Market News Today

Iron ore futures rose slightly on Wednesday, driven by increased China demand. However, gains were capped by rising global supply and a decrease in steel production.

European gas contracts remain at 18-month lows. Mild weather, ongoing peace talks, and abundant liquefied natural gas supply are contributing to weaker Dutch and British gas prices.

ICE's stricter EU oil sanctions interpretation surprised the European distillates market, driving distillate cracks to two-year highs. This cautious approach impacts foreign refiners still importing Russian crude in physical settlements.

U.S. crude stocks and fuel inventories climbed, with imports reaching an 11-week high. This rise is attributed to increased refining activity, as reported by the EIA.

Asia's naphtha market weakened for a second consecutive session after two South Korean producers announced restructuring plans, traders said.

Telangana approved a new 800 MW thermal plant despite declining PLF (56.03% in 2025) and 10M tons of ash. Concurrently, it greenlit 3,000 MW solar, 2,000 MW pumped storage, and 750 MW BESS, creating a complex energy strategy.

Chennai's 660-MW Ennore power plant expansion, delayed over a decade, will proceed via PPP after TNERC approval. Previous contracts failed. This aims to meet projected demand exceeding 22,000 MW by 2026-27.

Hanwha of South Korea has extended its PVC (P1000) offer to the Indian market at US$ 660 per MT, on a CIF basis to Nhava Sheva, Chennai, and Mundra ports. The offer is available on LC at sight terms for December 2025 shipment.

Stainless steel prices across 200, 300, and 400 series remain mixed, with market sentiment varying by grade. While 300 series demand has softened, 200 and 400 series are performing stronger due to limited imports and improving consumption. Scrap purchase rates remain firm, and shifts in China–India trade flow continue to influence domestic pricing and supply trends.

TMT/rebar prices remain stable across major regions as demand stays soft and distributors manage inventories cautiously. Mills are aligning production with market sentiment, preventing oversupply. Policy reviews, new mill developments, shifting import–export trends, and regulatory updates are shaping the near-term outlook. A stronger recovery is expected as construction and infrastructure activity picks up.