- Molybdenum oxide prices edge up
- Global, LME futures prices remain stable
Ferro molybdenum prices in India saw an uptick of INR 58,000/t ($693/t) w-o-w as compared to the previous assessment on 10 April. Molybdenum oxide prices saw a slight cost push along with finished material prices globally, which contributed to the price rise.
According to BigMint’s assessment on 17 April, Indian ferro molybdenum prices were INR 2,395,000/t ($28,623/t) exw-Nagpur on a 60% pro rata basis.
Market activity
Market stabile despite weekly price hike: Despite the weekly price increase, the market as a whole remains stable because there were no significant movements. Molybdenum oxide, which is typically imported, was trading between INR 2,275,000-2,330,000/t ($27,189-27,846/t), according to market participants. Thus, there was a slight increase in offers, but counter offers were lower. This may have impacted trades last week.
Global market overview: Ferro molybdenum (Mo:60%) prices in China rose slightly by RMB 1,000/t ($138/t) w-o-w to RMB 217,000/t ($29,983/t) exw-Inner Mongolia. After the Easter holidays in Europe and the Qingming holidays in China there was a surge in molybdenum oxide trade activities, as per reports.
Prices in South Korea (Mo:60%) and the US (Mo:70%) were stable with nominal w-o-w increase at $47/kg and $58/kg, respectively.
Furthermore, pricing on the London Metal Exchange (LME) showed little variation w-ow, rising by $0.24/pound to $19.82/pound on 16 April.
Outlook
Prices are expected to stay rangebound unless there is significant change in global market dynamics.