India

India’s economy continues to maintain its steady momentum, with data for the second quarter of 2025 showing an expansion of 7.8%. Overall growth has remained stable despite global headwinds, supported by strong manufacturing activity, a resilient services sector and healthy Goods & Services Tax collections.

According to the International Monetary Fund (IMF), India is still the fastest-growing major economy. It is on track to surpass Japan as the world’s fourth-largest economy, with the potential to overtake Germany next. Reflecting this strength, the IMF has upgraded India’s 2025 growth forecast from 6.4% to 6.6% even as US tariffs weigh on exports.

Turning to metals-related developments, falling global sea freight rates are providing some relief for scrap importers. Demand in the domestic zinc diecasting market remains low, with imported zinc diecast scrap currently more expensive than locally-sourced zinc Zorba scrap. Meanwhile, brass demand has declined by approximately 20-25% over the course of the last two months.

In the same timeframe, ADC-12 aluminium alloy prices have decreased from US$ 2636 per tonne to US$ 2568 at the time of writing, with overall demand remaining weak and exports to China and Japan becoming sluggish. Zorba prices have increased by US$ 100 per tonne over the past month. Meanwhile, local clean Tense is priced around US$ 2130 per tonne at the time of writing.

As for wrought scrap, prices have continued to soften and the number of offers has been increasing.