Market News Today

India may increase energy imports from the US as it looks to diversify its energy sources. The number of India's oil suppliers has increased from 27 to 39 in recent years.

China and India were Iraq's top 2 oil buyers in 2024, importing 1.19 million and 979,000 barrels per day, respectively, accounting for about 60% of Iraq's oil exports.

Secondary structure markets experienced a slight decline in key regions like Raipur and Durgapur. Supply issues continue in the primary market, with heavy beams and angles still unavailable despite full operational capacity. Discounts are being offered to boost sluggish demand. Meanwhile, Andhra Pradesh announces a major Rs 1.4 lakh crore investment for a new steel plant by AM/NS.

On September 11, 2024, the construction of the Afghan section of the 1,1814 km Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline began, projected to supply 33 billion cubic meters of gas annually.

Power companies expect incentives for domestic manufacturing of thermal power equipment in Budget 2025.

EV taxi service to launch in Sindh with affordable fares. It costs Rs. 9/km, roughly half of other services. The first batch will be operational by February.

EU steel association Eurofer has called for a 50% cut in import quotas for flat carbon steel to address excess supply and promote a healthier balance between domestic supply and imports.

Assam CM meets with major players in semiconductor industry in Seoul to discuss collaboration and investment opportunities. Objectives include establishing Assam as a global semiconductor and renewable energy hub.

Polymer prices in Ahmedabad reveal stability, with HDPE, LLDPE, and MDPE rates influenced by tight supply and weak demand. Global supply constraints, including RIL’s shutdown and import disruptions, are tightening the market. Force majeure events, such as TotalEnergies' PP outage and Formosa Plastics' PVC shutdown, further impact availability.

Portugal plans to boost US and Nigerian LNG imports to offset declining Russian supplies. In 2024, Portugal imported 49.141GWh of LNG, with 51% from Nigeria, 40% from the US, and 4.4% from Russia.