Power Generation & Transmission

Zinc prices remain stable across LME, SHFE, and MCX, though market sentiment stays bearish due to oversupply concerns. ILZSG forecasts a global surplus of 93,000 t in 2025. Treatment charges have hit a five-year low, reflecting weak market fundamentals. MCX zinc is trading near resistance, but a strong demand revival is needed to break the upside cap.

Rebar prices showed mixed trends across Indian markets, rising in regions like Ahmedabad and Jalna due to cost-push and buying interest. Monsoon disruptions and mill shutdowns are limiting supply in pockets, while global markets remain steady to muted. Prices are expected to remain firm in the short term, with regional differences.

PVC prices remained flat or softened across Asia amid weak demand, seasonal monsoons, and cautious buying sentiment. China and Vietnam saw price corrections due to reduced construction activity. Indian demand stayed sluggish with adequate supply. Upcoming plant shutdowns may limit supply, but price recovery is expected post-monsoon.

Stainless steel prices remain stable in India, with a mixed demand outlook across different series. The 200 series sees strong demand due to limited imports, while the 300 series experiences weak demand but some supply shortages. Japan’s anti-dumping probe against China and Taiwan may further influence global pricing sentiment.

HDPE prices in India remain firm across prime and near-prime grades. While Europe saw slight price increases due to tight supply, China witnessed a drop driven by weak construction demand and high inventories. Global sentiment remains cautious, with limited upside unless demand revives or geopolitical tensions ease.

TMT bar prices across major regions have declined due to sluggish demand and stable supply. Distributors are reducing prices to stay competitive, while maintaining consistent inventory levels. Key contract wins and infrastructure developments continue to support long-term prospects, but market sentiment remains cautious due to weak purchasing activity.

Structural steel prices continued their downward trajectory this week, particularly in the secondary market. Monsoon-related disruptions, delays in fund disbursement, and persistent liquidity constraints are weighing heavily on demand. While primary mills are holding prices firm, secondary mills are resorting to discounts to manage cash flow. The near-term outlook remains subdued until site activity gains momentum post-monsoon.

Indian PP prices remained steady, while China witnessed minor declines amid weak demand and soft feedstock support. High inventories and reduced end-user activity kept sentiment bearish. Supply disruptions from planned maintenance were offset by new capacities. Overall, PP prices are expected to stay under pressure through the rest of July.

Zinc prices saw mixed movement across global exchanges, with LME zinc continuing its decline and SHFE zinc closing slightly higher. Despite China's better-than-expected GDP growth, weak manufacturing demand persists. On the supply side, major global producers have cut output, tightening supply. Short-term price trends remain uncertain amid macroeconomic volatility.