For Haribabu Gopal, the conversation around manufacturing today is not about new product launches or flashy innovations. It is about something far more fundamental and far more disruptive: raw materials.
Speaking from the ground at an industry platform like TAGMA, Gopal makes it clear that the current moment for the die and mould ecosystem is defined less by what is being introduced and more by what is being disrupted. While Forbes & Company Limited continues to showcase a wide range of products already serving the industry, the real challenge lies beneath the surface.
That challenge is carbide.
A critical material in cutting tools, carbide has become the epicentre of a global supply shock. Much like rare earth elements, its availability is heavily concentrated, with nearly 80 percent of global supply coming from China. This concentration has made the industry extremely vulnerable to geopolitical shifts. And when those shifts came in the form of tariffs and supply restrictions, the impact was immediate and severe.
Gopal points to a stark figure. What was once priced at an index level of 300 last year has now surged to nearly 3000. A tenfold increase in raw material costs is not just a spike. It is a shock the industry is struggling to absorb.
For manufacturers, this is not a theoretical problem. It directly affects pricing, margins and the ability to deliver consistently. The fear is not just about cost, but about continuity. Production cannot afford to stop, and companies are now prioritising suppliers who can guarantee uninterrupted availability over those offering lower prices.
Interestingly, this disruption has also triggered a subtle but important shift. Low-cost competition has started to recede, as reliability becomes the new currency. Customers are no longer chasing the cheapest option. They are looking for stability.
At the same time, the search for alternatives has intensified. With carbide becoming increasingly expensive and uncertain, the industry is actively exploring substitute materials. However, this is easier said than done. Carbide remains unmatched in delivering the productivity levels required in modern machining, especially when compared to materials like high-speed steel.
For a company like Forbes, which focuses on round tools rather than indexable tools, the challenge is even more pronounced. Round tools inherently require a greater volume of material, making them more sensitive to price fluctuations. While the indexable tooling segment uses smaller quantities, the broader industry is feeling the pressure across the board.
There is, however, a cautious sense of relief. Over the past month, prices in India have shown some signs of stabilisation after a relentless upward climb. But Gopal is realistic. A return to earlier price levels is unlikely. The best the industry can hope for is a gradual cooling.
Amid all this, sustainability is quietly gaining ground. Companies are aligning themselves with global trends, investing in more sustainable processes and even working toward certifications. It may not solve the immediate crisis, but it signals a longer-term shift in thinking.
For now, though, the industry remains in a wait-and-watch mode. The big question still lingers. Is this a temporary disruption or a long-term reset?
No one has the answer yet. But one thing is certain. The rules of the game have change
