Daily Market Report

Niacinamide prices dropped by ₹100/kg this week due to weak export demand and slow domestic consumption. Seasonal demand fluctuations and financial year-end closures further impacted trading activity. However, supply remains stable, supported by Jubilant Ingrevia’s expanded production capacity in Gujarat. With India’s Niacinamide demand growing at 6.9% CAGR, market dynamics are expected to shift.

PVC K67 prices in India remain stable at ₹68,500–69,500/MT across top brands. The market continues to rely heavily on imports amid pending anti-dumping duty (ADD) decisions. Market uncertainty persists, with ADD ruling likely to impact cost structure ahead.

Oil & gas product prices remain mixed, with base oils, fuel oils, and lubricants showing grade and packaging-based variations. Global sanctions and trade shifts, particularly U.S. actions against Iranian crude, are creating supply-side uncertainty. OPEC+ production increases and stable inventory levels offer a buffer, but volatility risks remain high.

Stainless steel prices remain firm as demand patterns shift. The 200 series continues to see strong domestic demand due to import shortages, while the 300 and 400 series show gradual improvement. China’s stainless steel imports dropped by 29.3% YoY, while exports went up. Experts anticipate price firmness across all series, with the USD exchange rate and regulatory factors playing key roles.

The pipes market is experiencing strong demand, driving up ERW/MS pipe prices by Rs 2-3 per kg. DI pipe manufacturers are running at full capacity to meet procurement needs for pending projects but have maintained stable pricing to ensure timely dispatches. Experts advise contractors to finalize orders this week to avoid potential supply bottlenecks.

Mixed Xylene (MX) prices dropped by ₹3/kg due to reduced replacement costs and weak downstream demand ahead of fiscal year-end. Despite healthy supply levels, demand from sectors like paints and coatings has slowed. However, seasonal demand is expected to rebound in April, potentially supporting prices.

Stainless steel prices remain firm, with the 200 series seeing rising demand due to limited imports. Taiwan’s stainless steel prices are set for a sharp April increase following Indonesia Tsingshan’s price hike. Meanwhile, copper prices approach record highs due to U.S. trade concerns. Experts anticipate price firmness across all stainless steel series due to market and regulatory factors.

PET resin prices in India have softened due to global oversupply, weak raw material costs, and sluggish downstream demand. New production capacity, high inventory levels, and low order flow continue to weigh on the market. Experts foresee limited upside in the near term without a significant rebound in demand.

Petroleum and bitumen prices are on an upward trend in India amid geopolitical tensions, Red Sea disruptions, and strong domestic infrastructure demand. Crude discoveries and global policy shifts add to volatility. While Indian prices rise, European bitumen prices remain weak. Market outlook stays firm, though tempered by economic and geopolitical risks.

Sodium Methoxide prices have decreased by ₹1 per kg amid a slowdown in biodiesel production and fiscal year-end lulls. The supply remains stable, but unfavorable economics challenge manufacturers. Industry experts suggest a cautious approach due to fluctuating market conditions.

ABS prices remain stable across various locations, with LOTTE's SD-0150 (Black) priced at ₹158,000/MT. Domestic ABS demand in China is rising ahead of the Spring Festival despite a slight decrease in production rates. ABS market stability is expected, with ongoing interest from household appliance sectors.

Base oil prices in India remain firm despite subdued demand, supported by tight global supply and ongoing refinery maintenance. Domestic sourcing has increased amid competitive pricing. Asia’s Group I and high-viscosity Group II grades face constraints, while Group III remains competitive. Market direction hinges on crude oil trends and refinery restarts.