Infrastructure & Construction
Stay ahead of the competition with the latest infrastructure news on the products, suppliers, vendors, and materials required for infrastructure and constructio...
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Daily Market Report
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Flat Steel Prices Stable, Participants Remain on Wait and Watch Approach
Flat steel prices remain stable as market participants adopt a wait-and-watch approach. Analysts monitor demand trends post-Diwali, anticipating potential shifts influenced by market sentiment and seasonal factors in the coming weeks.
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Primary Structure Prices Remain Strong, Secondary Slightly Changed
Primary manufacturers raised prices significantly, with SAIL and VSP leading. RINL’s operational suspension causes shortages, especially in round bars. Secondary market prices rise due to increased demand and limited billet availability, tightening supply across regions.
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LME, SHFE, and MCX Zinc Prices Rise as Supply Tightens
LME, SHFE, and MCX zinc prices surged amid tightening global supply. The ILZSG revised forecasts, predicting a 164,000-ton deficit in 2024 due to production cuts, especially in Europe and China, driving continued market bullishness.
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Nickel and Copper Prices Decline; Demand for Stainless Steel Improves
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.
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Oil Prices Fall Amid China’s Economic Slowdown and Demand Concerns
Brent crude futures were down $1.26, or 1.59%, at $77.78 per barrel by 0020 GMT, and U.S. West Texas Intermediate crude futures fell $1.20, or 1.59%, to $74.36 per barrel. MCX Crude oil prices opened at 6,288 with a fall of 1.19%.
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Primary TMT Prices Remain Strong as Supply Shortage Continues
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.
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Structure Market Update: Prices Dip in Secondary Markets; Steel Ministry to Intervene on Non-Standardized Steel Imports
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.
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GP Petroleums and West Coast Oils Form Joint Venture to Enhance Bitumen Supply
Brent crude oil futures fell by 29 cents, or 0.4%, to $79.11 a barrel by 0430 GMT. U.S. West Texas Intermediate crude futures dropped 21 cents, or 0.3%, to $75.64 per barrel. GP Petroleums Limited (GPPL) has announced a strategic partnership with West Coast Oils (WCO), based in Vadodara, Gujarat, to establish a joint venture focused on the specialty and general bitumen sector.
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Zinc Prices Rise on Bullish Sentiment Amid Supply Constraints
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.
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Daily Market Report
Flat Steel Prices Stable, Participants Remain on Wait and Watch Approach
Flat steel prices remain stable as market participants adopt a wait-and-watch approach. Analysts monitor demand trends post-Diwali, anticipating potential shifts influenced by market sentiment and seasonal factors in the coming weeks.
Read Story
Primary Structure Prices Remain Strong, Secondary Slightly Changed
Primary manufacturers raised prices significantly, with SAIL and VSP leading. RINL’s operational suspension causes shortages, especially in round bars. Secondary market prices rise due to increased demand and limited billet availability, tightening supply across regions.
Read Story
LME, SHFE, and MCX Zinc Prices Rise as Supply Tightens
LME, SHFE, and MCX zinc prices surged amid tightening global supply. The ILZSG revised forecasts, predicting a 164,000-ton deficit in 2024 due to production cuts, especially in Europe and China, driving continued market bullishness.
Read Story
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