Passenger car sales in India rose 37.5% in June versus the same time last year to 273,759 units; for the first quarter ending June, passenger vehicle sales increased 19.9% y/y to 873,501 units, according to the Society of Indian Automobile Manufacturers (SIAM). Sales of passenger cars totaled 3.288 million units in the year ending March 2018, up 7.9% y/y. Commercial vehicle sales grew 41.7% y/y in June to 80,624 units and 51.6% y/y to 230,095 units in the first quarter. Total vehicle sales in India for the first quarter including passenger, commercial, three wheelers and two wheelers, the largest segment, were reported as 6.94 million units, an 18.0% growth year-on-year. Sales of two-wheelers, comprised of scooters, motorcycles and mopeds, totaled 5.68 million in the June quarter, some 82% of all vehicle sales. The latest IMF data forecast India’s economic growth at 7.4% in 2018 and then at 7.8% in 2019; for comparison, global growth is projected to be 3.9% this year and next.
Rhodium prices inched higher last week to $2,270 an ounce basis the JM offering price after remaining static at $2,260 an ounce for much of the past month. Investors in the metal have apparently disregarded, at least for now, the rhetoric surrounding trade sanctions and their potential economic influence, and the further softening in precious metal prices. It would appear that stable consumer demand continues to support the market for rhodium.
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