Daily Market Report

Stainless steel prices stabilised after JSL cut ₹3/kg in 304 and ₹5/kg in 316L. Demand remains mixed—soft in 300 series, improving in 400, and strong in 200 due to tight imports. Globally, Asian markets remain quiet amid high inventories. Overall, the domestic outlook stays stable to firm depending on the series.

Flat steel prices remained unchanged across major regions as domestic demand held steady but cautious. Imports dropped sharply by 54% YoY, easing competitive pressure, yet buyers stayed conservative due to muted manufacturing activity. Weak export deals in Vietnam and the Middle East further weighed on sentiment, keeping the overall market stable but subdued.

Acetic Acid prices surged across domestic and imported markets, driven by tight global supply, lower Chinese operating rates, and rising upstream methanol costs. Indian port inventories dropped as imports faced delays, while several global shutdowns intensified shortages. With INR weakness and strong buying sentiment, prices are expected to rise further through early 2026.

Bitumen prices in India remain stable despite sluggish construction activity and abundant supply. Extended monsoon delays and elevated port inventories have created a buyer-friendly market. New capacity additions and improved logistics are enhancing availability, especially in the South and East. Prices are expected to remain rangebound unless unexpected refinery disruptions emerge.

India’s PP raffia market remains stable even as China sees declining prices due to oversupply and cautious demand. Feedstock cost movements stayed mild, and high utilisation rates in China kept inventories elevated. Domestic incentives and planned plant shutdowns may briefly influence availability, but overall fundamentals point to a soft, rangebound PP market through mid-December.

Zinc prices showed mild correction across global exchanges amid profit booking, even as inventories remain tight. Chinese mine shutdowns and falling SHFE stocks support supply-tightness sentiment. Mixed macro cues, rising LME stocks, and uneven refined output keep upside capped. Market bias remains cautiously bullish, with strong support at ₹298–300/kg.

Structural steel prices remain steady with a mildly positive trend in primary mills, supported by active replenishment in several regions. The secondary market stays firm to bullish due to tight supply in Raipur, Gobindgarh, and Durgapur. Liquidity has improved post-festive season, keeping trade flow strong despite limited credit availability.

Ethyl acetate increased in the indian market, operating in the ₹66.5–₹67.5/kg range depending on customer location. Severe feedstock shortages, rising ethanol costs, and reduced imports have tightened supply significantly. With possible plant shutdowns and manufacturers prioritising exports, market sentiment remains strong and prices may continue rising through December.

Bitumen prices showed mixed trends across Asia, with India and Iran posting firm values due to tight availability, while China and Southeast Asia remained soft on weak demand. Regional weather conditions and subdued construction activity weighed on consumption. Despite localized strength, the broader market is expected to stay stable to slightly bearish over the near term.

Toluene prices in India increased due to short-term port tightness, while China saw marginal gains driven by steady demand and stable refinery output. Crude oil weakened globally, affecting sentiment across aromatics. Despite softer crude cues, local shortages will support Indian prices in the near term, keeping the overall outlook stable to slightly soft.

Polyethylene prices across HDPE, LDPE, and LLDPE remained weak as global offers fell further and domestic demand softened after festive restocking. Imports increased, supply pressures remained high, and downstream buyers restricted purchases. Despite crude stability, sentiment stayed bearish, with major producers offering additional discounts, indicating continued softness in December.

Stainless steel prices across 200, 300, and 400 series remain mixed, with market sentiment varying by grade. While 300 series demand has softened, 200 and 400 series are performing stronger due to limited imports and improving consumption. Scrap purchase rates remain firm, and shifts in China–India trade flow continue to influence domestic pricing and supply trends.