- Market momentum slows down during holidays
- China’s prices fall while global prices remain steady
Ferro molybdenum prices in India stayed largely stable w-o-w with a minor decrease of INR 3,000/t ($36/t) from the previous assessment on 27 March. As the holidays approached last week, prices remained steady amidst a slowdown in market activities.
Indian ferro molybdenum prices were INR 2,351,000/t ($28,178/t) exw-Nagpur on a 60% pro rata basis, as per BigMint’s assessment on 3 April. Last week, around 12 t of trades were completed in the price range of INR 2,300,000-2,360,000/t ($27,567-28,286/t).
Weekly market overview
Market stability amid holiday closure: The Indian domestic market is directly influenced by global price trends and market sentiments. With major markets shutting down for Good Friday and Easter holidays, the Indian domestic sector experienced a period of stability. As a result, the prices remained relatively unchanged.
Global price trends: Ferro molybdenum (Mo:60%) prices in China fell by RMB 11,000/t ($1,520/t) w-o-w, reaching RMB 209,000/t ($28,885/t) exw-Inner Mongolia. The US (Mo:70%) and South Korea (Mo:60%) saw a modest w-o-w fall in prices of $0.85/kg and $0.5/kg, respectively, to $58/kg and $47/kg, respectively.
With a minor decrease of $0.15/kg w-o-w to $47/kg, prices in Europe (Mo:70%) likewise stayed stable w-o-w.
Furthermore, prices on the London Metal Exchange (LME) platform also stayed stable, falling by just $0.06/pound w-o-w to $19.81/pound on 2 April.
Outlook
Based on recent price trends and market conditions, prices are expected to remain within the current range, with minor fluctuations.