Market News Today

PVC prices surged to multi-year highs as crude crossed $100/bbl and supply disruptions intensified around the Strait of Hormuz. India’s import dependence is tightening availability, while feedstock costs remain elevated. The market remains supply-driven, with near-term bullishness but risk of sharp correction if disruptions ease.

China's PP supply is projected to remain tight in April due to increased maintenance and no new units coming online. Significant PP loss is expected in the first week of April from production cuts.

China's naphtha crackers slashed operating rates to 82.44%, down 5.75% week-on-week, due to Middle East conflict heightening supply fears for 40% of imports. Over 20 mln t/y capacity affected.

India's Alkyl Amines Chemicals halted key amine production due to an ammonia shortage caused by Middle East turmoil, impacting operations. This disruption affects the company's output.

Taiwan's Dairen Chemical declared force majeure on March 18, 2026, due to feedstock disruption from the Strait of Hormuz. This mirrors other industry suspensions in India, Indonesia, and Europe due to material shortages.

Andhra Petrochemicals suspended 73,000 MT/year oxo-alcohol production at its Visakhapatnam plant on March 17 due to a propylene shortage. Middle East conflict disrupted global supply chains, halting deliveries until supplies are restored.

Middle East tensions, Strait of Hormuz closure, and attacks on oil infrastructure caused polymer prices to surge 24-75% and naphtha by 74% in two weeks. Crude oil topped $100/barrel, disrupting global supply chains and impacting India.

Structural steel prices remain stable across primary and secondary markets, supported by steady infrastructure and project demand. Secondary mills are pushing sales ahead of financial year-end, while traders maintain lean inventories. Prices are expected to stay range-bound, with a mild upward bias driven by closing-quarter demand.

PSERC's 13th Amendment (draft March 2026) strengthens Punjab's green energy open access. It clarifies consumer definitions, revises banking rules (monthly carry-forward, June 1-May 31 settlement), and introduces a "use it or lose it" policy for unused banked energy.

Mumbai's 2026 civic budget is projected to exceed ₹75,000 crore, targeting infrastructure growth in roads, water, and pollution without new taxes. It emphasizes capital projects, transparency, and climate-resilient planning.