Power Generation & Transmission

Polyethylene and Polypropylene prices softened in early October amid weak downstream demand, high inventories, and muted buying in Asia. While crude oil strength offered limited cost support, both domestic and imported prices trended lower. Market sentiment remains cautious, with limited restocking expected until post-Diwali demand recovery.

Stainless steel HRC and CRC prices remained steady across Delhi, Mumbai, and Kanpur, supported by firm realizations despite minor volume drops. Jindal Stainless expanded fabrication capacity in Mumbai, signaling confidence in infrastructure-led demand growth. Shyam Metalics reported lower sales but higher realizations, indicating stable pricing strength amid short-term supply pressure.

Zinc prices held steady across global exchanges as tightening inventories and improved domestic demand supported sentiment. LME futures hovered above $3,000/MT, while HZL and Vedanta reported record production for H1 FY26. Despite firm fundamentals, upside potential appears limited unless fresh supply disruptions emerge in key producing regions.

Channel steel prices remained steady this week, with the secondary market showing renewed firmness post-monsoon. Primary mills maintained base levels amid cautious trading. Tight supply in Raipur and Mandi Gobindgarh supports a mildly bullish near-term outlook. Buyers are advised to secure short-term needs before potential price increases mid-October.

Markets reported no price changes in HRC and CRC compared to the previous day in a few geographical locations. India’s HRC demand is expected to remain strong in the medium term, but short-term consumption is limited due to cautious buyer sentiment.

ADC12 aluminum alloy prices held steady near RMB 20,800–21,000/t as pre-holiday buying faded and inventories rose sharply. Scrap supply remains tight, supporting costs, while extended downstream holidays and weak die-casting demand limit consumption. Import losses widen, and silicon metal supply growth adds pressure, keeping near-term prices largely range-bound.

Indian PET prices steadied at ₹88/kg by late September, while China PET bottle chip prices rebounded slightly to 5,900 RMB/ton after early-month weakness. Oversupply and weak downstream demand keep market activity muted. Falling crude oil and PTA costs weigh on margins, limiting the scope for a sustained price recovery.

TMT steel prices remain stable across regions, with Ex-Mumbai at ₹46,500–47,000/ton, Ex-Delhi NCR at ₹47,000–47,500/ton, and Ex-Vizag at ₹44,000–44,500/ton. Weak seasonal demand keeps sellers cautious, while distributors maintain steady inventories. Shree TMT earns a 5-Star Green Steel Certificate, reinforcing sustainability leadership despite subdued market activity.

Polypropylene (PP) prices in India remained flat at the end of September despite seasonal demand pickup. Abundant supply, steady-to-soft upstream costs, and cautious downstream buying continue to weigh on the market. While certain grades see stable retail prices, the overall market remains under pressure with limited bullish triggers.