- Stability observed in global prices
- Inquiries support hike in offers
Ferro molybdenum prices in India increased by INR 53,000/t ($638/t) w-o-w, driven by a rise in inquiries that supported an increase in offers.
According to SteelMint’s assessment on 31 January, Indian ferro molybdenum prices stood at INR 2,367,000/t ($28,504/t) exw-Nagpur, on 60% pro rata basis.
Market trends over the week
According to sources, producers maintained sufficient material in stock, supported by an increase in inquiries. Consequently, producers attempted to raise their offers, which found acceptance in the market.
Globally, prices in China (Mo:60%) remained mostly stable at RMB 215,500/t ($30,358/t) exw-Inner Mongolia, experiencing a slight decrease of RMB 2,000/t ($282/t) w-o-w. The prices of molybdenum oxide and concentrate also held steady. In Europe (Mo:70%), prices increased by $1/kg w-o-w, while in the US (Mo:70%), prices remained unchanged at $58/kg.
Additionally, prices on the London Metal Exchange (LME) platform exhibited minimal variation w-o-w, decreasing by $0.01/pound to $19.48/pound on 30 January.
Outlook
Given the prevailing market conditions, prices are anticipated to stay within a defined range, experiencing minor fluctuations.