Market News Today

Stainless steel prices remain firm, supported by stable raw material trends and consistent demand across segments. The 300 series shows steady demand with minor shortages, while the 400 and 200 series are witnessing improving consumption. Limited imports are supporting domestic prices. Recent price hikes by JSL further reflect positive sentiment, with the market expected to remain stable to strong in the near term.

MPERC's fifth amendment in Madhya Pradesh sets higher RPO targets, rising from 29.91% (2024-25) to 43.33% (2029-30). It introduces stricter monitoring and compliance for clean power.

TGNPDCL seeks license amendment to integrate CESS Sircilla area, making its April 1, 2026, takeover permanent. This expansion, under Section 18 of the Electricity Act, 2003, also updates 18 district boundaries, aiming for uniform, stable power supply.

India's petchem duty cut may not significantly ease costs due to Hormuz risks, giving Chinese suppliers an edge. IEA flags oil consumption decline and petchems demand destruction on Iran war.

IEA projects global oil demand to decline to 104.26 million b/d in 2026, citing petchems demand destruction from the Iran war. Naphtha, LPG, and ethane are most affected.

Hanwha Total declared force majeure on p-xylene supplies from April 13 due to Middle East conflicts disrupting raw material logistics. Production from its 1.96 million mt/y facility is reduced, anticipating supply cuts from May 2026.

China's synthetic ammonia prices rose 47% in early April. This surge was driven by tight Middle East supply due to instability and domestic maintenance-related shortages.

China's April urea output is projected at 6.40 million tonnes, with Q2 reaching 19.55 million tonnes. Daily production hit 215,500 tonnes, creating high supply and potential price risk, influenced by uncertain export policy.

Vipul Organics Ltd, founded in 1968 and celebrating its Golden Jubilee, notes that polymers and petrochemicals face supply disruptions. Proactive measures, diversification, and risk management are strengthening India's industry resilience.

Deepak Phenolics has restarted its Phenol, Acetone, and IPA plants. This resumption is expected to improve domestic supply and stabilize market conditions, with participants monitoring supply flow and price impact.