Electrical Utilities

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.

TMT/rebar prices remain stable across major regions as demand stays soft and distributors manage inventories cautiously. Mills are aligning production with market sentiment, preventing oversupply. Policy reviews, new mill developments, shifting import–export trends, and regulatory updates are shaping the near-term outlook. A stronger recovery is expected as construction and infrastructure activity picks up.

Flat steel prices remain unchanged across major markets, with HRC hovering around ₹47,000–₹51,500/MT and sluggish demand persisting post-festivals. Tight mill supply, rising imports, soft global sentiment, and cautious buying are keeping the domestic market range-bound with a mildly negative bias.

Polymer markets remain weak, with PP and PE demand subdued and PVC facing fresh downside after India’s decision not to impose ADD. RIL announced PVC price protection, while international PVC offers dropped sharply. Imports are set to slow in December, and most polymers appear near bottom levels, encouraging stocking interest.

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.