Market News Today

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.

Copper prices in India are holding firm around ₹1,270/kg, supported by tightening global inventories and strong demand. Despite record production in China, supply-side constraints and sulfuric acid dynamics are keeping the market bullish. Short-term corrections persist, but the overall outlook remains positive with prices likely trending higher in the near term.

Aluminium prices in India remained firm around ₹365/kg amid ongoing geopolitical tensions impacting supply. While global supply remains tight, demand recovery is uneven, especially in China. Base metals showed mixed trends, with copper declining and zinc rising. The market is expected to remain range-bound with cautious sentiment in the near term.

India’s TMT market remains firm following a recent price correction, supported by strong infrastructure demand and tight supply conditions. While prices are expected to remain stable within a defined range, volatility may persist due to rising coking coal costs, global trade shifts, and potential import pressure. The market continues to balance strong fundamentals with evolving geopolitical and policy-driven risks.

Crude oil markets remain volatile due to geopolitical tensions, but easing US-Iran relations have capped price gains. Meanwhile, the polymer market faces structural weakness driven by high Chinese inventories and rising import pressure. Domestic prices have corrected significantly, with further downside expected as the market transitions into an inventory liquidation phase despite temporary feedstock firmness.

The MS and DI pipes market shows a mixed trend. While MS ERW pipes are facing inventory pressure and stable pricing due to oversupply, the DI pipe segment is experiencing strong demand backed by government water infrastructure initiatives. A clear supply shortage in DI pipes is supporting firm-to-bullish pricing, whereas MS pipes are likely to remain range-bound in the near term despite improving demand sentiment.