Market News Today

Lotte Chemical has indefinitely shut down its Daesan naphtha cracker, which is designed to produce 1.1 million metric tons of ethylene annually.

Three chemical tankers carrying approximately 100,000 metric tons of methanol successfully crossed the Strait of Hormuz, leading to a drop in Indian prices due to fresh Middle East supplies.

China's polypropylene industry is set to add 1.75 million metric tons per year of new capacity in September as several producers bring their units into operation, though actual supply increments may remain limited.

European LDPE spot prices rose by Euro 40/mt to Euro 1265-1275/mt FD NWE amid tighter prompt availability, while contract markets remained mostly steady despite falling feedstock ethylene costs.

Maharashtra orders a dedicated task force to tackle infrastructure, traffic, and utility challenges across a rapidly growing employment belt with a proposed ₹426 crore development plan and new metro connectivity.

Pune's piped natural gas network reached nine lakh households, but four lakh connections remain inactive. The distributor targets September-end to bridge this gap amidst a new government incentive scheme.

Gujarat Chief Minister Bhupendra Patel pitched the Mumbai-Gujarat corridor as an Asian growth hub at a roadshow, highlighting investments, a $3.5 trillion target, and the Vibrant Gujarat Summit 2027.

Revised autorickshaw fares increase minimum charges to 30 for 1.5 km and add a 25% night surcharge, straining late-night commuters and workers amidst rising operating costs.

India's rooftop solar capacity reaches 25.73 GW as utilities simplify procedures and promote net metering models, supporting the 2030 target of 500 GW non-fossil capacity through digital reforms and financial incentives.

Japan Credit Rating Agency upgraded India's sovereign rating to A-, joining other agencies recognizing 7.8% GDP growth and stronger banks, though high public debt and low per-capita income remain key concerns.