Market News Today

India’s stainless steel market faces mixed signals heading into November, as Taiwanese mills are expected to raise prices while broader Asian trading remains subdued amid weak demand. Domestic prices will depend on nickel and stainless scrap costs, mill price revisions, import availability and grade-specific demand; buyers should verify actual offers before committing to higher-priced inventory.

India became a net steel exporter in April–September FY2026–27, with total steel exports rising 38% year-on-year to 5.53 million tonnes (mnt), against imports of 4.84 mnt. Strong HRC, plate and billet shipments, a weaker rupee and demand from Vietnam and the Middle East supported exports, while EU trade restrictions and rising Chinese shipments remain key market risks.

India’s polymer market is expected to remain largely stable through the pre-Diwali period, with PP, HDPE, LLDPE and PVC prices facing limited immediate downside despite weak buying interest. Brent crude above $106/bbl, potential shipping disruptions and uncertainty over post-Diwali imports provide cost-side support, while cheaper imports, soft demand and possible ₹4–5/kg incentive schemes continue to constrain domestic price increases.

India’s aluminium market faces mixed signals, with domestic prices reported at ₹335.35/kg, up 0.57%, while LME cash prices softened marginally and three-month futures edged higher. Falling Chinese inventories, reduced overseas production and tight scrap availability offer support, but a strong US dollar, cautious downstream demand and geopolitical trade risks may limit further gains.

India’s chemical market presents a mixed outlook on October 12, 2026, as strong Chinese price momentum supports Phenol, Acetone, Methanol and selected aromatic chemicals, while fresh port arrivals improve domestic availability. Brent crude eased 1.36% to around $103.04–103.29/bbl, but Middle East shipping risks continue to support feedstock costs and import-replacement uncertainty.

India’s bitumen market remains firm following an estimated $50/MT weekly increase in international prices, supported by crude oil above $100/bbl, regional shipping disruptions and rising post-monsoon road-construction demand. Imported bitumen prices at Karwar and Mangalore are around ₹85,000–₹85,500/MT, inclusive of GST, with freight, vessel availability and insurance costs likely to influence regional delivered prices.

India’s polypropylene (PP) market is expected to remain stable to rollover on October 8, with buyers continuing need-based procurement as domestic open-market prices remain below company-listed levels. However, rising crude oil prices, a weaker rupee and higher import replacement costs are increasing upward cost pressure, limiting the scope for further domestic price reductions.

The Indian bitumen market faces upward price momentum driven by Middle East import disruptions and rising domestic refinery benchmark rates. With the post-monsoon road construction season accelerating across national highway corridors, high demand is pressing against import supply constraints. The near-term outlook remains firm to volatile as state highway projects, NHAI expansions, and PMGSY road laying resume nationwide.

India’s flat steel composite index rose 1.0% w-o-w as of 1 October 2026, extending the broader steel market’s four-year high. HRC and CRC prices strengthened as major mills raised October prices, while tight domestic availability, maintenance shutdowns, higher raw-material costs and improving post-monsoon buying supported the market.

Brent crude has recovered to around $101.50–102/bbl, after earlier corrections, as geopolitical risks partly offset coordinated strategic stock releases and improving West Asian supply. In India, heavy JNPT arrivals are improving availability of Methanol, Toluene, Xylene, Phenol, Styrene and VAM, creating negotiation room for buyers, while Styrene and Phenol retain strong upward momentum.