Market News Today

India’s MS structural steel market is moving into a firmer phase as post-monsoon construction activity improves while raw-material costs and controlled mill supply support prices. Nexizo’s indicative levels show MS billets around ₹47,500/MT in Chennai, while structural sections remain elevated across key grades/hubs. Rising steel consumption and new heavy-structure capacity point to sustained procurement demand in the near term.

India’s base oil market is turning firm as crude and feedstock costs rise amid Middle East shipping and production disruptions. Group I and Group II spot availability has tightened, while Group III remains structurally short, pushing import replacement costs higher and encouraging buyers to replenish before further supply constraints emerge.

Indian zinc prices remain elevated, with Nexizo quoting HZL Zinc Ingots (SHG) at ₹427/kg in Faridabad, while MCX zinc settled at ₹434.30/kg, up marginally by 0.05%. High prices are beginning to restrain downstream buying, particularly in China, but falling mine/smelter output and tight inventories outside China continue to provide underlying support.

Congress MLA Nizamuddin Bhat raised concerns in the J&K Assembly over the denial of a green clearance extension for the 93-MW New Ganderbal hydro project, urging a response from Chief Minister Omar Abdullah.

J&K Traffic Police issued a travel advisory for major highways from September 23 to 24, warning commuters of slow traffic, landslides, and single-lane restrictions due to ongoing construction work.

Mumbai Metro 3 will operate overnight on Anant Chaturdashi to assist Ganesh immersion travelers, running continuous services from Friday morning through Saturday night to ease festival road congestion.

ONGC will drill more wells following its Mahanadi basin gas discovery under the Samudra Manthan initiative. India will maintain 20 percent ethanol blending and focus on reducing green hydrogen costs.

India’s stainless steel market remains firm week-on-week, supported by higher alloy costs, tight scrap availability and steady domestic demand, while subdued export activity is limiting sharper price gains. Domestic SS HRC 304 is currently around ₹2.11–2.18 lakh/MT across key hubs, with 316L significantly higher, while the extension of India’s anti-dumping investigation on CR stainless steel imports keeps import-related uncertainty elevated.

Thane's Kasarvadavali flyover, opened in July 2025, is closed for a month as MMRDA inspects structural defects and carries out repairs, causing heavy traffic congestion on alternative routes.

Deputy Chief Minister Eknath Shinde inaugurated Thane's Siddheshwar cluster redevelopment project, directing developers to complete construction and hand over homes to 6,000 residents within three years.