Indian o-Nitro Toluene market extended a March rally, with a late-month upswing as traders and downstream buyers accepted firmer offers. Early March activity was subdued, but bullish momentum built through the month, supported by steady end-use orders from agrochemical and dye-intermediate chains and persistently light merchant stocks. Market participants noted a multi-week uptrend that encouraged mark-ups even where fresh fundamentals were modest. Smooth logistics and open port capacity removed potential drags, allowing the rally to persist into late March. Demand from agrochemical and dye-intermediate sectors remained the primary support for Ex-Works Vadodara shipments, with the March assessment moving higher versus the prior period. Agrochemical routine off-take and dye-intermediate run rates supported elevated turnover and inventory drawdown. Import-parity dynamics kept offers buoyant, with merchant inventories described as light and freight routes operating smoothly, easing downside risk. Looking ahead, analysts expect prices to stay firm into the coming week on tight merchant stocks, downstream pull, and import dependence, barring fresh bearish catalysts.
