Green Energy

Global aluminium production increased 2.3% YoY in March, with China nearing its production cap. Inventories declined in both China and Japan, suggesting tightening supply. LME and MCX prices saw a modest rise, reflecting increased buying interest. Export momentum continues, but policy support is critical to sustaining growth.

Stainless steel prices in India are holding steady with strong performance in the 200 and 400 series, while the 300 series sees a slow but positive uptick in demand. Import pressures, especially from China and ASEAN countries, have led the Indian industry to seek protection through safeguard duties. Meanwhile, No.4 PVC material demand continues to rise, and retail pricing remains firm.

India's structural steel market is riding strong momentum, especially in the primary segment, driven by government-backed infrastructure and housing projects. Prices have firmed up due to tight supply and higher raw material costs, with lead times stretching into June for heavy sections. Secondary market activity remains healthy with focused restocking and zone-level supply control.

Primary TMT prices remain elevated across major cities due to constrained supply from ongoing and upcoming maintenance shutdowns at key plants like SAIL DSP and Dolvi. Demand, however, is showing signs of decline, with significantly fewer inquiries compared to March. The government has imposed a 12% safeguard duty to protect local mills.

Primary TMT prices remain high across regions due to supply constraints and plant maintenance shutdowns. Distributors in North, West, and South India have raised prices, though market inquiries have dropped. Experts anticipate a price correction in the coming weeks.

Stainless steel prices remain firm across grades, with 304 and 316L seeing stable retail ranges. Shortage in imported supply is boosting demand for domestic 200 and 300 series. Scrap buying rates stay elevated, reflecting mills’ bullish outlook. Export disruptions due to U.S. tariffs are pushing Indian producers to prioritize local buyers. Market insiders expect continued strength across all series.

Structure steel prices increased sharply in the primary market due to strong demand and input cost pressure. Mills in Durgapur, Vizag, and Chennai led the hike, with lead times now stretching beyond 4 weeks. Secondary prices remained steady with moderate increases.

Stainless steel prices across 200, 300, and 400 series are trending higher due to tightening supply and increased demand, especially in domestic markets. Jindal Stainless Limited raised prices by Rs 3/kg for widths above 1300mm. Meanwhile, scrap buying rates remain high, reflecting bullish sentiment. Price expectations remain firm across all series due to ongoing logistical and regulatory constraints.

Zinc prices remained mixed across global exchanges. LME dipped slightly, while SHFE and MCX posted modest gains. While China’s Q1 growth beat expectations, zinc fundamentals were weighed down by higher refined output. Meanwhile, supply concerns resurfaced due to production cuts at Nyrstar and potential slowdowns elsewhere. Spot premiums stayed elevated, but trading activity slowed as buyers relied on earlier low-price stockpiles.