India: Ferro molybdenum prices remain stable w-o-w amid minimal market activity

• Major stainless steel player lifts prices of 316 grade 
• China’s domestic prices edge up, LME tags stable

Indian ferro molybdenum prices were largely stable w-o-w, down marginally by INR 6,000/t ($71/t) as compared to the assessment on 30 April. Prices were firm amid regular activities and a lack of any significant market movements.

As per BigMint’s assessment on 7 April, ferro molybdenum prices in India were at INR 2,541,000/t ($30,043/t) exw. Trades for approximately 35 t were finalised in the period under review, within INR 2,460,000-2,590,000/t ($29,086-30,623/t) exw.

Market overview (1-6 May 2025)

Prices stay firm amid buyer resistance: Earlier, there were reports of a slowdown in the arrival of imported molybdenum oxide and ferro molybdenum due to BIS expiry reasons. As a result, some domestic sellers started to quote higher offers, at around INR 2,600,000/t ($30,741/t) exw. However, these elevated prices did not receive much acceptance.

Overall, amid stability in trades and regular supply and demand trends, the Indian market remained steady w-o-w.

Global market remains stable: In China, ferro molybdenum (Mo:60%) prices inched up by RMB 4,500/t ($624/t) w-o-w to RMB 228,000/t ($31,592/t) exw-Inner Mongolia. Notably, supplies of molybdenum concentrate resources, a key raw material, were tight due to environmental protection restrictions. This made sellers inclined to raise offers further, but the rise was limited, with the market just resuming operations following the Labour Day holidays.

In the US and Europe (Mo: 70%), prices were largely steady w-o-w at $50/kg and $48/kg, respectively.

On the London Metal Exchange (LME) platform, prices were firm too, up slightly by $0.27/lb w-o-w to $20.01/lb on 6 May.

Stainless steel market scenario: Prices of 316-grade stainless steel hot-rolled coils (HRCs) edged up by INR 1,000/t ($12/t) w-o-w to INR 325,000/t ($3,834/t) exw-Mumbai. Additionally, a leading Indian stainless steel producer raised its prices of 304- and 316-grade HRCs and CRCs by INR 2,000/t ($24/t), starting 6 May 2025, mainly due to a slight improvement in demand. Meanwhile, LME nickel prices stayed range-bound w-o-w.

Outlook

Amid stability in market conditions, prices are likely to stay range-bound in the days ahead, with some variations.