -4%
95 70 -2%
90 68
85 66
Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21
Source: Reserve Bank of India
Monthly Average Prices (Rs)
May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
$ 75 76 75 75 73 73 74 74 73 73 73 75 73 73
₤ 92 96 94 98 94 95 99 98 100 100 101 102 103 104
€ 82 86 86 88 87 86 88 89 89 88 87 89 89 89
¥ 70 71 70 71 69 69 71 71 71 69 67 68 67 67

PwC 36
26 Crude Oil
Crude Oil
100
Crude-European brent spot price FOB $/barrel
90
+9%
80 +3%
+7%
-5%
+19%
70
60 +9%
+9%
-10%
+5% +22%
50 +4%
-7%
40
30
Source: EIA
Monthly Average Prices ($/barrel)
May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
34 42 43 45 41 38 46 51 55 66 63 67 69 75

PwC 37
27 Commodity Specifications
Commodity Specifications
Commodity International Domestic
Iron Ore IOECI635 Index (CIF China) Crisil
- (Fe63.5%) CIF China - Grade 1: 58% to below 60% Fe Fines
- Grade 2: 60% to below 62% Fe Fines
- Grade 3: 62% to below 65% Fe Fines
- Grade 4: 65% and above Fe Fines
Pig Iron Crisil Crisil
-Foundry grade FOB CIS -Foundry grade ex-factory, India
Stainless steel NA PwC Research
-G 304 CR Coil
-G 304 HR Coil
Crisil Crisil
Wire rod -CIS Black Sea (US $/Tonne) - Wire rods: 5.5 mm (Prices are inclusive of
excise duty by exclusive of VAT/Sales tax)
Steel Billets Crisil Crisil
-FOB CIS Black Sea - 100^100 mm (Avg. prices collated from 2-
Previously: Bloomberg 3 locations)
Black Sea Steel Billet Spot FOB
Hot-rolled coils Crisil Crisil
-FOB Black Sea - 14G 2mm (Avg. prices collated from 2-3
locations)
Cold-rolled Crisil Crisil
coils -(CIS) FOB Black Sea - Mumbai 16G (Avg. prices collated from 2-3
locations)
Steel Scrap NA Crisil
- Heavy melting (excl. GST)
EN 8 NA PwC Research
-EN8 Alloy forging
20MnCr5 NA PwC Research
-Alloy forging
Ferro chrome Crisil : FOB Hong Kong Cr 50% Crisil: Ex-factory Cr 60%
Ferro silicon Crisil Crisil
- FOB China Si 75% - Ex-factory Si 70%

PwC 38
Aluminium LME NCDEX, MCX (July’19 onwards)
-Primary aluminium with impurities no -Primary aluminium 99.7% purity
greater than the chemical (minimum) form: ingots, T-bars,
composition of one of the registered
designations:
•P1020A in the North American and
International Registration Record
entitled “International Designations and
Chemical Composition Limits
for Unalloyed Aluminium” (revised
March 2007)
•Al99.70 in the GB/T 1196-2008
Standard entitled “Unalloyed
aluminium ingots for remelting”
Copper LME MCX
-Grade A copper must conform to the - Grade 1 electrolytic copper as per B115
chemical composition of one of specification
the following standards:
•BS EN 1978:1998 - Cu-CATH-1
•GB/T 467-2010 - Cu-CATH-1
•ASTM B115-10 - cathode Grade 1
Zinc LME NCDEX, MCX (July’19 onwards)
-Special high-grade zinc of 99.995% - Zinc of 99.995% minimum purity. Zinc
purity (minimum) must conform to must conform with the
the chemical composition of one of the 99.995% graded chemical composition of
following standards: BS EN 1179:1996 Standard
•BS EN 1179:2003 - 99.995% grade entitled “Zinc and Zinc alloys primary Zinc”
•ISO 752:2004 - ZN-1 grade Form: ingots
•ASTM B6-12 - LME grade
•GB/T 470-2008 - Zn99.995 grade
Lead LME MCX
- Lead of 99.97% purity (minimum) - Lead ingots with minimum purity of
conforming to BS EN 12659:1999 99.97%
- GB/T 469/2005

PwC 39
Nickel LME NCDEX, MCX (July’19 onwards)
- Nickel of 99.80% purity (minimum) - 4”*4” approved pure cut Nickel of 99.80%
conforming to B39-79 (2013) purity (minimum)
- GB/T 6516-2010
Tin LME Bloomberg
- Tin of 99.85% purity (minimum) - Tin (min 99.85% ) $/tonne
conforming to BS EN 610:1996
Platinum Metal in sponge form with minimum purities of 99.95% for platinum and palladium,
and 99.9% for rhodium
Palladium
Rhodium
Low density International price (C&F FEA) $/tonne RIL-16MA400 grade

polyethylene
(LDPE)
Polypropylene International Price (PPHP) $/tonne RIL-D120MA grade
(PP)
Acrylonitrile International price (C&F FEA) $/tonne Landed Cost Rs/tonne
Butadiene
Styrene (ABS)
High Impact International price $/tonne Landed Cost Rs/tonne
Polystyrene
(HIPS)
Rubber Prices NA NCDEX/Rubber board
- RSS 4 (Ribbed Smoked Sheet 4) ex-
warehouse Kochi exclusive of all taxes
Forex RBI reference rates
Movement
Crude European Brent spot price FOB $/barrel – Energy Information Administration (EIA)

PwC 40
Disclaimer
This document has been prepared solely for [ACMA] Automotive Component Manufacturers Association of India, being the
express addressee to this document. PwC does not accept or assume any liability, responsibility or duty of care for any use of
or reliance on this document by anyone, other than (i) ACMA, to the extent agreed in the relevant contract for the matter to
which this document relates (if any), or (ii) as expressly agreed by PwC in writing in advance.
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional
advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained
in this publication, and, to the extent permitted by law, PwC, its members, employees and agents accept no liability, and
disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the
information contained in this publication or for any decision based on it.
This publication contains certain examples extracted from third party documentation and so being out of context from the
original third party documents; readers should bear this in mind when reading the publication. The copyright in such third
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communication, please read the entire document from which the extracts have been taken. Please note that the inclusion of a
company in this publication does not imply any endorsement of that company by PwC nor any verification of the accuracy of
the information contained in any of the examples.
This publication contains various forward looking statements, which by their nature involve numerous assumptions, inherent
risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward looking
statements will not be achieved. We caution readers of this publication not to place undue reliance on these forward looking
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expectations, estimates, and intentions expressed in such forward looking statements.
This publication (and any extract from it) may not be copied, paraphrased, reproduced, or distributed in any manner or form,
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prohibited without PwC’s prior written permission.
PwC contacts for ACMA Knowledge Partnership

- Kavan Mukhtyar, Partner & Leader-Automotive, PwC India - kavan.mukhtyar@in.pwc.com / +912261198735
- Somnath Chatterjee, ACMA Knowledge Partnership Manager –somnath.chatterjee@in.pwc.com / +91124620724
© 2021 PricewaterhouseCoopers Private Limited. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers
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Iron & Steel 7

5 Hot-Rolled (HR) Coils 12

6 Cold-Rolled (CR) Coils 13

7 Steel Scrap (Heavy Melting) 14

11 EN8 Alloy Steel (Forging) 18

13 20MnCr5 Alloy Steel (Forging) 20

To navigate this report

Commodity price monitor Strictly private and confidential July 2021

Polymers & Rubber 30

21 Low density polyethylene (LDPE) 31

23 Acrylonitrile Butadiene Styrene (ABS) 33

24 High Impact Polystyrene (PS) 34

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

Commodity trend dashboard Quarter-on-

Commodity Region Q-o-Q Up Q-o-Q Down

ND: Not disclosed by the source

Commodity price monitor Strictly private and confidential July 2021

Commodity trend dashboard Quarter-on-

Low density polyethylene (LDPE) International 3% p

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

220 *Int'l *Dom

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

500 +5% ($ /tonne) (Rs/tonne)

Commodity price monitor Strictly private and confidential July 2021

Hot-Rolled (HR) Coils

Source: Crisil *The actual prices may vary depending

Commodity price monitor Strictly private and confidential July 2021

Cold-Rolled (CR) Coils

1,100 +10% Period *Int'l ^*Dom

Commodity price monitor Strictly private and confidential July 2021

Steel Scrap (Heavy Melting)

Mont hly Average

*The actual prices may vary depending

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

130,000 Dec-20 1 408 86450

Commodity price monitor Strictly private and confidential July 2021

EN8 Alloy Steel (Forging)

60,000 Feb-21 7 1 500

*The actual prices may vary depending

Commodity price monitor Strictly private and confidential July 2021

Monthly Domestic Average Prices

Domestic Jan-21 1 497 00 1 59250

Commodity price monitor Strictly private and confidential July 2021

20MnCr5 Alloy Steel (Forging)

Monthly Average Prices

*The actual prices may vary depending

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

180 +3% Feb-21 2 080 1 69

Commodity price monitor Strictly private and confidential July 2021

1,000 Sep-20 67 1 2 524

Commodity price monitor Strictly private and confidential July 2021

Mont hly Av erage Prices

Commodity price monitor Strictly private and confidential July 2021

Commodity price monitor Strictly private and confidential July 2021

18,000 +9% 0% *Int 'l *Dom

220 Int'l Dom

1,100 +10% Period Int'l ^Dom

18,000 +9% 0% Int 'l Dom