Every WolfTrack issue and every price on this site references ‘India FOB’ — currently $102.5/kg for drill bits 90%+. If you’ve never traded on an FOB assessment before, here’s what the number actually is and where it comes from.
What SMM WW-013 Means
WW-013 is Shanghai Metals Market’s (SMM) official Thursday assessment code for India FOB tungsten carbide drill bits 90%+. SMM surveys real transactions and quotes across Indian exporters, Chinese buyers and traders each week and publishes a single settled number — not a theoretical price, a market-observed one. WW-014 is the parallel assessment for carbide inserts, currently $97.5/kg.
Why FOB, Not Ex-Works
FOB (Free On Board) means the quoted price includes getting the material to the Indian port, loaded and export-ready — it excludes ocean freight, insurance and destination charges. That’s why an FOB number is the right basis for comparing against other export benchmarks like Chinese WC powder FOB ($165-170/kg) but needs adjustment before it becomes a domestic buying rate.
From FOB To Your Local Rate
Domestic Indian buying rates are derived by converting FOB to rupees at the current USD/INR rate (currently 95.9), then subtracting local freight and buyer margin. That’s why the same India FOB number produces slightly different city-wise rates — see India Market Rates for the current pan-India range.
Why It Moves
India FOB tracks China’s domestic scrap and APT market with a lag, since China remains the largest buyer of Indian-origin carbide scrap and the reference point every trader checks first. When China scrap prices move (currently $94.46/kg), India FOB typically follows within one to two weekly assessments.
Where To Track It
We publish the current India FOB and full historical context every week on the Global Price Hub, with the trade-signal interpretation in the WolfTrack weekly brief.