Market News Today

India's polymer market entered a decisive correction phase as Reliance Industries slashed polypropylene prices, introduced PE incentives, and global crude oil prices weakened. While temporary freight inflation slowed cheaper imports, weak demand, aggressive Chinese offers, duty relief extension, and easing feedstock costs indicate further downside for polymer prices in India.

India's bitumen market remained firm despite a sharp correction in Brent crude prices, as supply-side disruptions, elevated freight costs, and constrained vessel availability continued to support prices. While easing geopolitical tensions reduced the oil risk premium, cautious buying during the monsoon and delayed Persian Gulf cargo arrivals kept procurement activity subdued.

The Indian industrial pipe landscape exhibits a sharp structural divergence as Q2 2026 concludes. The Ductile Iron (DI) Pipe segment operates as a highly protected, vendor-approved oligopoly experiencing an artificial supply-demand gap, heavily supported by the capital deployment of the central government's Jal Jeevan Mission (JJM 2.0). Conversely, the Mild Steel (MS) ERW segment is navigating a hyper-competitive, oversupplied environment, entirely bound to the volatility of domestic Hot Rolled Coil (HRC) raw material indices.

India's aluminium market has entered a corrective phase after June witnessed the sharpest monthly decline in LME aluminium prices since 2008. Improved Middle East supply, rising Chinese exports, and weaker global sentiment weighed on prices. While near-term pressure persists, healthy demand from infrastructure, EVs, and renewable energy continues to support the long-term outlook.

TMT steel prices in India remained largely stable on June 29 despite weaker month-end demand and cautious buying activity. Distributors reduced prices marginally across key markets, while lean inventories and mill backlogs prevented a sharper correction. Rising diesel and petrol prices are expected to increase logistics costs, helping offset demand weakness and supporting near-term market stability.

Methanol prices in India witnessed a sharp correction during June, with Ex-Kandla prices falling over 30% month-on-month. Improving prospects for Middle East supply, progress in US-Iran peace negotiations, and expectations of normal shipping through the Strait of Hormuz have eased supply concerns, while weak buying sentiment continues to pressure prices.

Stainless steel prices in India remained under pressure during June 2026 as weak downstream demand, falling nickel prices, and rising imports weighed on market sentiment. While domestic mills and distributors continue focusing on cost recovery, buyers remain cautious. Increasing imports and uncertain raw material trends are expected to keep the market subdued.

Copper prices today recovered slightly but remain under pressure from a stronger US dollar, hawkish Federal Reserve signals, and weak Chinese demand. While tight mine supply continues to support the long-term outlook, near-term sentiment remains cautious. Copper prices in India may remain volatile as traders monitor macroeconomic developments.

Zinc prices today witnessed a sharp correction across global and domestic markets as profit booking and weaker investor sentiment weighed on prices. LME and MCX zinc futures declined significantly, while traders remained cautious amid demand uncertainty and inventory monitoring. The near-term zinc market outlook remains range-bound with key support levels under focus.

Base oil prices in Asia have softened from April highs as crude oil and feedstock costs eased, improving supply availability across Group I and Group II grades. However, Group III base oil prices remain elevated due to Middle East production disruptions and supply shortages. Indian buyers remain cautious amid monsoon-driven demand uncertainty.