Market News Today

European polypropylene (PP) prices plummeted due to weak demand, especially in automotive and construction, and lower feedstock costs. Spot prices hit their lowest since January 2024, influenced by increased imports and a Euro 65/mt drop in propylene MCP.

ReNew Energy Global will invest ₹220 billion to establish a 2.8 GW hybrid renewable energy project—1.8 GW solar and 1 GW wind—in Andhra Pradesh, supplying up to four hours of peak power daily, announced Friday. 4/7

Demand for DI, HDPE, and MS pipes has risen sharply, particularly for smaller DI sizes, as contractors rush to book orders before the monsoon. While prices remain steady for now, supply bottlenecks and raw material delays are extending lead times. Procurement momentum is gaining strength across infrastructure and water projects, supported by fresh fund releases from government departments.

India's agrochemical sector needs $7 billion by 2030 to integrate 11 GW of renewable energy, aiming to decarbonize fertilizer production and transition to green hydrogen.

India's US crude oil imports surged by 34% to 326,000 bpd in April 2025, driven by diversification efforts and reduced reliance on West Asian producers. Refinery maintenance may impact future imports.

Asian ethylene prices held steady at USD 775-785/mt CFR NE Asia and USD 865-875/mt CFR SE Asia despite weaker crude and naphtha values. Hengli Petrochemical's 1.5 million mt/year cracker in Dalian, China, has shut down for maintenance.

Primary TMT prices continue to soften across major regions like Mumbai, Delhi NCR, and Vizag, with distributors lowering rates amid muted demand. Market activity remains largely flat, with stable yet unremarkable inquiry levels. Suppliers are ensuring uninterrupted availability, while production is running with limited new orders.

KSERC clarified that solar prosumers in Kerala must pay fixed charges based on connected load or monthly consumption, as per the December 9, 2024 Tariff Order.

Indian Railway Board approves surveys for two new lines in Karnataka: a 162-km Almatti-Yadgir line (₹4.05 crore survey budget) and a 73-km Bhadravati-Chikjajur line (₹1.825 crore budget).

SECI withdrew its petition to CERC for approval of a 200 MW renewable energy tariff, aiming for 800 MWh peak supply, pending finalized PSAs with distribution companies.