Infrastructure & Construction

Steel prices across regions remained largely stable amid weak seasonal demand and consistent distributor inventory. The Essar Steel insolvency case resurfaced in NCLT, raising compliance concerns over ArcelorMittal-linked transactions. While manufacturers hold back on major revisions, market sentiment reflects subdued demand, restrained purchasing activity, and cautious supply management.

Zinc prices firmed across global exchanges, supported by falling LME inventories and stronger Chinese demand. While ILZSG projects a surplus of ~93,000 t in 2025, short-term sentiment remains bullish. Russian mine delays and tight concentrate supply may cushion against downside, keeping MCX zinc in upward momentum near-term.

Procurement in the primary market remains largely need-based, with stockists clearing older inventories and subcontractors showing resistance due to tight budgets. ISMB demand stays firm, driven by metro and highway projects. In the secondary market, fabrication activity has improved post-monsoon in central and eastern states, with Raipur–Raigarh mills running at 70–75% capacity. However, availability remains limited for ISMC 100 and smaller angles.

Indian stainless steel prices held steady with the 300 series showing stability, while 200 series demand remained upbeat on tight imports. The 400 series also stayed firm with rising demand. Scrap purchase costs supported current levels, and No.4 PVC finish demand continued to strengthen across both 200 and 300 series.

ArcelorMittal raised HRC offers to €610/ton EXW for Q4 2025, widening the gap with cheaper imports at €490/ton CFR. Demand remains subdued despite seasonal recovery hopes, while supply challenges persist. Upcoming CBAM rules and possible quota cuts may shift buying behavior, supporting EU mills’ pricing power later in 2025.

Pipe prices remain under pressure with DI quoted at ₹67/kg (≤150 mm) and ₹58/kg (>150 mm), while MS pipes trade at ₹55–58/kg. Monsoon slowdowns have weakened demand across MS ERW and DI pipes, despite new capacity additions and infrastructure projects. High inventories and discounts continue to dominate the market.

Flat steel prices remained steady across Indian markets, with traders expecting demand revival post-September. Coated steel stayed firm but lacked traction. Market sentiment is cautiously optimistic ahead of the festive season and infrastructure recovery.

Nickel is trading at $14,915/ton and copper at $9,714.5/MT, with INR at 87.44/USD. Stainless steel prices remain steady across grades, while scrap prices show firm levels. Demand is weak in the 300 series but strong in the 200 and 400 series. JSL recently raised prices by ₹5–12/kg.

Zinc prices remain steady across exchanges, with LME trading near $2,770/mt and MCX at ₹264.10/kg. Inventories fell, but a global surplus is projected for 2025. Market sentiment stays cautious despite recent gains, with support seen at ₹263/kg and resistance near ₹266–268/kg. Supply disruptions remain the key upside risk.