Market News Today

Indian zinc markets witnessed cautious trade this week as zinc prices corrected amid weak global sentiment and concerns over slowing economic growth following expanding US military operations. Domestic zinc ingot prices in India remained elevated despite MCX weakness, while import demand for zinc ash and zinc bottom dross continued from western India, indicating steady secondary metal consumption demand.

India’s stainless steel market shows a striking divergence as of late May 2026. While sluggish downstream demand has dragged 304-grade prices down, tight supply and surging molybdenum costs have pushed 316-grade prices higher. Meanwhile, a 7% projected rise in FY26 scrap imports highlights a massive industry shift toward scrap-based melting.

Indian flat steel markets remained largely stable this week as cautious procurement activity balanced firm mill pricing. HRC, CRC, HR Plates, and MS Flats prices held steady across major regions despite subdued downstream demand. Export activity to the Middle East and Vietnam improved, while rising freight costs, safeguard uncertainty in Europe, and controlled inventory levels continued influencing procurement strategies and trade sentiment.

Steel and DI pipe prices in India are surging due to robust industrial and infrastructure demand. With MS ERW pipes hitting up to ₹65,000/MT and DI pipes experiencing heavy off-take, procurement managers are urged to lock in rates immediately to mitigate upcoming cost escalations and project delays.

Polypropylene and Polyethylene domestic prices increased by ₹1,000/MT this week despite weak downstream demand and cautious buying activity. Global supply concerns linked to Hormuz disruptions, rupee depreciation, and tight regional inventories supported sentiment temporarily. Meanwhile, softer Asian demand, falling propylene prices, and rising Chinese supply continued limiting aggressive inventory buildup across PP, PE, and PVC markets.

Methanol markets softened across Asia as spot enquiries declined after aggressive April buying. China export arbitrage remained open, while India demand for June cargoes weakened amid expected arrivals and geopolitical uncertainty. Domestic India inventories tightened temporarily, supporting ex-tank prices. Weak China downstream sentiment, fluctuating futures, and soft freight discussions continued limiting aggressive procurement activity regionally.

Bitumen markets remained stable-to-firm this week as Middle East supply uncertainties, refinery competition in Iran, and rising infrastructure activity supported sentiment despite weak crude oil prices. Indian refiners maintained stable pricing, while import dependence increased amid vessel sanctions and rupee depreciation. Procurement activity improved gradually across infrastructure projects, with logistics disruptions continuing to influence regional supply planning decisions.

Indian copper prices softened this week as weak Chinese industrial data, a stronger U.S. dollar, and falling LME sentiment pressured buying activity, while domestic demand from EV, power, cable, and infrastructure sectors remained stable, keeping procurement movement active despite cautious market sentiment and growing debate around BIS standards for scrap-based copper wire rods.

The Indian aluminium market remained largely stable this week as firm global LME prices balanced weak downstream demand and rising inventories in China. Domestic demand stayed steady across industrial and infrastructure sectors, while India continued strengthening its export position globally. Market sentiment remained cautious amid easing geopolitical risks and fluctuating international futures.

The Indian MS structural steel market remained stable-to-firm this week, supported by steady infrastructure demand and firm raw material prices. Primary mills maintained controlled dispatches and revised prices upward across regions, while secondary markets witnessed improved inquiries following recent corrections. Market participants continue to monitor monsoon-related execution trends and cautious institutional buying activity across industrial and construction sectors.