India: Ferro molybdenum prices edge lower in stable market

• Domestic market sees 85 t of trades
• Prices hold steady globally w-o-w

Indian ferro molybdenum prices witnessed a slight decline of INR 23,000/t ($268/t) as compared to the previous assessment on 19 March. Prices were, however, largely stable w-o-w amid unchanged global prices and regular trades in the Indian domestic market.

As per BigMint’s assessment on 19 March, ferro molybdenum prices in India were at INR 2,572,000/t ($30,019/t) exw-India. Approximately, 85 tonnes (t) of deals were reported in the Indian domestic market within the price range of INR 2,535,000-2,580,000/t ($29,587-30,112/t) exw.

Market overview (20-25 March 2025)

Global markets stable: In China, ferro molybdenum (Mo:60%) prices remained stable w-o-w at RMB 219,500/t ($30,245/t) exw-Inner Mongolia. The stainless steel industry maintained high production levels, and despite slow demand recovery, consistent procurements continued to support ferro molybdenum prices. The ferro molybdenum output in China, however, fell by around 8% y-o-y in January-February 2025.

Prices were steady across other regions as well. In the US and Europe (Mo:70%), prices were unchanged w-o-w at $50/kg and $48/kg, respectively.

Due to largely stable global prices, sellers in India found it difficult to quote higher as acceptance of these remained limited. Commenting on the Indian market scenario, a seller told BigMint, “Ferro molybdenum imports have declined, hence, the inquiries have also increased in the domestic sector.”

LME prices hold steady w-o-w: On the London Metal Exchange (LME), prices were largely stable, inching down a little by $0.24/lb w-o-w to $19.83/lb on 25 March.

Stainless steel market scenario: Prices of stainless steel 316 grade HRCs were unchanged w-o-w at INR 326,000/t ($3,805/t) exw-Mumbai. Prices were seen fluctuating earlier, majorly due to nickel prices on LME. However, buying sentiments in this sector remained subdued. Market participants are expecting demand to rebound post mid-Aril 2025.

Outlook

No significant movement in both the global and domestic Indian market is likely. Hence, prices in the coming days are more likely to stay within the current range with some variations.