Market News Today

Oil and gas remain crucial for energy security despite growing importance of gas, electricity, and minerals. US and OECD crude oil inventories are declining, Europe's gas storage levels are falling. Energy transition requires significant amounts of critical minerals, increasing energy demand.

China's crude oil surplus fell in December, but the glut is expected to exceed 1 million barrels per day in 2024.

Sri Lanka-India joint venture solar plant in Sampur to sell power to the national grid at 5.97 US cents a unit, down from initial negotiations of 7 cents.

Vande Bharat Express to connect Jammu and Srinagar in 3 hours, 10 minutes via USBRL. The 272-km USBRL includes 27 tunnels and advanced features for extreme temperatures.

Israel exported a whopping 981mn cfd of natural gas to Egypt in 2024, a remarkable 18.2% rise. This surge stems from Egypt's growing gas deficit due to declining domestic production.

Mumbai-Ahmedabad High-Speed Rail (MAHSR) Corridor's 21km undersea tunnel construction is progressing well using Japan's Shinkansen technology.

Dharavi Redevelopment project received CC for 6.4-acre railway land. The slum rehab project aims to house 0.7 million residents.

One of India's largest automakers, Maruti Suzuki plans to install fast charging points in India's top 100 cities and launch a battery rental service to encourage EV adoption.

Indian refiners seek alternative pricing from Middle East as Russian barrels vanish amid sanctions.

Primary prices in the structure market have increased by Rs 500/mt this month for SAIL, JSPL, and RINL, while secondary market prices have declined upto Rs 300 in regions like Raipur, Durgapur, and Mandi. Supply challenges for Heavy Beams and Channels are being addressed with SAIL's rolling schedule. Secondary producers maintain adequate supply, but low demand is driving discounts.