Railways

PE prices remained largely stable in July, with minor declines across LLDPE, LDPE, and HDPE. Demand stayed weak due to off-season consumption and cautious procurement. Supply increased as plants resumed operations. While sentiment improved slightly on policy support, strong price gains remain unlikely without a demand recovery.

Flat steel prices remained stable across key cities. While local trade activity picked up slightly, overall sentiment remains weak due to excess imports and tepid industrial demand. Government support and upcoming policy shifts may stabilize the market, but caution persists. Buyers are mostly purchasing only on a need basis.

Secondary structural steel prices increased by ₹300–₹600/MT due to tight supply, active fabrication demand, and logistical constraints. The primary market remains stable with selective buying. Mills are ramping up utilization, while localized shortages are emerging in key sections. Buyers should consider near-term bookings amid improving site activity and potential post-monsoon recovery.

Zinc prices showed mixed trends across LME, SHFE, and MCX. LME stocks continued to fall, signaling tighter supply, but weak demand—especially in construction—keeps overall sentiment bearish. SHFE zinc gained slightly on supply expectations. MCX futures dipped below previous close, reflecting domestic pressure and a cautious global outlook.

PP prices remain under pressure amid weak demand and abundant supply. Domestic rates vary across India, with MRPL's lamination grade reaching ₹1,00,000/MT. China’s PP prices dropped 2.06% since early July. Limited cost support and upcoming capacity additions in H2 2025 are likely to keep the market rangebound and volatile.

Steel prices have increased across regions due to supply shortages caused by maintenance activities at the Angul and Dolvi plants. Despite the usual monsoon lull, demand remains steady. Imports dropped 28.8% in Q1 FY2025, mainly from China and Japan. Domestic producers are adjusting pricing and production strategies amid rising orders and low distributor inventories.

Stainless steel prices remain stable in the 300 series, while the 200 and 400 series are witnessing strength due to limited imports and rising demand. Nickel is trading at $15,269/ton and copper at $9,793/ton. Scrap procurement remains active. Jindal Stainless has entered a strategic partnership with Gati Shakti Vishwavidyalaya to promote research and academic collaboration in steel applications.

ABS prices declined in China and remained range-bound in India amid weak demand and elevated inventories. Domestic supply is ample due to higher plant operations and restarts. Feedstock costs like acrylonitrile and styrene remain weak. With no clear upward triggers, ABS prices are expected to stay under pressure in the near term.

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.