Market News Today

Vietnam will impose anti-dumping duties up to 27.83% on some Chinese hot-rolled steel products for 120 days starting March 7. Indian steel is exempt. Vietnam imported nearly 8.8 million tons of hot-rolled steel, mostly from China, during the first nine months of 2022.

India’s petrochemical market remains resilient despite global oversupply and weak margins, driven by strong demand in EVs, solar, and infrastructure. Domestic refiners like BPCL and IOC benefit from integrated production, reducing cost pressures. While China’s slowdown impacts global trends, India’s $87 billion investment pipeline ensures long-term growth and market stability.

Ductile Iron (DI) pipe prices have likely hit their lowest point, with major manufacturers adopting aggressive pricing strategies. Demand is expected to rise, but delays in government fund disbursements continue to impact project execution.

Facing reduced European demand and US trade shifts, India targets Africa and West Asia for solar exports, leveraging G2G deals to boost its 67 GW (and growing) manufacturing capacity.

Global solar power generation jumped 30% in 2024, exceeding 2,000 TWh. Solar is predicted to meet half of global electricity demand growth through 2027.

Nickel and copper prices declined, while 200 series stainless steel demand surged due to limited imports. The 300 series saw modest improvement despite a cash crunch. Meanwhile, China's dominance in nickel refining and soaring copper imports from Congo reshaped global market dynamics.

Despite stricter US sanctions, Russian crude imports to India are expected to remain steady in February and March, with sufficient tanker availability.

India may allow foreign EV makers like Tesla to test the Indian market before committing to a $500 million local manufacturing investment under the SMEC scheme.

To prevent summer power outages, KSEB will install 2,500 transformers by April end, upgrading many 100KV units to 160KV and repairing 600 more. A Rs 1,023 crore project will improve networks in three districts.

Farmers and activists protested the 400 kV Udupi-Kasaragod and 400/220 kV Paladka-Kadandale power transmission lines in Mangaluru, citing lack of notice and consent from landowners.