Daily Pour

Date: 23/06/2026   Issue No.: 3869/25-26

Compiled By: Aarti Ghag, Executive Officer - WR

B. Ramchandran, Chennai

IIF News

Dear Foundrymen,

 

With Regards,

Mrs. Aarti Ghag

Executive Officer, IIF-WR

 7303511171

Thought of the Day

News Letter Supported By

Today's Top Raw Materials Headlines

*** Indian Import scrap holds as importers expect price to go down

*** Chinese steel scrap market remain stable

*** India's Core Sector Growth Slows to 0.5% in May Amid Mixed Performance

*** Indian Aluminium Alloy Ingot producers reduce price

*** Chinese bismuth ingot price reduces 

*** Chinese magnesium Ingot producers reduce offers

*** Chinese suppliers lift offer of Silico chrome

*** Chinese Alumina price moves up

Raw Material News

Rupee Holds Firm on Softer Oil

India Currency
The Indian rupee hovered near 94.3 per dollar, steadying after reaching six-week highs as easing geopolitical tensions and softer crude oil prices supported sentiment. Oil prices declined after Iranian officials reported progress in negotiations with the United States, with Brent crude for August delivery falling 1.7% to $79.24 per barrel following signs of constructive talks in Switzerland. However, uncertainty persisted after US President Donald Trump warned that military action against Iran could resume, even as Vice President JD Vance met Iranian officials under an interim peace arrangement. Tehran's renewed closure of the Strait of Hormuz added to market caution. Gains were partly capped as the dollar index held just below 101 and the benchmark 10-year US Treasury yield edged higher, though it remained below recent peaks. Investors are now focused on upcoming US inflation and growth data for clues on the Federal Reserve's policy outlook.

 ***

Copper Pares Early Losses

Commodity
Copper futures were above $6.35 per pound on Monday as the pullback in energy prices improved the outlook for broad manufacturing demand. Iran stated that the start of discussions with the US were promising to follow up on their memorandum of understanding signed in the previous week. The document sought to restore exports of oil and fuel through the Strait of Hormuz, improving the margins for goods producers and benefiting base metals with broad use. At the same time, the decrease in borrowing costs from the developments improved prospects for data center operators to raise cash for new projects. Data centers require 5,000 to 50,000 tons of copper per facility, per BHP, set to lift consumption in the near future. In turn, a sharper rebound was prevented by the return of sulfuric acid supply from prospects of peace in the Middle East, key for the copper refining chain, while Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia.

***

Futures Drop Pressures Sentiment, High-Grade NPI Prices Remain Resilient Amid Market Volatility

[SMM Nickel Flash] June 22 – Today's sharp decline in futures brought short-term sentiment pressure, but high-grade NPI prices still showed resilience. The tug-of-war between longs and shorts in the market intensified, and short-term market conditions maintained a volatile pattern of high-level stalemate and divergent trading activity.

Industry News

India Becomes World's Top Ship Recycling Nation in 2025

India has become the world's leading ship recycling nation in 2025, with its global share increasing to 35.4% from 30.1% in 2024. The country's ship recycling volume rose nearly 60% to 2.99 million gross tons, achieving the Maritime India Vision 2030 target well ahead of schedule. Union Minister Sarbananda Sonowal credited the success to policy reforms and industry efforts under Prime Minister Narendra Modi's leadership. The government has supported the industry through financial assistance and the Ship-breaking Credit Note Scheme, while also pursuing inclusion in the EU's approved recycling facilities list.

India has emerged as the world's leading ship recycling nation in 2025, ranking first globally. India's share of global ship recycling increased to 35.4% in 2025 from 30.1% in 2024, according to the latest report by the United Nations Conference on Trade and Development.

"India's emergence as world's top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards under the visionary leadership of Prime Minister Narendra Modi. - Sarbananda Sonowal"

Ship recycling in India rose significantly to 2.99 million gross tons (GT) in 2025, up nearly 60% from 1.86 million GT in 2024. With this achievement, the target set under Maritime India Vision (MIV) 2030 to become the world's leading ship recycling nation has been achieved well ahead of schedule.

This achievement reflects the impact of maritime policy reforms and ease-of-doing-business initiatives undertaken by the Government of India under the leadership of Prime Minister Narendra Modi.

On this occasion, the Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, said, "India's emergence as world's top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards under the visionary leadership of Prime Minister Narendra Modi. It reinforces India's position as a global hub for responsible and sustainable ship recycling.

The Government of India enacted the Recycling of Ships Act, 2019, to develop a ship recycling ecosystem aligned with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), which India ratified in 2019.

The government has provided financial assistance of ₹53.5 crore to support the modernisation of ship recycling yards, helping 115 facilities become HKC-compliant.

MoPSW launched the Ship-breaking Credit Note Scheme, under which ship owners receive a credit note equivalent to 40% of the scrap value of a recycled ship. The credit note can be utilised toward payment of up to 5% of the value of a new vessel built at an Indian shipyard, thereby promoting both ship recycling and domestic shipbuilding.

MoPSW regularly engages with the Gujarat Maritime Board, the Ship Recycling Industries Association, global shipping companies, cash buyers, classification societies and international organisations to identify challenges and implement targeted solutions.

The Government of India is actively pursuing the inclusion of Indian ship recycling yards in the European Union's approved list of recycling facilities. Continuous engagement with relevant authorities is underway to facilitate approvals.

India aims to nearly double its ship recycling capacity to about 9 million light displacement tons (LDT) through the planned expansion of the Alang Ship Recycling Yard. The Government of Gujarat has prepared a comprehensive master plan to support future demand, improve infrastructure and enhance India's competitiveness in the global market.

According to the Baltic and International Maritime Council (BIMCO), more than 16,000 vessels are expected to be recycled globally over the next decade. With a current market share of 35.4%, India is well-positioned to recycle approximately 500 to 600 vessels annually while continuing to expand its ship recycling capacity.

India's rise to the top position in global ship recycling is the result of a coordinated strategy focused on sustainability, regulatory reforms, infrastructure development and industry collaboration. With strong future demand, increasing compliance with international standards and continued government support, India is well-positioned to strengthen its leadership in ship recycling while advancing the objectives of the circular economy and sustainable maritime development.

— ANI

 RBI: India's Strong Fundamentals Shield Economy from Global Risks 

 India's eight core industries grew just 0.5% in May 2026, a sharp slowdown from 1.8% in April. Steel, cement, and electricity output rose, but coal, crude oil, natural gas, and refinery products declined. Fertiliser production also saw a marginal drop. The cumulative growth for the first two months of the fiscal year was 1.1%.

India's combined Index of Eight Core Industries slowed down in May, registering a growth of 0.5 per cent as against 1.8 per cent posted in April, as per the data released by the Ministry of Commerce & Industry on Monday.

"The combined Index of Eight Core Industries (ICI) increased by 0.5 per cent (provisional) in May 2026 compared to the Index in May 2025. - Ministry of Commerce & Industry"

Despite the slowdown, the production of steel, cement, and electricity recorded positive growth last month, as per the release. The Index of Eight Core Industries includes coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. Furthermore, the Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

"The combined Index of Eight Core Industries (ICI) increased by 0.5 per cent (provisional) in May 2026 compared to the Index in May 2025. The production of steel, cement, and electricity recorded positive growth in May 2026," the release said.

As per the release, the cumulative growth of the core sector during April-May FY27 stood at 1.1 per cent compared with the corresponding period of the previous financial year. The final growth rate of the Index of Eight Core Industries for April 2026 was revised to 1.8 per cent.

Among the eight sectors, steel production rose 5 per cent year-on-year in May, with "its cumulative index increasing by 5.2 per cent during April to May 2026-27 over the corresponding period of the previous year."

At the same time, cement output increased 8.4 per cent and electricity generation grew 8.7 per cent. However, production in several key sectors remained under pressure.

The coal output declined 9.3 per cent in May compared to a year ago, while crude oil production fell 4.6 per cent. Natural gas production contracted 4.9 per cent and petroleum refinery products output dropped 8.7 per cent.

Fertiliser production also recorded a marginal decline of 0.9 per cent during the month.

— ANI

Life Style and Management

What makes you a Great Leader

Here are the things that will make you a leader before your time.
Even if no one hands you the title.
We learn these the hard way.
They’re what made us a leader years before  peers.

1. Stop waiting for permission.
 No one is coming to tap you on the shoulder.
 Start before you're ready. Move before you're told.

 2. Lead before you’re given the title.
 Leadership isn’t earned through hierarchy.
 It’s built through action and influence.

3. Build what doesn’t exist yet.
 If the role, strategy or department isn’t there, create it.
 That’s how I became a head of department…in my 20s.

4. Say what no one else will.
 Politeness won’t drive change.
 Courageous voices get remembered.

5. Step into what scares you.
 Growth hides behind discomfort.
 Your next level won’t live in your comfort zone.

6. Act like the leader you want to be.
 Not someday. Now.
 Your mindset drives your momentum.

 7. Learn from everyone.
 Titles don’t define wisdom.
 Stay curious. Listen more than you speak.

If you’re an emerging leader, screenshot this list.

Jokes All the Way......

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The Institute of Indian Foundrymen