Market News Today

Tier-II, III, and IV cities in India are witnessing increased real estate activity due to affordability, infrastructure development, and growth potential. The middle class, projected to reach 580 million by 2025, is driving demand for quality housing, while the industrial sector seeks land for warehousing.

Feng Hsin Steel, Taiwan’s top rebar producer, has cut rebar list prices by TWD 300/mt ($9.2/mt) for April 14–18 transactions. The mini-mill also lowered domestic scrap buying prices by TWD 500/mt compared to late March. Last week’s pricing meeting was cancelled as the company opted to observe market trends post the April 3–6 holiday, including Qingming Festival and Children's Day, according to reports.

Shagang Group, a major Chinese steelmaker, has kept its long steel prices unchanged for April 11–20 sales, ending a streak of reductions since mid-March. Prices for rebar, wire rod, and bar-in-coil remain steady, with HRB400 16-20mm rebar still at Yuan 3,350/tonne ($459/t). This price stability reflects a cautious market stance as the company evaluates future demand and supply dynamics.

SolarPower Europe and NSEFI partnered to boost global solar manufacturing, aiming for 11 TW capacity by 2030, aligning with EU and Indian policies.

Crude oil prices saw a slight upward movement in today's trading. Brent crude is currently trading at $64.98 per barrel, marking a 0.15% increase from the previous session. It opened at $64.96 and had closed yesterday at $64.88. Similarly, WTI crude rose to $61.70 per barrel, up by 0.19%. It opened the day at $61.53, compared to its previous close of $61.58. The modest gains reflect ongoing market stability despite global economic uncertainties.

The global polypropylene (PP) market is expected to remain stable despite shifting dynamics in North America, where the focus is turning toward domestic production. While recent tariff relief has eased trade concerns, China’s position in the PP trade remains largely unaffected, maintaining its competitive edge. Meanwhile, in the PET market, trader feedback suggests that factories are considering price increases. Although the short-term outlook remains uncertain, overall sentiment around PET pricing is turning positive. With the period from May to September marking the peak demand season for PET particularly for water bottles and carbonate applications demand is seeing a notable rise. Buyers with upcoming needs are advised to place orders early to secure favorable pricing and availability.

Feedstock offers this week show a stable trend for naphtha, with C&F Japan priced at $565/MT, showing no change. In the European propylene market, prices declined notably, with CIF NWE falling to €900/MT, down by €50, and FD NWE settling at €880/MT, down by €5. Meanwhile, Asian propylene prices remained unchanged, with CFR China at $830/MT and FOB Korea at $790/MT. The overall market reflects steady sentiment in Asia, while Europe saw a sharper correction due to regional supply-demand adjustments.

Ethylene feedstock prices showed slight declines in the US and Europe, while remaining stable across Asia. In the US, FD Gulf Coast offers dropped to 18.95 cents/lb. European prices also eased, with FD NWE at €820/MT and CIF NWE at €840/MT, both down by €5. In contrast, Asian markets remained unchanged, with CFR Northeast Asia at $795/MT and CFR Southeast Asia at $895/MT.

Charkop residents oppose the Mumbai Coastal Road project, citing mangrove loss (9,000 trees) and CRZ violation. A two-week geotechnical investigation is underway.

Mumbai Metro Line 2B's 5.4-km stretch between Chembur and Mankhurd starts trial run. The 23.6-km elevated corridor, with 20 stations, aims to improve east-west connectivity.