Daily Pour

Date: 02/03/2026   Issue No.: 3809/25-26

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear all,

 

*Join IIF Delegation to METAL CHINA 2026 | SHANGHAI*

The National & International Relations Committee of IIF and NCEP invites members to participate in Metal China, Diecasting China & Nonferrous China 2026, the world’s leading foundry exhibition.

 

Date:  6–9 May 2026

Venue: NECC, Shanghai

 

Focus: Green Foundry, Digital Intelligence & Innovative Technologies Network with global leaders, explore cutting-edge technologies, and unlock new business opportunities.

 

*Register Now from the given link*: https://forms.gle/jHUTMs5n9vSBK1bw5

 Last date for visitor registration: 9 Feb 2026

 

 For details: Mrs. Anima Pandey, Director – NCEP

 8981003870 / 9531005873

 Flyer attached for more information

***

With Regards,

Mrs. Aarti Ghag

Executive Officer, IIF-WR

 7303511171

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

*** India: Prices decline m-o-m at major automaker's CR busheling auction

*** India: Scrap prices in Chennai increase by INR 600/t w-o-w amid healthy demand 

*** India: BigMint's ferrous scrap index drops by nearly INR 900/t w-o-w amid supply glut

*** India: NMDC's pig iron auction sees bids drop by INR 500/t

*** India's Q3 GDP Growth Hits 8.3%, Fueled by GST Cuts and Strong Demand

*** India: Domestic met coke prices edge up on firm import parity amid balanced domestic fundamental 

*** Chinese Aluminium Alloy Ingot producers keep price steady 

Raw Material News

India: Melting scrap prices decrease by INR 400/t d-o-d in Alang

Ship-breaking melting scrap prices in Gujarat's Alang decreased by INR 400/t d-o-d on 28 Feb'26. According to BigMint's assessment, HMS (80:20) prices are at INR 33,100/t ($363/t) ex-yard. Semi-finished and finished steel prices in the region declined by INR 200-300/t in yesterday's trading session due to slow finished steel demand. Additionally, average trade activity in scrap prompted suppliers to reduce their offers today.

***

India: Melting scrap prices inch up by INR 100/t d-o-d in Alang

Ship-breaking melting scrap prices in Gujarat's Alang market inched up by INR 100/t d-o-d on 27 Feb'26, as per BigMint's assessment. HMS (80:20) prices stood at INR 33,500/t ($368/t) exy. The region witnessed moderate demand for both semi-finished and finished steel in the previous trading session. This, along with improved buying inquiries for scrap from Bhavnagar-based mills, prompted suppliers to raise their offers today.

***

India: Mill scale prices show strength in key regions

Mill scale prices rose in Kandla while remaining steady in Raipur on 28 Feb'26.

Kandla: Prices increased by INR 50/t to INR 8,400/t DAP, with approximately 7,100 t traded within the INR 8,300-8,450/t DAP range. Steady buying by exporters supported prices.
Raipur: Prices remained stable at INR 6,950/t ex-works, with around 1,100 t booked at INR 7,000/t exw.

Industry News

India Revises GDP Base to 2022-23, Growth Seen Robust at 7.4%

India is updating its GDP calculation base year from 2011-12 to 2022-23 to better reflect the modern economic structure, including digital commerce. The revision will incorporate more granular data sources like GST records and vehicle registrations for improved accuracy. Despite global challenges, the domestic economy shows strong momentum with FY26 growth estimated at 7.4%. Quarterly growth for Q3 FY26 is projected to be robust, potentially around 8.3%, according to bank reports.

As the new GDP series is scheduled to be released on Friday, a sub-committee set up by the Ministry of Statistics and Programme Implementation has also recommended an enhanced use of GST data in the new series for GDP estimates.

The report of the sub-committee forms part of the process launched by MoSPI to revise the base year of the National Accounts to FY 2022-23.

In the 2011-12 series, GST data were used to compile the Quarterly National Accounts and in some sectors of the Annual National Accounts.

India is updating its GDP base year from 2011-12 to 2022-23. This revision, along with an updated CPI base (2024), aims to better reflect the current economic structure, including increased digital commerce and service.

The overhaul includes better measurement of the informal sector and new data sources like GST, potentially placing India as the world's fourth-largest economy. The new methodology will incorporate more granular data, including GST records, e-Vahan (vehicle registrations), and information on natural gas consumption.

As per the first advance estimate, GDP is estimated to growth at 7.4 per cent in FY26, with growth largely driven by domestic demand.

According to SBI research, India's GDP growth in the third quarter of FY26 is likely to come at 8-8.1 per cent and domestic economy has maintained strong growth momentum despite global headwinds. High-frequency activity data indicates resilient economic activity in Q3 FY26 (October-December 2025).

The GDP growth for the third quarter of the current financial year (Q3 FY26) is likely to remain elevated at 8.3 per cent despite an adverse base effect, according to another report by Union Bank of India.

The Second Advance Estimates of GDP for 2025-26 along with past 3 financial years' GDP estimates, as well as Quarterly GDP estimates as per the new base 2022-23, will be released on Friday.

***

India's Q3 FY26 GDP Growth Projected at 8.3% Despite High Base: UBI

A Union Bank of India report projects India's GDP growth for the third quarter of FY26 at 8.3%, a significant rise from 6.4% in the same quarter the previous year. This elevated growth is attributed to momentum following GST rate cuts, overcoming an adverse base effect. Meanwhile, nominal GDP growth is estimated to have moderated to 8.5%, linked to a falling GDP deflator amid declining inflation. The report's estimates use the old base year, pending official revision by the Ministry of Statistics, which is set to release the updated data.

The country's Gross Domestic Product growth for the third quarter of the current financial year is likely to remain elevated at 8.3 percent despite an adverse base effect, according to a report by Union Bank of India.

The report noted that Q3 FY26 GDP growth likely remained elevated at 8.3 per cent, propelled by growth following the GST rate cut, even as it faced an unfavourable base effect.

It stated "GDP data for Q3 FY26, due on 27th February, likely clocked 8.3%, sharply higher from the same period previous year (Q3 FY25: 6.4 per cent)".

The Gross Value Added (GVA) growth for Q3 FY26 is likely to have improved to 8.0 per cent from 6.5 percent in Q3 FY25, though it may be marginally slower than 8.1 per cent recorded in Q2.

More importantly, the report highlighted that nominal GDP growth likely slowed further to 8.5 per cent from 8.7 percent in Q2 and 10.3 percent in the same period last year. The moderation in nominal GDP growth is attributed to a fall in the GDP deflator amid declining inflation.

The bank, however, clarified that given the uncertainty with respect to the impact from the base year revision on GDP numbers, its estimates have been provided based on the old base year.

While the report mentioned that the growth outlook for FY26 remains broadly resilient and early indicators for FY27 suggest continued momentum, the report stated that annual estimates will need to be revisited once clarity emerges on the forthcoming GDP base revision by the Ministry of Statistics and Programme Implementation (MoSPI).

The government's Ministry of Statistics and Programme Implementation (MoSPI) is set to release the Gross Domestic Product (GDP) data with the revised base year of 2022-23 today.

The upcoming release is expected to provide further clarity on growth trends and the impact of the base year revision on the overall economic assessment.

Life Style and Management

Leadership Needs an Overhaul

The aim of supervision should be to help people and machines and gadgets to do a better job. Supervision of management is in need of overhaul, as well as supervision of production workers. The importance of developing people and removing barriers that take away workers’ pride of workmanship is to be considered important.

The aim of leadership is not to “put out fires or be the hero” . ”It's to help your employees, all the workers do a better job.”

The management style that needed an overhaul. That style did not put people first or develop the workforce.  Many organizations continue to pursue this management style. The practice of promoting high performers into leadership roles over high potentials in which a fire-fighting plant manager gets promoted over another plant manager who is doing all the right things to meet deadlines and avoid the need to fight fires. An alternative version that improves both the company culture and business success.

We advocate recognizing leaders who are good coaches and say it’s crucial to change the way people are rewarded and recognized.

The importance of leader standard work, including going to the gemba. “Leadership is not a spectator sport”. 

Jokes All the Way......

***

***

The Institute of Indian Foundrymen