Market News Today

Wheat prices drop in Bengaluru, Erode; maize up in Gulabbagh, Chhindwara. Unseasonal rains affect UP/Bihar supply chains. Punjab wheat procurement improves. Bajra yield expected in MP, UP. Andhra to procure damaged crops. Punjab millers hold CMR stock. Wheat export ban extended.

Nickel opened at $24,817/ton (+$200/ton), Copper opened at $8,580/ton (-$100/ton). Jindal Stainless Limited's share closed at Rs. 291.00/-, Rimjhim's retail price for SS 304 CR 2B is Rs. 210/kg. China's Crude Stainless Steel production grew by 4.11%.

Coal prices remain stable at various ports. Indonesia plans to increase coal production by 1% in 2023, reaching 690 million tons. Record-high exports of 494 million tons were achieved in 2023, with projected export volumes of 500 million tons this year.

Indian Semi-Finished Steel market remained low with prices fell by around Rs. 200-700/ton and secondary TMT prices declined by around Rs. 800/ton pan India. HRC and CRC offers stood at Rs. 59,500/ton and Rs. 64,000/ton ex-Delhi NCR, respectively.

Zinc prices rise due to projected deficit in global refined zinc market. LME zinc closes at $2,681/mt, up 2.08%. Shanghai zinc contract rebounds to 21,490 yuan/ton. MCX zinc settles higher at Rs.238.15/kg. LME is closed for a holiday. Consumption growth remains weak, pressuring prices. LME zinc inventory decreases by 125 mt.

Indore market sees stable Kabuli Chana and Masoor prices; Kanpur maintains crop prices. Mumbai and Chennai ports report increased Urad prices. Imported Tur prices rise, may correct soon. Delhi's Desi Chana weakens. El Nino predicted for June 2023. NAFED procures 1.72 million MT Desi Chana. Chennai Urad market anticipates short-term positive trend.

Prices of MS scrap reduced by Rs. 500-1,000/ton with demand driven by finished goods market. Possible solutions for GST issue include reducing GST to 5%. Steel Scrap futures show significant decline.

The COPs to the Basel, Rotterdam, and Stockholm Conventions have begun in Geneva. Discussions include waste management challenges, such as e-waste and lead acid batteries, and the need to eliminate the use of polychlorinated biphenyl (PCB).

The Philippines government will introduce P500 and P100 polymer banknotes, approved in design, to replace existing paper notes. Printing will begin soon, possibly by Note Printing Australia. Polymer banknotes offer durability and reduced viral/bacterial transmission.

Gujarat's textile industry will receive 250,000 duty-free Australian cotton bales in three months. Government's 50% import duty reduction for developing countries boosts interest in African cotton imports. However, Indian cotton prices remain higher than global rates.