India: Ferro molybdenum prices inch up in recent trades

• Raw material scarcity supports prices
• LME futures prices hold steady w-o-w

Indian ferro molybdenum prices witnessed an increase of INR 26,000/t ($303/t) as compared to the previous assessment on 25 June. Prices edged up amid regular domestic trades, along with largely stable prices on the LME.

Ferro molybdenum prices in India were at INR 2,700,000/t ($31,497/t) exw-India, as per BigMint’s assessment on 2 July. Trades for around 60 t were concluded last week within the price range of INR 2,650,000-2,750,000/t ($30,913-32,080/t) exw.

Market summary (26 June-1 July 2025)

Higher offers gain acceptance: With molybdenum oxide deliveries from Iran being affected recently due to the country’s conflict with Israel, the domestic market witnessed a shortage of raw materials. This prompted ferro molybdenum sellers to raise their offers, and the booking of 60 t at elevated offers indicates buyers’ acceptance towards higher tags.

Global markets remain mostly stable: Ferro molybdenum (Mo:60%) prices in China edged lower by RMB 1,000/t ($140/t) w-o-w to RMB 241,500/t ($33,704/t) exw-Inner Mongolia. However, overall, the market stayed strong due to tight supplies and stable demand.

On the demand side, stainless and special steel production remained stable, and procurement from new energy and military sectors improved. These factors, along with strong cost support and positive market sentiment, are expected to keep prices firm in the short term. Market outlook remains bullish, as supply constraints continue and demand remains steady.

In the US and Europe (Mo:70%), prices were largely steady, down marginally by $0.1/kg w-o-w at $53/kg and $52/kg, respectively.

On the London Metal Exchange (LME) platform, prices were stable as well, inching down by $0.8/lb w-o-w to $21.82/lb on 1 July.

Stainless steel market remains stagnant: Indian prices of stainless steel 316-grade hot-rolled coils (HRCs) edged up by INR 2,000/t ($23/t) w-o-w to 327,000/t ($3,820/t) exw-Mumbai. The stainless steel market witnessed no major changes recently, and prices are expected to remain range-bound in the near term. Buying activity continued to be weak, but market sentiment is expected to improve gradually after the monsoon season, as demand conditions normalise.

Outlook

Considering current market conditions, prices are expected to stay range-bound in the days ahead, with slight variations.