Market News Today

DI pipe prices remain firm in India, supported by strong demand from infrastructure and water projects, while supply constraints persist. MS ERW pipe prices are stable with a slight upward bias, despite elevated inventory levels. Demand recovery is gradual across regions, and improved buyer activity is expected to support market sentiment in the near term.

China defied US sanctions on Iranian oil, ordering refineries to ignore them. As Iran's top buyer (90-91%), China uses legal tools to protect energy security, rejecting US "long-arm jurisdiction" in escalating energy geopolitics.

Uttar Pradesh government approved doubling compensation for farmers. Land under high-tension power towers gets 200% of value, while overhead line areas receive 30%. This policy, increasing payouts by 21-33%, aims to boost farmer cooperation and project execution.

India's Q1 2026 M&A market saw a 5% volume surge to 710 deals, totaling US$20 billion, despite falling values. The shift reflects resilient activity, favoring mid-market transactions, outbound expansion, and growth in technology, energy, and consumer sectors.

Praana Group acquired Multi-Chem, now Sterling MultiChem, strengthening its specialty chemicals platform and expanding energy-sector capabilities. This strategic move enhances support for oil and gas operators with high-performance solutions and expands geographic reach.

Iran's oil storage (30-35 million barrels) is nearing capacity this week, forcing well shutdowns and long-term production damage. This economic pressure on the IRGC could be a tipping point in the Iran war, potentially leading to policy changes.

India's EV push is vital for energy security, not just clean transport, says Exponent Energy CEO. Commercial vehicles, consuming 70% of on-road energy, are key. A $90 billion market awaits, but standardization is crucial for adoption and investment.

N-Butanol prices today declined in both India and China due to weakening cost support from falling propylene prices and subdued downstream demand. Market sentiment remains cautious, with buyers adopting need-based purchasing. In the near term, prices are expected to stay weak and range-bound amid balanced supply and limited demand recovery.

First India-bound LPG tanker, MT Sarv Shakti, cleared the Strait of Hormuz since the U.S. blockade began mid-April. Chartered by IOC, it will ease India's LPG supply crisis, affecting 60% of households, and is expected May 13.

Coal India arm SECL increased dry-fuel supply to the power sector by 8.2% to 12.49 MT in April, ensuring steady thermal plant operations. The company also saw significant growth in coal production and offtake for fiscal 2026-27.