- Prices in China, US, Europe hold firm w-o-w
- Indian stainless steel demand remains weak
Indian ferro molybdenum prices inched up by INR 9,000/tonne (t) ($104/t) against the previous assessment on 2 April. Barring the slight rise, prices were relatively steady w-o-w, as domestic and global market sentiments remained unchanged.
As per BigMint’s assessment on 9 April, ferro molybdenum prices in India were at INR 2,568,000/t ($29,642/t) exw-India. Deals for nearly 60 t were concluded last week in the price bracket of INR 2,550,000-2,590,000/t ($29,434-29,896/t) exw-India.
Market updates (3-8 April 2025)
Bids, offers remain balanced: Bids and offers in the domestic market were closely aligned, which helped keep prices stable. Additionally, routine trades were carried out. Notably, the Indian market is largely influenced by developments in the global landscape. Given that there were few variations in the global market, Indian prices held steady.
Global prices remain firm: In China, ferro molybdenum (Mo:60%) prices remained steady w-o-w at RMB 222,500/t ($30,316/t) exw-Inner Mongolia. Steel mills continued to operate at sluggish rates due to cost inversion, while molybdenum concentrate inventories accumulated at the miners’ end, easing oversupply pressure.
Despite the recovery in end-user demand being rather sluggish, robust activity in the stainless steel sector and consistent procurement, driven by steady demand, supported market stability.
Prices were largely stable across other key regions as well. In the US and Europe (Mo:70%), prices held firm w-o-w at $50/kg and $48/kg, respectively.
LME futures remain stable w-o-w: On the London Metal Exchange (LME), prices were largely stable w-o-w, standing at $20.02/lb on 8 April 2025.
Stainless steel market remains steady: Prices of stainless steel 316-grade hot-rolled coils (HRCs) were largely steady, with a slight drop of INR 2,000/t ($23/t) w-o-w to INR 324,000/t ($3,737/t). The drop was majorly due to a fall in LME nickel prices, which recently hit $14,200/t, the lowest in around five years. However, demand-wise, there was not much of an improvement, with weak buying interest persisting. Market dynamics remained largely unchanged w-o-w.
Outlook
Taking into factor existing market conditions, Indian ferro molybdenum prices are likely to stay range-bound in the days ahead.
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