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During Jul-25, Indian steel prices declined 2% MoM to Rs49,700/tonne, while Chinese steel rose by 10% MoM to $490/tonne. Coking coal prices increased by 9% MoM to $148/tonne, driven by production cuts and a safety crackdown in China. In Jun-25, Indian steel production rose by 1% MoM to 13.7 mn tonnes. Estimated Chinese steel output declined by 4% MoM to 83 mn tonnes, while global steel production contracted by 4% MoM to 151 mn tonnes. Chinese steel exports fell by 8% MoM but rose 11% YoY to 9.6mn tonnes, amid growing speculation of production cuts by Chinese mills. Additionally, USA imposed steep tariffs on imports...
The Monetary Policy Committee (MPC) maintained the policy repo rate at 5.50% and continued with its neutral stance. Having reduced the policy rate by 100 bps since February 2025, the MPC chose to wait for further transmission of these front-loaded cuts to credit markets and the broader economy. A CRR cut announced in the previous policy will be implemented in a staggered manner starting September, aimed at supporting liquidity. Consequently, the standing deposit facility (SDF) rate under the liquidity adjustment facility (LAF) remains unchanged at 5.25%, while the marginal standing facility (MSF) rate and the Bank Rate remain at 5.75%. The financial position of Scheduled Commercial Banks (SCBs) and NBFCs remain healthy, supported...
The Monetary Policy Committee (MPC) voted to maintain the policy repo rate at 5.5%, keeping it unchanged for the current review. Consequently, the Standing Deposit Facility (SDF) rate under the Liquidity Adjustment Facility (LAF) stands steady at 5.25%, while both the Marginal Standing Facility (MSF) rate and the Bank Rate remain aligned at 5.75%.
In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for July, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed improvement in ADR on YoY as well as MoM in key selected markets. After decline in ADR in earlier months (due to seasonality), the trend reversal in ADR is on expected line. We anticipate further strengthening of ADR aided by festive season and long weekends in upcoming months. We remain positive on domestic...
In July 2025, India’s automobile industry navigated an uncertain landscape marked by split dynamics across its segments. Passenger car dispatches were flat or slightly down, reflecting weak demand, high inventory levels, and a cautious retail outlook.
Northvolt - When giga ambitions faced failure of gigantic proportions The most ambitious project of the West to challenge the dragon's dominance in battery manufacturing, turned out to be a damp squib with the company Northvolt filing for bankruptcy protection in the US in Nov'24, followed by in Sweden in Mar'25. A decade of advancements in Li-ion, Na-ion and Li-metal batteries led by Tesla veterans, funded of ~USD15bn, an order book of +USD50bn, and backed by the likes of Volkswagen, BMW, Goldman Sachs and Baillie Gifford, went up in smoke. As several Indian companies are focusing on new energy, it is important to look at the challenges that lie ahead. Some Indian companies like RIL have demonstrated phenomenal execution capabilities even with unrelated diversifications like in telecom and retail in the past. However, the know-how built by Chinese, Japanese and South Korean companies over...
declines of Rs37/bag in the West and South, while the East saw a ~Rs10/bag increase. Prices in the North and Central regions remained flat. As a result, the all-India average price was flat MoM at ~Rs361/bag. Looking ahead, dealers expect limited pricing action until the monsoon recedes....
Indian HRC: Indian HRC prices increased by 2.5% WoW to Rs 49,700/tonne, driven by rising raw material costs and upward trajectory of the global steel prices. Upcoming scheduled maintenance...
Total sales volume grew by 3.1% YoY (+7.5% MoM) to 1,80,526 units, led by strong export growth and a broad-based sequential recovery in domestic dispatches.
Indian HRC: Indian HRC prices decreased by 1.4% WoW to Rs 48,500/tonne, amid significant slowdown in demand due to seasonal factors and an influx of cheaper steel imports. Billet-Ex-Raipur: Billet prices increased by 3.6% WoW to Rs 37,850/tonne, driven by revival in buying in sponge iron and finished...
Total Card Spends decreased during Jun'25 (stood at Rs 1.83L Cr Vs Rs.1.90L Cr in May'25). Credit Card spends decreased by ~3.6% MoM (v/s Increased ~3% in Apr'25), while it grew ~15% YoY vs ~15% in May'25. Total number of cards in force stood at ~111.2Mn as of May'25 (up by ~7% YoY and ~0% MoM). Net New Cards additions in the month were almost Nil; it is flat on MoM basis (vs 7.6 lakhs in May'25), indicating a cautious or subdued sentiment among lenders towards unsecured loans. New card issuances were majorly led by HDFCB (~2.1 lakhs), SBI (~0.8 lakhs), and Yes Bank (~1 lakh). Volume of transactions decreased by ~2% MoM (vs. up by ~4% in Apr'25),...
companies (NOCs) dominate the global refining sector with 54% market share. Global demand for petroleum products is fading with call on refined products almost flat at 85.9mnbopd in 2030 vs 85.6mnbopd in 2024. This situation would normally call for capacity rationalization. However, the rush to secure domestic availability is expected to lead to expansion of global capacity by 2.6mnbopd through 2030, net of closures of 1.6mnbopd. Almost all of the...
Iron Ore Odisha: Iron ore prices increased by 1.4% WoW to Rs 7,250/tonne, as strong demand was registered in the OMC auction for lumps owing to the material shortage due to heavy rainfall in the region....
In June, Consumer Price Index (CPI) inflation eased to 2.1%, while Wholesale Price Index (WPI) inflation fell to a 20-month low into the negative zone, at -0.1%. The sequential drop in CPI inflation was mainly driven by price drops in key food categories such as vegetables, pulses, meat & fish, cereals, sugar, milk, and spices.
ICICI Securities highlights that rural demand is outperforming urban demand. The brokerage expects overall consumption growth to remain robust, primarily because rural consumption, a larger component of the total consumption, is now recovering after being significantly impacted by the COVID-19 pandemic in recent years.
In Q1FY26E, the Indian cement sector witnessed a strong sequential recovery in pricing, particularly in the southern and eastern markets, following an extended period of margin compression and weak realizations.
Consumption trends in Q1FY26E remained uneven, with rural markets continuing to outperform urban counterparts. Improved monsoon sentiment and widespread distribution of government-sponsored benefits supported rural demand, which remained resilient across staples and personal care categories.
Billet-Ex-Raipur: Billet prices remained flat WoW at Rs 36,800/tonne, amid muted demand in finished steel segment. Chinese HRC: Chinese HRC prices increased by 1.1% WoW to Rs 38,714/tonne, driven by speculations over significant property stimulus...
India’s life insurance industry saw a decrease in new business premiums in June 2025, with total collections decreasing 3.1% YoY to INR 4,11,171 Mn, compared to INR 4,24,337 Mn in June 2024. The Life Insurance Corporation of India (LIC) reported a 14.7% YoY decrease in number of policies sold. The decline reflects industry-wide challenges, including regulatory changes, economic conditions, and shifting consumer preferences. Insurers are focusing on expanding distribution channels and introducing new products.
