Market News Today

India's steel market remained under pressure as monsoon-driven demand slowdown, rising inventories, and price cuts by major mills pushed domestic steel prices to a six-month low. While export sentiment improved in Europe following quota clarity, uncertainty around the Strait of Hormuz and weak Asian demand continued to weigh on overseas trade.

The Indian structural steel market is facing seasonal headwinds as the monsoon season reshapes domestic procurement. While primary manufacturers struggle with low production and sluggish demand, the secondary re-rolled sector is experiencing choppy trading conditions. For B2B buyers looking at procurement strategies, here is a complete breakdown of today's market dynamics for MS Billets, Angles, Channels, and Beams.

Stainless steel prices in India remained firm, with the 300 series supported by higher global sentiment and supply tightness. The 200 series continued to witness strong demand due to limited imports, while 400 series consumption improved. Market participants are monitoring Chinese material availability and global developments for future price direction.

Imported acetic acid prices in India strengthened to ₹58/kg ex-Kandla/Mumbai as tight inventories, delayed imports, and Middle East tensions supported market sentiment. Indian buying interest improved, but downstream demand remained cautious due to higher procurement costs. Supply disruptions and plant maintenance are expected to keep prices firm in the near term.

India's base metals market traded mixed as aluminium and copper gained on tightening inventories and supply concerns, while zinc declined amid inflation fears linked to Middle East tensions. Demand remains cautious despite strong long-term fundamentals. Government policy on aluminium scrap imports and global macroeconomic developments will remain key market drivers.

The Indian polymer market remained weak as domestic producers announced steep PE price cuts and extended incentive schemes, while PP prices stayed unchanged with price protection. PVC demand continued to remain subdued due to the monsoon and ample supply. Global geopolitical tensions and volatile crude oil prices kept market participants cautious.

Bitumen prices in India remain firm as Brent crude trades above $108/bbl and refinery prices stay elevated across key locations. Supply concerns linked to Middle East disruptions and rising infrastructure demand continue to support the market. Government interventions and refinery expansions are expected to influence bitumen availability and pricing in the coming months.

India's HRC market witnessed a sharp decline in imports during June as higher landed costs, safeguard duties, and an anti-dumping investigation curbed overseas buying. While domestic demand remained subdued, exports improved, led by strong shipments to Vietnam. India is now poised to become a net HRC exporter during July.

Stainless steel prices in India remained under pressure in early July as falling LME nickel prices, weak monsoon demand, and cautious mill procurement weighed on market sentiment. Mills cut coil prices while scrap values declined sharply. Despite long-term growth potential, near-term buying is expected to remain need-based amid ample supply and subdued downstream demand.

TMT rebar prices in India extended their decline in early July, weighed down by weak construction demand, ample inventories, and the seasonal impact of the monsoon. While steel mills continue to face pricing pressure, expectations of stronger infrastructure activity after the rains could help stabilize prices in the coming months.