Electrical Utilities

Nickel prices fell 1.4% to $17,655/ton, and copper declined 0.96% to $9,698/ton. Retail prices for stainless steel vary, with 304 CR wider 2B priced at Rs.198-201/kg, and 316L HR wider at Rs.320-324/kg. Demand for 304 & 316L is improving, while ferritic grades remain weak. Acerinox plans to sell its Bahru Stainless facility amid competitive pressures, and Brazil reviews anti-dumping duties on stainless steel imports. TotalEnergies considers entering copper trading as demand rises.

HDPE PE100 Natural (±0) Rs. 90/kg Ex Mundra/Bhiwandi. HDPE PE100 Black (±0) Rs. 91/kg Ex Mundra/Bhiwandi. HDPE HM (±0) Rs. 90/kg Ex Mundra/Bhiwandi. HD Blow Molding (±0) Rs. 91/kg Ex Mundra/Bhiwandi.

Primary TMT prices remain strong, driven by ongoing supply shortages. Distributors report rising demand and anticipate further price increases. The Indian government may implement stricter import regulations to curb substandard steel imports, particularly from China, which could further impact supply dynamics and maintain upward pressure on domestic steel prices.

Prices for structure have decreased across secondary markets. Raipur, Mandi, Durgapur and Hyderabad prices dropped, while Chennai remained stable. The RINL plant closure has worsened material shortages, particularly for round bars and large sections. Meanwhile, India's steel ministry is planning to intervene in imports of non-standardized steel to ensure quality.

LDPE (±0) Rs 116/kg Ex Mundra/Bhiwandi, HDPE PE100 Natural (±0) Rs 90/kg Ex Mundra/Bhiwandi. In September, the PE market experienced mixed performance, with high-pressure products showing strength while linear and low-pressure products underperformed.

Zinc prices went up across LME, SHFE, and MCX, driven by global supply constraints and China's economic stimulus measures. LME zinc increased by 2.19%, SHFE by 2.14%, and MCX by 2.28%. Positive macro sentiment, especially US inflation data, also contributed to the bullish momentum, with expectations of high-level fluctuations.

Primar TMT prices have remained strong, with rates in Mumbai and Delhi NCR at Rs. 54,500-55,000/ton, and Rs. 52,500-53,000/ton in Vizag. Material shortages are disrupting supply, and distributors expect further price hikes. Meanwhile, JSW Steel has partnered with BHP and Carbon Clean to advance carbon capture technology in steelmaking to address India’s high emission levels.

Nickel prices opened today at $17,630/ton, up by 0.60%, while copper rose to $9,762/ton. The demand for stainless steel grades 304 and 316L has picked up, particularly in common sizes. Meanwhile, SAIL and BHP have signed an agreement to work on reducing carbon emissions at Indian blast furnaces, as steel production accounts for 10-12% of India’s total emissions.

Zinc prices have declined across LME, SHFE, and MCX markets due to economic concerns and reduced demand. Supply deficits are anticipated in 2024, driven by lower production in Europe and China, while market sentiment remains cautious following the US Fed meeting.