Market News Today

Aluminium prices remained firm as geopolitical uncertainty around the Strait of Hormuz and declining exchange inventories supported market sentiment. LME aluminium cash prices rose 0.97% to $3,260/tonne, while SHFE September aluminium settled at RMB 23,925/tonne. However, weak seasonal demand and rising global supply may limit further gains.

MS structural steel prices in India remained firm as strong infrastructure demand, disciplined mill production, and rising raw material costs supported the market. Primary mills announced fresh price hikes, while secondary manufacturers also increased offers amid higher billet and scrap prices. The market outlook remains positive with further upside expected during August.

Acetic acid prices in Asia remained firm as tight spot availability in China and low inventories in India supported the market. India acetic acid price today stayed elevated at ₹82.5–86.5/kg despite cautious buying. However, improving operating rates, plant restarts, and higher import arrivals in August are expected to gradually ease supply tightness.

Base oil prices in India remained mixed as Group I and Group II markets stayed under pressure from ample supply, while Group III prices strengthened due to tight global availability. Brent crude traded around $96.27/bbl, and shipping disruptions through the Strait of Hormuz continued to impact import availability and freight costs.

India's polymer market remained cautiously firm despite a sharp correction in crude oil prices. Feedstock costs, producer price revisions, and tight PET supply continued to support prices, while monsoon-led weak demand and improving domestic availability kept buyers cautious. Market participants are closely tracking crude movements and August pricing trends.

Steel pipe prices in India remained stable this week, while Jindal Supreme India's proposed IPO signals long-term confidence in the infrastructure and construction sectors. Supported by steady demand and expansion plans, the steel pipe market is expected to remain firm, with manufacturers focusing on capacity growth and improving supply capabilities.

Indian bitumen prices remain firm as geopolitical tensions in the Middle East continue to disrupt supply chains. Iran's bitumen exports have nearly stopped due to the closure of the Hormuz Strait, while rising crude oil prices are supporting market sentiment. Buyers remain cautious as supply uncertainty keeps prices elevated across India.

Copper prices maintain strong upward momentum, driven by easing U.S.-Iran geopolitical tensions, declining exchange inventories, and robust Chinese industrial demand. Domestic futures hold above key technical levels at ₹1,336.6/kg, while physical spot prices in industrial hubs like Delhi NCR and Bhiwandi reflect firm buying interest.

India's steel market remained stable with improving sentiment as project demand strengthened and mill order books expanded. Rebar prices moved higher, HRC prices stabilized, and raw material costs remained firm. Planned maintenance shutdowns, healthy exports, and tightening inventories are expected to support steel prices across India in the coming weeks.

Aluminium prices face a consolidation phase as MCX futures ease to ₹341.9/kg following temporary U.S.-Iran de-escalation. Despite tight physical supply, falling LME inventories, and a 2.70% surge in raw alumina costs, seasonal downstream weakness in China and U.S. Fed interest rate uncertainty continue to cap upward momentum.