Market News Today

US struck Iran after attacks on 3 vessels in Hormuz. Iran's IRGC claimed targeting 85 US bases in Kuwait and Bahrain, escalating regional tensions and raising global energy concerns.

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.

China's PE supply is projected to increase by 280,000 tonnes in July. This rise is driven by a 180,000-tonne boost in domestic output, primarily LLDPE, and an additional 100,000 tonnes from imports.

PVC prices are supported by higher calcium carbide costs but gains are capped by weak domestic and overseas demand amid long-term oversupply, causing fluctuations at lows this week.

China's PP market in H2 2026 will shift from geopolitics to supply-demand fundamentals as price drivers. Prices touched Yuan 10,000/tonne in H1 due to a war-driven rally.

India secured fertilizer imports with 15 vessels (8 urea, 4 DAP, 3 sulfur) en route, despite Hormuz disruption. Q1 production exceeded targets, ensuring strong availability for the agricultural season.

Thailand has initiated an antidumping probe on PVC imports from mainland China and Taiwan. The Chinese market perceives this investigation as bearish, indicating potential negative impacts on trade relations and market stability.

Indian acetic acid prices reached a 1.5-month high due to tight supply. Conversely, methanol prices slipped to a nearly 4-month low amid easing supply conditions in the market.

LG Chem reduces prices for SMEs and passes naphtha subsidies to customers, supporting manufacturers of essential household products like vinyl and packaging materials.

Chennai introduces AI-driven Intelligent Transport System (CITS) to overhaul urban mobility, targeting safer roads, reduced congestion, improved fuel efficiency, and lower emissions amidst rising vehicle numbers and urban expansion.