India: Ferro molybdenum prices hit over 2-year high amid tight oxide supplies, strong global demand

• Domestic offers hit INR 3,000,000/t ($34,366/t) exw
• Chinese prices surge RMB 20,000/t ($2,787/t) w-o-w

Indian ferro molybdenum prices increased by INR 80,000/tonne (t) ($916/t) as compared to the previous assessment on 23 July. Prices increased to over a two-year high due to the tight supply of molybdenum oxide and robust demand globally.

As per BigMint’s assessment on 30 July, ferro molybdenum prices were at INR 2,980,000/t ($34,137/t) exw-India. Deals for around 55 t were heard by BigMint last week in the price range of INR 2,750,000-3,000,000/t ($31,502-34,366/t) exw. Similar prices were last seen in September 2023, as per data maintained by BigMint.

Market summary (24-29 July 2025)

Limited raw material supplies push up production costs: Molybdenum oxide, a key raw material of ferro molybdenum, was available in limited quantities in the domestic market. As a result, sellers lifted offers to around INR 3,000,000/t ($34,366/t) exw.

Reports also suggested an accident at a copper-molybdenum plant in Inner Mongolia, China, leading to a halt in mining operations. As a result, molybdenum oxide prices increased to $23.70/lb from around $22.93/lb, with some deals going as high as $23.90/lb.

Tianjin and Busan also witnessed active trades, amid expectations of tighter supply. In Europe, the market was quieter due to the summer break, but prices also trended up, as seen in Asian markets.

Global markets record price hikes: A surge in molybdenum oxide prices, along with strong demand, led to a price increase in global markets.

In China, prices increased by RMB 20,000/t ($2,787/t) w-o-w to RMB 275,500/t ($38,387/t) exw-Inner Mongolia. Supply was tight due to limited ore supplies, strict environmental rules, and maintenance at some global mines. At the same time, demand was steady from stainless steel and special steel manufacturers and growing sectors such as energy and military.

In the US and Europe (Mo:70%), prices edged up by $0.5/kg w-o-w to $55/kg and $54/kg, respectively.

On the London Metal Exchange (LME) too, prices inched up by $0.47/lb w-o-w to $23.44/lb on 29 July.

Outlook

A key Indian seller informed BigMint recently, “We are expecting prices to rise even higher, so limited selling is happening right now.” As the raw material supply crunch is unlikely to get resolved soon, prices are expected to rise further in the coming days.