Market News Today

India's structural steel market is riding strong momentum, especially in the primary segment, driven by government-backed infrastructure and housing projects. Prices have firmed up due to tight supply and higher raw material costs, with lead times stretching into June for heavy sections. Secondary market activity remains healthy with focused restocking and zone-level supply control.

Polymer prices across India witnessed downward pressure amid weak demand and abundant supply. Domestic producers, including HMEL and MRPL, maintained prices regionally, while international PP and PE offers softened. Incentive schemes and maintenance shutdowns hint at attempts to stabilize the market, though bearish sentiment persists heading into May 2025.

Primary TMT prices remain elevated across major cities due to constrained supply from ongoing and upcoming maintenance shutdowns at key plants like SAIL DSP and Dolvi. Demand, however, is showing signs of decline, with significantly fewer inquiries compared to March. The government has imposed a 12% safeguard duty to protect local mills.

Crude oil prices dropped sharply, with Brent at $66.18 and WTI at $62.45 per barrel, amid rising supply and weak demand. Bitumen held steady across most Asian markets, though Bahrain saw a $50 drop. Indian prices remained firm, supported by seasonal construction demand, despite overall market caution.

BRICS nations lead clean energy growth, but newer members, aided by Chinese firms, invest in 25 GW of fossil fuel projects against 2.3 GW renewables.

Havells India will invest \u20b9600 crore in Goldi Solar as part of Goldi's \u20b91,300 crore funding plan. This investment reinforces Havells' commitment to India's growing renewable energy sector.

Fortum Oyj reportedly sold its Indian subsidiary, Fortum India Pvt Ltd, to Hexa Climate Solutions. Fortum previously divested a 43.75% stake in a 185 MW solar portfolio.

MEK import prices in India dropped by ₹3/kg to ₹88.50/kg (Ex-Kandla, 30-day credit), driven by weak downstream demand and ample inventories. Domestic Cetex prices stand at ₹90–92/kg (Ex-Chennai). Market sentiment remains cautious, though steady demand from printing inks and packaging sectors may stabilize prices post-April.

SECI will soon open bids for a 260 MWp solar project in Badnawar, Madhya Pradesh. The project focuses on domestically manufactured solar PV modules and cells.

Petronas Chemicals' 550,000 metric tons per year p-xylene plant at Kerteh will remain shut after turnaround due to poor margins.