Financial Insights

India November factory growth hits 10-month high on strong demand: PMI

India`s production grew on the quickest tempo in 10 months in November, buoyed with the aid of using a robust pick-up in demand, however better inflationary stress left factories concerned approximately their destiny prospects.

An easing of COVID-19 regulations drove call for and boosted sales, indicating the economy at the course to normalization.

Compiled with the aid of using IHS Markit, the Purchasing Managers` Index rose to 57.6 in November from 55.nine in October. The analyzing became the best given that January and the 5th directly month above the 50-mark that separates boom from contraction.

India imports about 30% of the average annual urea consumption of about 35 million tonnes. According to government data, urea prices in October rose 144% annually to $ 690 / ton, and DAP prices rose 84.3% to $ 682 / ton.

India does not control DAP prices, but is increasing subsidies to indirectly control retail prices. According to a third source, the retail price of a ton of DAP in India has been hovering around Rs. 25,000 ($ 332.85), while global prices have risen to around $ 750.

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