- Chinese domestic prices fall by $1,769/t w-o-w
- LME futures tags decline marginally by $0.1/lb
Indian ferro molybdenum prices edged down by INR 15,000/t ($175/t) in comparison to the previous assessment on 9 April. This decline followed a drop in global prices, especially in China.
Ferro molybdenum prices in India were at INR 2,553,000/t ($29,808/t) exw, as per BigMint’s assessment on 16 April. Trades for approximately 55 t were concluded last week, within the price range of INR 2,520,000-2,585,000/t ($29,423-30,182/t) exw.
Market summary (10-15 April 2025)
Chinese prices fall: In China, ferro molybdenum (Mo:60%) prices fell by RMB 13,000/t ($1,769/t) w-o-w to RMB 209,500/t ($28,510/t) exw-Inner Mongolia. This drop was primarily driven by the impact of trade tariffs imposed by the US and the uncertainty surrounding them. As a result, there was a significant decline in ferro molybdenum procurement, and steel mills faced inventory accumulation, which led them to reduce operating rates.
Companies such as Shagang Group and Huaigang Special Steel reduced both their bidding volumes and prices.
Additionally, the ongoing uncertainty in trade policy caused steel producers to hold negative expectations for the market outlook, leading to a cautious approach and more conservative raw material purchasing.
US, Europe prices largely steady w-o-w: Prices were largely stable across other regions. In the US and Europe (Mo:70%), prices were largely steady w-o-w at $50/kg and $48/kg, respectively.
However, on the London Metal Exchange (LME), prices dropped marginally by $0.1/lb w-o-w to $19.92/lb on 15 April.
Indian market follows global cues: Following the drop in Chinese tags, India too experienced a decrease in prices. However, the quantum was not significant, and regular trading activities continued in the market.
Outlook
Prices are likely to stay range-bound in the coming days, with some downward corrections possible, influenced by global market conditions.
Additionally, sources highlighted that sellers, particularly in Thailand and South Korea, are facing issues in sending ferro molybdenum to India due to the expiration of their BIS licences. A market participant informed BigMint, “Sorting this out may take a few months, so prices in the domestic market might fluctuate accordingly.” However, the impact is not expected to be substantial.
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