- The global market witnesses a surge in prices
- Adequate supply with limited demand for domestic circuit
Indian ferro molybdenum prices rose by INR 40,000/t ($483/t) w-o-w due to global price hike, directly impacting domestic prices.
According to BigMint’s assessment on 21 February, Indian ferro molybdenum prices stood at INR 2,430,000/t ($29,313/t) exw-Nagpur, on 60% pro rata basis.
Weekly market review
The pricing dynamics of domestic ferro molybdenum are significantly influenced by global trends. China observed a w-o-w increase in prices (Mo:60%) by RMB 5,000/t ($696/t) to RMB 220,500/t ($30,381/t) exw-Inner Mongolia. This was driven by resumption of material shipments from mines along with rising shipping costs.
Meanwhile, prices in Europe (Mo:70%) and South Korea (Mo:60%) also experienced increase of $2/kg and $1/kg w-o-w, standing at $48/kg and $47/kg, respectively.
Furthermore, on the London Metal Exchange (LME) platform, prices witnessed a w-o-w rise of $0.37/pound, reaching $20.14/pound on 20 February.
Outlook
As per BigMint’s analysis, prices are likely to trend upwards in the coming days as global outlook seems positive.
Also commenting on the Indian market, a producer said, “The current pricing is not fully aligned with global indices due to oversupply and reduced inquiries. However, we anticipate a potential price increase as China may ramp up its purchasing activities.”