Market News Today

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The price of mustard oil today is Rs.1075/10kg. No Price deviation has been observed. Rice Bran Refined is currently trading at Rs.845/10kg. No Price deviation has been observed.

In recent developments, local market importers have trimmed the price of Acetic Acid by Rs.1/kg. Presently, prices stand at Rs.37/kg ++ Ex Mumbai and Rs.37/kg ++ Ex Kandla for advance payment terms due to a significant drop of nearly $24 in the Asian benchmark FOB China over the last week.

Toor prices in the Mumbai market remained stable with Lemon at Rs.11,200, Sudan at Rs.11,700, red Kolkata at Rs.10,000 and Babati at Rs.10700 per quintal.

The Indian stainless steel industry saw a resurgence in April 2024, buoyed by rising nickel prices and active demand. With India's top producer hiking prices twice, a total of Rs 7,000-8,000/ton (US$ 84-96), the market reflects optimism amid surging raw material costs.

China's steel sector currently faces high output, high costs, and high inventory levels, alongside low demand, low prices, and low margins, said Jiang Wei, vice chairman of the China Iron and Steel Association (CISA), during a recent industry conference.

A Conservative-led council has dismissed a call for it to urge the government to do more to support the steel industry.

Global steel tonnage dropped more than 4.0% from March 2023, largely on the reduced volumes from China’s producers. U.S. output is unchanged year-over-year.

India's shift to being a net importer of finished steel in the 2023-2024 fiscal year raises concerns in industry circles. Insights are sought on its implications for steel prices and India's self-reliance agenda.