Daily Market Report

Phenol prices have dropped by ₹2-3/kg due to increased imports, despite strong seasonal demand from plywood manufacturers. Ample supply and liquidation pressure keep the market bearish. Rising feedstock costs may push production expenses higher. Experts predict short-term price softness but suggest monitoring for potential rebounds due to upstream cost pressures.

PP prices surged in February 2025 due to supply shortages from Middle Eastern and Asian producers, logistical disruptions, and rising feedstock costs. While the packaging sector remains stable, demand in automotive and construction is weak. Market experts anticipate further price increases amid supply constraints, particularly before Ramadan.

Fuel oil prices in India remain stable, with slight regional variations. The Chinese market saw a minor decline due to weak demand and falling crude prices. Global fuel oil inventories rose, influencing bearish sentiment. Major contracts and MoUs were signed for crude, LNG, and renewable energy initiatives, ensuring future supply security.

Stainless steel prices remain stable, with Nickel and Copper gaining. The 200 series sees strong demand due to import shortages, while the 300 and 400 series show gradual improvement. Experts predict price stability for the 400 series and an upward trend for the 300 series due to currency fluctuations. Meanwhile, Taiwan maintains anti-dumping duties on Chinese and Korean imports.

India’s crude oil import bill rose by 2.7% in FY25 due to higher demand and reduced Russian crude discounts. Refiners are diversifying sourcing, increasing US oil and LNG imports. Geopolitical tensions, OPEC+ cuts, and price volatility continue to impact costs. Market trends indicate a shift toward energy security and diversification.

Styrene Monomer prices showed minimal fluctuations due to weak buying trends. Rising benzene costs have increased production expenses, squeezing profit margins. Demand remains sluggish, particularly in EPS and 3S sectors. Meanwhile, supply remains stable despite maintenance activities. Market expectations indicate continued price consolidation, influenced by crude oil trends and benzene movements.

Structure steel prices saw mixed trends, with primary players SAIL, JSPL, and RINL raising prices this month by Rs 500/MT, while the secondary market declined due to weak demand. Heavy beams, angles, and channels in the primary market are selling out fast, causing supply constraints. Experts anticipate continued weakness in the secondary market as demand remains subdued.

Primary TMT prices increased across North, West, and South India, with Mumbai and Delhi NCR rates touching Rs 52,500/MT. Demand is expected to grow by 8-9% in 2025, driven by infrastructure and construction projects. However, competitive imports, especially from China, continue to challenge domestic manufacturers. Experts warn that market volatility and imports may impact pricing, making government intervention crucial for industry stability.

India's PVC market is witnessing steady demand from infrastructure and agriculture sectors. Prices remain competitive, with manufacturers expanding capacity to meet rising needs. Global supply disruptions and fluctuating raw material costs could impact pricing. Despite near-term volatility, the outlook remains positive as demand strengthens and production capacity increases.

Stainless steel prices remain stable, with slight demand improvements in the 300 and 400 series. The 200 series sees strong domestic demand due to limited imports. Nickel and copper prices declined. Experts anticipate price increases in the 300 and 200 series amid ongoing market shifts. Meanwhile, new research in Taiwan enhances stainless steel’s hydrogen resistance.

The flat steel market remained stable, with no major price changes in HRC and CRC across key locations. Demand is expected to grow by 8-9% in 2025, driven by infrastructure and housing projects, despite challenges from rising imports. Ex-India HRC prices are steady due to sluggish trading activity, and market sentiment remains cautiously optimistic.

Ethyl Acetate prices in India have risen by ₹0.5/kg, driven by higher ethanol and feedstock costs. Reduced production rates and increasing demand from paints and packaging are adding upward pressure. With Acetic Acid prices volatile and bulk buyers securing inventories, market conditions remain tight, signaling further price hikes ahead.