India: Ferro molybdenum prices hold firm w-o-w as supply-demand dynamics remain unchanged

• Chinese tags inch up, LME futures hold steady
• India’s stainless steel 316 HRCs tags remain firm

Indian ferro molybdenum prices remained largely steady w-o-w, inching down by INR 7,000/tonne (t) ($82/t) compared to the previous assessment on 14 May. Prices were supported by regular trades and minimal movements.

As per BigMint’s assessment on 21 May, ferro molybdenum prices in India were at INR 2,497,000/t ($29,191/t) exw. Deals for around 42 t were recorded by BigMint in the assessment window in the price bracket of INR 2,490,000-2,540,000/t ($29,109-29,693/t) exw.

Market highlights (15-20 May 2025)

Supply-demand balance remains stable: Supply-demand dynamics were largely steady, preventing any major price fluctuations. With routine trades continuing as usual, the market remained largely stable.

A buyer informed BigMint, “Current price indications are at around INR 2,500,000/t ($29,226/t) exw, and we will be floating inquiries in the next 2-3 days.”

Chinese prices inch up w-o-w: Ferro molybdenum (Mo:60%) prices in China edged up by RMB 4,000/t ($554/t) w-o-w to RMB 234,000/t ($32,410/t) exw-Inner Mongolia. Raw material supply stayed tight due to ongoing environmental restrictions in key production areas, prompting smelters to hold firm on prices. Stainless steel plants maintained higher operating rates, and centralised procurement by steel mills following the May Day holiday was largely concluded.

In the US and Europe (Mo: 70%), prices held steady w-o-w at $50/kg and $48/kg, respectively. Prices were largely stable on the London Metal Exchange (LME) platform as well, inching up slightly by $0.07/lb w-o-w to $19.87/lb on 20 May.

End-user markets under pressure: Prices of stainless steel 316-grade hot-rolled coils (HRCs) were unchanged w-o-w at INR 325,000/t ($3,796/t) exw-Mumbai. Weak domestic demand, cautious buyer sentiment, and liquidity constraints contributed to limited market activity.

In the short term, stainless steel prices are expected to stay range-bound, with a further decline in raw and finished materials unlikely. However, a sharp recovery is not expected, and any potential increase in prices is likely to be limited and gradual, reflecting cautious market sentiment and weak demand.

Outlook

With limited movement in both domestic and global markets, prices are more likely to stay range-bound in the days ahead.