Indian clopidogrel market in January 2026 softened as sellers responded to muted buying after year-end stock-building. Early-month spot demand eased as domestic formulators trimmed call-offs and deferred routine purchases into February tender rounds, while fourth-quarter institutional buying had largely concluded. Production ran near normal through mid-month, and plant-gate inventories remained above seasonal norms, prompting producers to offer concessions to shift volumes by month-end. The overall tone was cautious rebalancing: steady export enquiries cushioned producers but did not generate fresh demand sufficient to offset softer domestic procurement and distributor destocking. Demand varied by channel: domestic formulators reduced finished-dosage antiplatelet call-offs, whereas the broader antithrombotic finished-dosage market retains structural strength with a notable long-term growth trajectory supporting volumes. Public procurement via the Jan Aushadhi scheme remained important but monthly off-take slowed after heavy Q4 purchases. Export bulk API orders to major markets held steady, cushioning producers. Outlook points to headwinds before normalization, with prices projected to ease later.
