Market News Today

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.

Aluminium and copper prices rebounded as a weaker US dollar, easing interest rate concerns, and tightening inventories improved market sentiment. While recent corrections have weighed on prices, supply deficits, resilient industrial demand, and continued Chinese restocking are expected to support both aluminium and copper prices in India during the second half of 2026.

Mixed Xylene prices in India continued to weaken in June 2026, tracking lower crude oil and Asian aromatics prices. Comfortable regional supply, falling paraxylene (PX) prices, and seasonal weakness in PTA and polyester demand kept buying activity subdued. The market is expected to remain range-bound until stronger downstream demand or crude recovery emerges.

India's polymer market entered a decisive correction phase as Reliance Industries slashed polypropylene prices, introduced PE incentives, and global crude oil prices weakened. While temporary freight inflation slowed cheaper imports, weak demand, aggressive Chinese offers, duty relief extension, and easing feedstock costs indicate further downside for polymer prices in India.

India's bitumen market remained firm despite a sharp correction in Brent crude prices, as supply-side disruptions, elevated freight costs, and constrained vessel availability continued to support prices. While easing geopolitical tensions reduced the oil risk premium, cautious buying during the monsoon and delayed Persian Gulf cargo arrivals kept procurement activity subdued.

The Indian industrial pipe landscape exhibits a sharp structural divergence as Q2 2026 concludes. The Ductile Iron (DI) Pipe segment operates as a highly protected, vendor-approved oligopoly experiencing an artificial supply-demand gap, heavily supported by the capital deployment of the central government's Jal Jeevan Mission (JJM 2.0). Conversely, the Mild Steel (MS) ERW segment is navigating a hyper-competitive, oversupplied environment, entirely bound to the volatility of domestic Hot Rolled Coil (HRC) raw material indices.

India's aluminium market has entered a corrective phase after June witnessed the sharpest monthly decline in LME aluminium prices since 2008. Improved Middle East supply, rising Chinese exports, and weaker global sentiment weighed on prices. While near-term pressure persists, healthy demand from infrastructure, EVs, and renewable energy continues to support the long-term outlook.

TMT steel prices in India remained largely stable on June 29 despite weaker month-end demand and cautious buying activity. Distributors reduced prices marginally across key markets, while lean inventories and mill backlogs prevented a sharper correction. Rising diesel and petrol prices are expected to increase logistics costs, helping offset demand weakness and supporting near-term market stability.