Daily Market Report

Zinc markets remain supported by tight global inventories despite mixed price movement across LME, MCX, and SHFE. China’s record output and profitable arbitrage have opened a strong export window, expected to reach 50,000 tons by year-end. Spot premiums, firm Indian prices, and cautious buying shape near-term sentiment.

PVC SG5 prices have swung sharply from ₹70,250 to ₹62,500 within a month, reflecting a buyer’s market driven by weak demand and oversupply. European markets are also under pressure due to Asian export inflows and soft construction demand. Anti-dumping actions may affect trade flows but offer limited short-term relief.

The structural steel market maintains a firm tone, with the secondary segment leading due to tight supply and strong demand for channels and angles. Primary mills remain cautiously optimistic, awaiting mid-November pricing cues. Stockists are actively replenishing inventories in the West and South, while trade liquidity has improved post-festive season across major hubs.

Steel prices remain stable across major hubs despite weak post-monsoon demand. Distributors are managing inventory cautiously, while mills are calibrating production to prevent oversupply. With India emerging as a net steel exporter and new investments under the PLI scheme gaining traction, the medium-term demand outlook — especially for TMT — appears increasingly positive.

HRC and CRC prices across key Indian markets remain largely steady, with marginal day-to-day movements reflecting local factors. Demand is stable but cautious as mills manage supply through maintenance shutdowns and reduced imports. Tata Steel's Q2FY'26 performance highlights resilience in the sector despite cost pressures. Near-term pricing sentiment remains cautious, with limited upside given mixed market signals.

DI and MS pipe prices remain steady, supported by ongoing infrastructure spending. DI pipes are in high demand due to water supply projects but face supply constraints. MS ERW demand has improved post-monsoon, though high inventories persist. New capacities from Vibhor Steel and Rungta Steel are reshaping supply dynamics.

Asian bitumen prices remained largely rangebound as demand stayed weak and supply ample across key markets. Export delays from Iran, inventory buildup in India, and mild adjustments in Iraq and Bahrain shaped regional trade. With persistent rains and slow construction activity, prices are expected to remain steady through November.

Zinc prices remained firm across major exchanges as low inventories and steady downstream demand supported the market. Seasonal restocking in China and persistent warehouse withdrawals at the LME reinforced bullish sentiment. While supply remains tight, analysts expect short-term consolidation with a slight upward bias if disruptions persist.

Stainless steel prices remained largely stable across markets, with the 200 series outperforming due to limited imports. The 300 series witnessed mild weakness, while the 400 series gained strength on firm domestic demand. Jindal Stainless’ recent price cut and global import decline have added mixed cues to near-term sentiment.

TMT bar prices remained stable this week across all key regions, with trading activity subdued due to seasonal slowdown. While short-term demand remains weak, long-term fundamentals are supported by infrastructure investments and government-led steel capacity expansion. Market sentiment is cautious yet balanced, with post-monsoon construction expected to lift demand.

Toluene prices rose ₹3/kg this week, supported by feedstock cost recovery and improved trading momentum. Demand from paints remains steady, while the pharma sector shows gradual recovery. Despite crude volatility, supply–demand conditions are balanced. Short-term outlook suggests stability with slight downside risk amid cautious buyer sentiment and steady import volumes.

PET bottle chip prices showed mixed movement during early November, with a mild recovery driven by rising crude and PX costs. Demand remains weak due to the seasonal lull and cautious procurement by end-users. Supply remains ample, and the short-term outlook is stable to slightly firm, supported by feedstock recovery and moderate operating rates.