Market News Today

The Indian steel pipe market is experiencing robust momentum as government-led water infrastructure projects (Jal Jeevan Mission) accelerate ahead of the monsoon. While MS ERW and GI pipes are seeing price stability due to steady HRC and Zinc inputs, DI pipes remain in high demand with significant supply lead times. Overall, the market shows a healthy balance of industrial offtake and municipal procurement.

Copper prices in India and global markets extended gains amid tightening global supply, mine disruptions, and strong demand from AI infrastructure, EVs, and renewable energy sectors. MCX copper futures traded near ₹1,400/kg, while LME copper crossed $14,000/ton. Supply shortages and bullish technical indicators continued supporting positive market sentiment.

The Indian flat steel market is demonstrating resilient stability this week. While Hot Rolled Coil (HRC) prices remain anchored by strong domestic automotive demand, secondary products like MS Flats are seeing a slight uptick due to pre-monsoon construction activity. Supply remains robust across major integrated mills, though rising coking coal costs are beginning to squeeze production margins, signaling a potential price floor for the coming weeks.

Acetic acid prices in India and Asia remained under pressure due to rising China supply, weak downstream demand, and continuous import inflows. India ex-tank prices softened to ₹45–47.5/kg, while Asian benchmarks declined across regions. Market sentiment stayed bearish despite regional plant outages and operational adjustments supporting limited supply balance.

Domestic PE, PP, and PVC prices in India moved upward amid stronger crude oil, rupee weakness, tight import arbitrage, and delayed shipments. PVC-led price corrections supported overall polymer sentiment. While supply remains constrained and imports unattractive, demand continues to stay need-based with market participants cautious ahead of the monsoon season.

The base oil market faces a "divergent" trend this week. While Group I and Group II prices saw minor downward adjustments in Asia due to improved stock levels and buyer resistance, Group III prices in India and globally continue to climb. Supply remains the primary bottleneck as major refineries face force majeure following drone strikes.

India’s stainless steel market moved higher amid a sharp rise in LME nickel prices and tightening global alloy supply. While domestic demand from infrastructure, railways, and automotive sectors remains supportive, cautious buying sentiment and rising Chinese imports continue to pressure market activity. Stainless steel prices in India are expected to remain firm near term.

Aluminium prices in India remained firm this week as Middle East supply disruptions, tight scrap availability, and strong automotive demand supported global and domestic markets. While LME aluminium stayed elevated above $3,500/t, Chinese markets faced pressure from rising inventories. Indian demand from EVs, infrastructure, and engineering sectors continues supporting aluminium consumption.

Zinc prices in India remained firm this week as strong global metal sentiment, stable downstream demand, and tight near-term supply supported the market. MCX Zinc Futures continue to trade in an uptrend, while buyers from galvanizing and infrastructure sectors remain active. Market participants are closely tracking resistance near ₹355/kg.

The Indian structural steel market is currently witnessing a phase of "Cautious Stability." While demand remains anchored by government infrastructure projects, price consolidation is the dominant theme. Integrated players are maintaining firm rates due to coking coal costs, while secondary producers in regional hubs offer competitive arbitrage opportunities for bulk procurement.