Daily Pour

Date: 06/11/2025   Issue No.: 3782/25-26

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear all,

  

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

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

*** India: BigMint's ferrous scrap index remains flat d-o-d as supply shortage continues

*** India: Mill scale prices show strength across regions

*** India: Ferro vanadium prices remain steady amid resistance to higher offers

*** India: Ferro molybdenum prices hold steady w-o-w amid regular trading activity

*** India: Silico manganese prices rise marginally amid firm smelter offers

***  Indian steel market on downward trajectory in Oct'25 but key raw materials prices firm up

*** India's stainless steel market sluggish even as imports resume after BIS relaxation

Raw Material News

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

Ship-breaking melting scrap prices in Gujarat's Alang increased by INR 400/t d-o-d on 5 Nov'25, as per BigMint's assessment. HMS (80:20) prices were assessed at INR 30,700/t ($346/t) exy. The regional market witnessed active trading, supported by an INR 300/t increase in semi-finished steel prices. Additionally, decent buying inquiries for scrap prompted suppliers to raise their offers today.

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India: Mill scale prices show strength across regions

Mill scale prices in Kandla and Jalna held firm, while those in Raipur edged up.

Kandla: Prices were steady at INR 8,100/t DAP against 1 Nov -- around 10,000 t booked at INR 8,050-8,300/t.
Raipur: Prices rose INR 50/t to INR 6,200/t exw against 1 Nov -- 2,400 t booked at INR 6,100-6,300/t.
Jalna: Prices were stable at INR 6,200/t exw against 1 Nov -- 1,000 t booked at INR 6,150/t.

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India: MOIL's manganese ore production rises 9% y-o-y in Oct'25

In Oct'25, MOIL reported a 9% y-o-y increase in manganese ore production to 0.16 mnt. Additionally, during the first seven months of FY'26, the company achieved 1.104 mnt of production, an 8.5% growth y-o-y. Moreover, MOIL carried out 57,275 m of exploratory core drilling between Apr-Oct'25, as part of its continued focus on resource expansion and exploration.

Industry News

India needs advanced technologies to strengthen manufacturing ecosystem: PHDCCI CEO

PHDCCI CEO emphasizes advanced technologies for India's manufacturing growth amid South Korea partnership, highlighting Viksit Bharat vision and global hub ambitions.

India needs good technologies to build an advanced level of manufacturing ecosystem, according to Dr Ranjeet Mehta, CEO and Secretary General of PHDCCI.

"India is aspiring to become manufacturing hub of the world, so therefore, for this we definitely need good technologies - Dr Ranjeet Mehta, PHDCCI CEO"

Speaking to the ANI, Mehta said, "India is aspiring to become manufacturing hub of the world, so therefore, for this we definitely need good technologies, especially the kind of manufacturing ecosystem that is being built in India which is keeping in mind the vision of Viksit Bharat."

"India is one of the fastest-growing economies in the world, with immense opportunities for collaboration in manufacturing, clean energy, and digital transformation. With South Korea's advanced technology and India's growing manufacturing ecosystem, this partnership can foster sustainable and mutually beneficial growth," Mehta said.

The PHD Chamber of Commerce and Industry (PHDCCI) and the Busan Chamber of Commerce and Industry (BCCI), South Korea, on Tuesday signed a Memorandum of Understanding (MoU) in New Delhi to strengthen bilateral trade and industrial collaboration between India and South Korea.

The agreement aims to enhance cooperation in key sectors such as manufacturing, clean energy, digital technology, maritime logistics, and emerging industries, paving the way for increased business exchanges, investments, and knowledge sharing.

Mehta highlighted that Indian market, with its 1.4 billion people and over 65 million MSMEs, presents significant opportunities for Korean industries, particularly in manufacturing, clean technology, green transformation, and infrastructure.

Talking about the collaborations, Mehta added that the current delegation aims for meaningful partnerships that will enhance India's manufacturing ecosystem, aligning with the vision of "Viksit Bharat" by 2047.

Yang Jae Saeng, President, Busan Chamber of Commerce and Industry said, "It is truly meaningful to sign this MoU with PHDCCI here in Delhi, the heart of India. Busan is transforming into a global hub for smart logistics, EVs, and digital technology. India's rapid economic growth and strong manufacturing capacity present valuable opportunities for collaboration."
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Mahindra Expects Light Commercial Vehicle Market to Rebound With Double-Digit Growth

Mahindra saw LCVs under 3.5 tons' volumes reach 69,600 units in the second quarter of fiscal 2026, up from 61,700 units a year earlier.

After years of muted momentum in India’s light commercial vehicle (LCV) segment, Mahindra & Mahindra Ltd. expects the market to close the current fiscal year with growth in low double digits, in line with its earlier projections.

Rajesh Jejurikar, Executive Director and Chief Executive for the Auto and Farm Sectors at Mahindra, said the company began the year anticipating strong growth in the segment. “We had assumed the industry growth would be robust and in double digits,” Jejurikar noted. “The first quarter did not quite play out that way. However, with the momentum we are seeing now, it will probably end up that way.”

His comments come as the LCV category, crucial for last-mile delivery and logistics, has remained largely stagnant for several quarters, reflecting a broader slowdown in small business freight movement.

Mahindra saw LCVs under 3.5 tons' volumes reach 69,600 units in the second quarter of fiscal 2026, up from 61,700 units a year earlier. Over the past two years, quarterly volumes have ranged between nearly 59,000 and 68,000 units, highlighting a gradual turnaround in demand. The company’s market share in the segment has expanded from 49.7% to 53.2% over the same period.

Company executives attributed part of the improvement to the impact of a government-mandated reduction in the Goods and Services Tax, which lowered ownership costs and spurred purchasing activity among small fleet operators and logistics firms.

Mahindra Raises Tractor Growth Forecast For FY26 to Low Double Digits

The largest tractor maker in the world, Mahindra & Mahindra has revised its industry growth outlook for FY26 to low double digits, driven by good monsoon rains, healthy reservoir levels, and the recent GST cut in September 2025.

“The tractor outlook we’d given at the beginning of the year was 5 to 6% industry growth. We're increasing that to low double digits because the year's been much better, the rainfalls have been good, reservoir levels are good and we've also factored in the benefit of the lower GST,” said Rajesh Jejurikar, Executive Director, CEO of the Auto and Farm Sector, M&M.

Earlier in the year, the company had projected high single-digit growth for the domestic tractor industry. The revision aligns with ICRA’s upgraded forecast for 2025-26, which now pegs India’s tractor industry growth at 8–10%, up from 4–7% earlier, following the above-normal monsoon and the GST cut to 5% implemented in September 2025.

In 2024–25, the tractor industry came close to its previous peak with 939,713 units sold in the domestic market, marking an 8.36% growth. September 2025 saw wholesale tractor volumes soar 45% on-year to 146,180 units. Industry executives say the 7-percentage-point GST reduction could translate into savings of Rs 40,000–60,000 per tractor, making them more affordable for farmers and rural entrepreneurs.

M&M’s farm equipment division reported a strong Q2 2025-26, achieving its highest-ever second-quarter market share at 43%, up 50 basis points.

“The strong performance of our Auto and Farm businesses continues in Q2 FY26, reinforcing our leadership position with a gain of 390 basis points year-on-year in SUV revenue share,” Jejurikar said.

The farm division’s volumes rose 32% to 123,000 tractors, while standalone profit before interest and tax (PBIT) jumped 48% to Rs 1,684 crore, with margins expanding 220 basis points to 19.7%. Core tractor PBIT margins improved to 20.6%. Consolidated revenue from the segment climbed 25% to Rs 10,225 crore, and consolidated profit after tax (PAT) surged 45% to Rs 1,163 crore.

“We are pleased with the strong execution and solid performance delivered across the group in Q2 FY26. Auto and Farm sustained their leadership with consistent gains in market share and profitability," said Anish Shah, Group CEO and Managing Director.

Life Style and Management

“Leadership is caught, not taught.”

“Leadership is caught, not taught.” ~John C. Maxwell

And it’s a different kind of leadership that will help your team to take inspired action.

They need a leadership that shows them how to connect to meaning and greater contribution.

Everyone's chasing success... but real growth? It's all about managing your finances from an early age.

Here's what I've learned from my experience in financial education:

Understanding budgeting can empower students to make informed decisions.

 Learning about investments helps build wealth and financial security for the future.

Financial literacy fosters responsible spending and saving habits.

By providing financial education in schools, we can help bridge the gap in financial literacy and empower future generations to make sound financial choices.

Remember, knowledge is power when it comes to financial health!

PS: Curious... what does financial literacy mean to YOU?

Growth in all aspects is possible and necessary but as leaders, we must model the way forward.

And the best way to model is by being that healthy example so you can take charge and not lead to burnout.

It’s about seeing ourselves differently so we can improve our capabilities and you do this by sharpening your mind and body.

When you build a strong body, it’s not about the aesthetics, it’s about raising your high caliber performance so you can have the mental bandwidth and patience to listen to people.

It’s through a concerted effort and collective ethos that brings out the best in people and inspires more innovation.

Pay attention to how you’re showing up today because when you positively infect people you don’t stifle conversations, you listen attentively and engage in what they need.

You can learn to OPEN people’s minds when you learn to open yours.

What will you do to prime your body and brain so that it serves you and those you are trying to influence today?

Jokes All the Way......

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The Institute of Indian Foundrymen