Daily Pour

Date: 02/07/2026   Issue No.: 3875/26-27

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear Foundrymen,

 

With Regards,

Mrs. Aarti Ghag

Executive Officer, IIF-WR

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

Today’s Top Raw Materials’ Headlines          

*** India: Alang's ship-breaking scrap prices rise amid reports of power curbs

*** Indian pig iron producers turn to US exports

*** India: GR Krishna Ferro Alloys plans greenfield integrated steel project in Maharashtra

*** Chinese Manganese Flake traders quote stable price

*** Chinese Cerium Metal market price stays steady

*** Chinese Titanium sponge price lowers 

*** Chinese Carburiser market price slightly down as freight ease

*** Chinese domestic scrap prices fall further amid weak demand

Raw Material News

India's Manufacturing PMI Hits 54.2 in June, Signaling Steady Growth

India's manufacturing PMI stood at 54.2 in June, indicating continued expansion in the sector. The pace of growth moderated from the previous month, with new orders and output slowing. Input cost and output price inflation eased, suggesting softer inflationary pressures. Employment continued to rise, albeit at a slower pace.The seasonally adjusted PMI remained comfortably above the 50-mark that separates expansion from contraction, indicating a sustained improvement in operating conditions across the manufacturing sector. According to the data, the HSBC India Manufacturing Purchasing Managers' Index (PMI) came at 54.2, although the pace of growth moderated from the previous month.

According to the PMI data, growth in new orders and output slowed during the month. While several manufacturers reported an improvement in demand, others cited subdued client appetite and market competition. Meanwhile, export demand also remained positive during the month, although the pace of growth moderated. Pranjul Bhandari, Chief India Economist at HSBC, said the June PMI signalled continued expansion in manufacturing activity. "The moderation suggests demand has cooled slightly after the earlier surge linked to the Middle East conflict. Growth slowed across output, new orders, export orders and employment, while both the input and output price indices declined, pointing to softer inflationary pressures as geopolitical disruptions begin receding," she said. The PMI data further showed that input cost and output price inflation eased during the month. Purchasing activity also moderated, resulting in a slower build-up of input inventories, while finished goods inventories declined as firms aligned production with current demand.

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Copper Falls Ahead of US Market Report

Commodity
Copper futures fell below $6.1 per pound on Wednesday, reversing the previous session’s gains as investors awaited a US Commerce Department report on the copper market that could pave the way for import tariffs on refined copper. The metal also came under pressure from strong US economic data, which reinforced expectations of tighter Federal Reserve policy and weighed on the demand outlook for industrial metals. Markets are now pricing in at least one Fed rate hike this year, with the first potentially coming as early as September. Meanwhile, Goldman Sachs said the conflict involving Iran could ultimately support metals demand, citing stronger electric vehicle adoption, increased investment in renewable energy, higher defense spending and intensifying competition in artificial intelligence as key drivers of long-term copper consumption.

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Indian Rupee Extends Losses

India Currency
The Indian rupee hovered around 94.7 per dollar, extending its recent losses as rising US Treasury yields strengthened the greenback and weighed on Asian currencies. Higher bond yields dampened demand for emerging-market assets, while renewed dollar buying and weaker regional currencies kept pressure on the rupee. Market sentiment remained cautious after stronger-than-expected US labor market data reinforced expectations that the Federal Reserve could keep interest rates higher for longer. Investors are now awaiting additional US employment data for further clues on the Fed's policy outlook. Meanwhile, higher oil prices added another headwind for the currency, as firmer crude prices typically increase India's import bill and demand for dollars. Oil gained support after a Qatari official said US envoys in Doha would not hold high-level talks with Iran, casting doubt on near-term diplomatic progress and reducing expectations of a potential increase in Iranian oil supplies.

Industry News

Escorts Kubota Volumes Rise in June Supported by Agriculture and Infrastructure Demand

Delayed Monsoon Progress and El Nino Conditions Remain Key Monitorables Despite Strong First Quarter Growth Trajectory.

Escorts Kubota Limited reported higher volumes across both its agricultural and construction equipment divisions for June 2026, though the company noted potential head-winds for the farming sector due to weather uncertainties. According to a regulatory filing submitted under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations 2015, the engineering conglomerate experienced growth in both monthly and cumulative first-quarter sales.

In the Agri Machinery Business Division, total tractor sales for June 2026 reached 13,695 units, representing a 19.1 percent increase over the 11,498 tractors sold in the same month last year. The expansion was driven by the domestic market, where sales rose 19.8 percent to 13,172 units. Growth momentum remained positive across wholesale and retail channels as Kharif sowing commenced, though the company stated that progress has been slowed by a delayed monsoon. While current water reservoir levels continue to support rural sentiment, Escorts Kubota highlighted deficient rainfall and emerging El Nino conditions as critical variables that could moderate growth in subsequent quarters alongside rising input costs. Tractor exports grew by a modest 4.4 percent to 523 units for the month.

For the first quarter spanning April to June, cumulative tractor sales reached 36,862 units, up 20.5 percent from 30,581 units in the prior year's first quarter. This fiscal volume growth was supported by a 22.9 percent rise in domestic quarterly volumes to 35,457 units, which offset an 18.9 percent decline in tractor exports, which dropped to 1,405 units.

The Construction Equipment Business Division recorded a sharper surge, albeit on lower volumes with monthly sales growing 49.1 percent to 498 machines compared to 334 machines in June 2025. The company attributed the segment’s resilience to steady government capital expenditure and robust infrastructure execution. On a cumulative quarterly basis, construction equipment sales for the first quarter climbed 27.4 percent to 1,344 machines, up from 1,055 units in the corresponding period last fiscal year.

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Mahindra Trucks and Buses Division Posts 7 Percent Volume Growth in June

Strong Demand for Passenger Commercial Vehicles Offsets Slower Cargo Truck Sales Amid Fuel Price Pressures.

Mahindra Trucks & Buses Division recorded a 7 percent increase in total sales volumes for June 2026, driven primarily by higher demand for its passenger commercial vehicles. According to operational updates released by parent company Mahindra & Mahindra Limited, monthly volumes for the division reached 1,319 units, up from 1,227 units during the same period last year.

The growth within the standalone division was propelled by the passenger-carrying commercial vehicle segment, which includes school and corporate buses, a trend also noted in SML Mahindra's sales figures for June 2026. Sales in this category expanded by 24 percent year-on-year to 536 units, compared to 431 units in June 2025. This volume expansion helped balance a slight downturn in the cargo segment. Cargo truck sales for the division contracted by 2 percent during the month, falling to 783 units from 796 units in the corresponding period last year.

For the financial year-to-date period spanning April to June, the division cumulative sales volumes climbed 12 percent to 3,951 units, compared to 3,523 units in the prior fiscal year first quarter. Both segments remained positive over the three-month horizon, with year-to-date cargo truck sales rising 5 percent to 2,341 units and passenger commercial vehicle volumes growing 24 percent to 1,610 units.

Vinod Sahay, President of Aerospace, Advanced Technologies, Trucks, Buses & CE at Mahindra & Mahindra, noted that while the broader commercial vehicle industry continues to find support from infrastructure projects and mid-term replacement cycles, short-term operator decisions have been affected.

Mahindra & Mahindra Reports Higher June Sales Volumes Across Automotive and Tractor Segments

Mahindra & Mahindra Limited announced its monthly sales figures for June 2026, reporting volume growth across its major business verticals. The automaker recorded total vehicle sales of 1,06,207 units during the month, representing a 37 percent growth year-on-year. The surge was primarily driven by the utility vehicles segment, where domestic sales increased by 28 percent year-on-year to reach 60,393 units. Total passenger vehicle volumes, which consist entirely of utility vehicles, stood at 61,504 units when accounting for exports.

In the LCV space, the company registered domestic sales of 26,076 units for vehicles weighing under 3.5 tonnes, marking a 35 percent increase from June 2025. This breakdown included 3,508 units from light commercial vehicles under 2 tonnes and 22,568 units from the 2-tonne to 3.5-tonne category. Additionally, three-wheeler sales, including electric variants, grew by 63 percent to 13,820 units, while overall export volumes for the automotive division jumped 125 percent to 5,918 units. Nalinikanth Gollagunta, Chief Executive Officer of the Automotive Division, noted that the performance reflected broad-based demand traction across the product portfolio.

The farm equipment business also maintained an upward trajectory, selling 58,177 tractors in the domestic market, which corresponds to a 12 percent growth over the 51,769 units sold in June 2025. Combined with 1,758 export units, total tractor volumes for June 2026 reached 59,935 units. Commenting on the agricultural sector, Veejay Nakra, President of the Farm Equipment Business, stated that while it remains premature to gauge the full consequences of developing El Nino conditions, government interventions such as ongoing fertilizer subsidies and localized support mechanisms are expected to buffer potential risks for farmers during the Kharif season.

Conversely, the heavier commercial vehicle segment experienced more tempered growth amidst rising operational challenges. Sales within the trucks and buses business, encompassing vehicles over 3.5 tonnes from both the Mahindra Trucks & Buses division and SML Mahindra Limited, totaled 3,249 units, yielding a modest 5 percent increase. Cargo vehicle sales within this category dropped 11 percent to 1,138 units, though passenger commercial vehicles offset the decline by growing 16 percent to 2,111 units.

Vinod Sahay, Executive Chairman of SML and President of Aerospace, Advanced Technologies, Trucks, Buses & CE, explained that while the commercial vehicle industry continues to find support from infrastructure projects and mid-term replacement cycles, near-term fleet expansion has slowed. Recent hikes in fuel prices alongside tightening freight economics have impacted operator sentiment, prompting the company to monitor macroeconomic uncertainties and deploy targeted mitigation steps.

Life Style and Management

Feeling of Achievement

That Hollow Feeling of Achievement
Have you ever felt that strange emptiness after finally getting what you chased for so long?
 A relationship, a job , something material —or anything you thought would complete you…
And then, instead of joy, it leaves you a little sad
 As if it wasn’t worth all the time , all the worries , all the energy you gave.
 You slowly drift into a deep space of self-questioning
If you ask me, the goal is never just the achievement.
 Because the moment you achieve what you longed for… the purpose fades away.
The chase matters
 The journey matters
 But sometimes, when we finally arrive, all those efforts feel… strangely hollow.
Yet maybe that’s not entirely true either
 Because in life, everything holds value—
 Setting goals
 Chasing them
 Living the journey
 And achieving them
Maybe the real answer is to embrace it all
 Don’t pick life in pieces.
 Don’t be selective about what to feel or value.
If you can… expect everything
 And learn to enjoy it all
Make your present your purpose
 And you’ll realize—joy was never at the destination…
 It was always within you

Jokes All the Way......

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The Institute of Indian Foundrymen