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.

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.

The Railway Protection Force launched the DS-12 E-Forecasting Register to anticipate passenger surges and manage high-footfall events at railway stations using a data-driven system.

IOL Chemicals and Pharmaceuticals is expanding its Barnala manufacturing unit to increase the company's annual ibuprofen production capacity to 18,000 metric tons.

In August, China's MEK exports dropped 33.7% MoM but rose 35.3% YoY, averaging $1,002 per tonne. Despite high near-term volumes, expanding domestic capacity and returning overseas supply will intensify market competition.

In August, China's styrene exports rebounded 42.86% to 113,648.29 tonnes, while imports surged 196.37% to 12,450.13 tonnes. The average export price slightly decreased by 0.38% to $1,153.03 per tonne.

China's phenol imports hit a record low of 0.12 tonnes in August due to supply disruptions and maintenance. September imports are projected below 5 kt, with domestic cargoes dominating the market.

Propylene prices in Asia dipped by USD 25/mt on Wednesday, settling at USD 1180-1190/mt FOB Korea and USD 1220-1230/mt CFR China, driven by weak demand despite rising upstream crude rates.