- US, Europe prices inch up, Chinese offers dip
- Stainless steel HRC prices see slight increase
Indian ferro molybdenum prices witnessed an increase of INR 75,000/t ($862/t) as compared to the previous assessment on 19 February. Prices went up as some increase was seen in LME futures and inquiries for the material also increased in the latter part of the week.
Ferro molybdenum prices in India, as per BigMint’s assessment on 26 February, were at INR 2,635,000/t ($30,269/t) exw-India.
Market highlights (20-25 February 2025)
LME futures inch up: Prices on the London Metal Exchange (LME) increased slightly by $0.26/lb w-o-w to $20.75/lb on 25 February. Although the increase was not significant, positive sentiments in other global markets pushed up prices in the domestic sector.
As per sources, imported molybdenum oxide prices to India were hovering around $21/lb.
Mixed trend in global prices: A slight uptick was seen in prices in the US and Europe (Mo:70%), by $0.9/kg w-o-w each to $52/kg and $51/kg, respectively. In Russia (Mo:60%), prices rose by 100 RUB w-o-w to 2,685 RUB.
However, in China, prices decreased by RMB 1,500/t ($207/t) w-o-w to RMB 227,500/t ($31,388/t) exw-Inner Mongolia. End-users were not very active in the domestic market as they already had sufficient amount of inventories left with them.
Indian stainless steel sector dynamics: Prices of 316 grade stainless steel HRCs inched up by INR 500/t ($6/t) w-o-w to INR 321,500/t ($3,691/t) exw-Mumbai. Demand-wise, there was not much of an improvement in this market. Despite this, an increase was seen in ferro molybdenum prices. An Indian seller told BigMint, “The Indian stainless steel market has no significant impact on ferro molybdenum prices as they are usually regulated internationally.”
Outlook
With a gradual rise in demand and positive sentiments emerging in global markets, prices may see an uptrend in the days ahead.
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