Electrical Utilities

Polymer prices in India are rising due to speculative inventory hoarding ahead of a potential duty hike targeting non-BIS-compliant materials. Market trends suggest further price increases through February, with close attention to fiscal policy announcements.

Structure steel prices remain stable in the secondary market, while primary prices saw an increase of Rs. 500/mt. Supply issues in the primary market are being resolved, with heavy beams and channels expected to arrive soon. Secondary mills face no raw material shortages but are offering discounts due to subdued demand.

Flat steel prices remained stable across major Indian markets, with HRC and CRC showing no significant changes. Demand is stable but cautious due to seasonal factors, while domestic supply is sufficient to meet needs.Industry experts note steady demand from infrastructure and manufacturing sectors, emphasizing inventory management as a key factor amid fluctuating global trends and raw material costs.

Nickel prices rise by 1.11% to $15,965/mt, while copper sees a 0.99% increase. Stainless steel prices remain steady, with 304 CR at Rs.195-198/kg in Delhi. The demand for stainless steel is improving in the 200 and 400 series, driven by domestic shortages and rising enquiries. Despite challenges like weak global demand and high nickel inventory, local market conditions suggest possible price increases.

Primary TMT prices stay steady across major regions, including Mumbai, Delhi NCR, and Vizag. Demand has increased noticeably over the last few days, supported by rising enquiries. Government efforts to restrict Chinese steel imports through heavy taxation may lead to a price surge. Experts predict an upward trend in prices as demand strengthens and the financial year draws to a close.

PVC prices range between ₹74-77.75/kg, with a notable oversupply in the Asian market due to increased production and declining real estate demand. Despite a 2.5% rise in production to 20.5 million tons in 2024, apparent consumption fell, exacerbating inventory build-ups and pressuring prices downward in a sluggish economic environment.

Zinc prices saw minor declines across LME, SHFE, and MCX markets due to increased production and subdued demand. Although global refined zinc faced a deficit in October, production recovery and seasonal factors have kept prices under pressure. Experts anticipate price consolidation.

Steel structure prices have seen a Rs 500/mt increase in the primary market this month, while secondary market prices remain stable across regions today. Supply issues are being resolved, with the SAIL IISCO facility coming back online and secondary mills having ample material. India’s steel demand is expected to rise by 8-9% in 2025, driven by sectors like construction and infrastructure.

Stainless steel prices are showing mixed trends across grades, with 200 series demand surging amid import constraints. Retail prices for key grades like 304 and 316L remain firm, driven by limited supply and strong demand for No.4 PVC materials. Nickel prices have stabilised globally, while copper gains reflect optimism in global growth and China’s import activity.