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.

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.

Polymer prices today in India are declining due to weak demand, high inventory, and falling global offers. Southeast Asia’s oversupply is expected to increase imports into India, intensifying price pressure. While crude oil remains firm, market sentiment is bearish, with buyers adopting cautious procurement and expecting further price corrections in May.

Base oil prices today have surged globally due to crude oil rally and severe supply disruptions caused by geopolitical tensions. Limited spot availability and reduced refinery output are tightening the market. In India, prices remain elevated, with strong automotive demand but constrained supply driving cautious procurement and bullish near-term outlook.

TMT steel prices in India have softened slightly due to weak demand at the start of the month, with prices declining across key regions. While supply remains steady and inventories are limited, rising fuel costs may support prices. Overall, the market is expected to remain stable with minor fluctuations in the near term.

As of April 24, 2026, the Indian pipe market is witnessing a structural divergence. While Ductile Iron (DI) pipes remain in a high-demand "bullish" zone driven by aggressive water infrastructure projects like the Jal Jeevan Mission, the MS ERW pipe segment is navigating a period of stabilization. Despite rising raw material costs (HRC), the MS segment faces high inventory levels, keeping prices range-bound. Procurement teams are currently balancing healthy spot availability in MS pipes against extended 4–6 week lead times for specialized DI grades.

Polymer price in India has corrected sharply due to domestic price cuts and weak demand. Labour shortages, especially in Surat, are impacting downstream industries. Improving global supply and aggressive Chinese exports are adding pressure. The market is expected to remain weak in the short term, with volatility driven by geopolitical developments.

Bitumen price in India remains elevated across VG30 and VG40 grades, supported by tight global supply and continued Strait of Hormuz risks. While demand in India stays strong, global consumption remains cautious. Prices are expected to remain firm in the near term, with volatility driven by crude oil movements and geopolitical developments.

Toluene prices in India remain firm at ₹90–96/kg but face softening momentum due to weaker crude oil and sluggish downstream demand. Improved supply conditions and refinery inventory pressure are weighing on the market. While geopolitical risks provide support, the overall outlook remains cautious with a slight downward bias in the near term.

The Indian stainless steel market is navigating a period of "cautious stability" this week. While benchmark prices for SS 304 and SS 316 remain firm due to steady domestic demand from the infrastructure and defense sectors, global raw material volatility—specifically in Nickel—is keeping buyers on alert. Supply chains are currently managing a delicate balance between healthy local inventories and mounting logistical pressures from the Strait of Hormuz disruptions.