- Chinese prices dip on weak demand
- LME future prices slip slightly w-o-w
Indian ferro molybdenum prices were largely stable last week, edging down by INR 10,000/tonne (t) ($113/t) as compared to the previous assessment on 29 October. The slight drop was likely due to weaker global prices, especially in China. However, the Indian domestic market was not significantly affected by it.
As per BigMint’s assessment on 5 November, ferro molybdenum prices in India stood at INR 2,940,000/t ($33,139/t) exw. Around 70 t of material were traded last week within the price range of INR 2,725,000-2,968,000/t ($30,715-33,484/t) exw.
Market recap (30 October-4 November 2025)
Weak demand pulls down Chinese prices: Ferro molybdenum (Mo: 60%) prices in China fell by RMB 13,000/t ($1,823/t) w-o-w to RMB 260,500/t ($36,537/t) exw-Inner Mongolia. Weak demand from the stainless steel and special steel sectors led to lower purchasing activity by steel mills. Most mills remained cautious regarding procurement to avoid inventory build-up, which slowed overall spot market activity.
Meanwhile, molybdenum concentrate prices declined, eroding cost support for producers. Under pressure from both lower demand and falling raw material prices, ferro molybdenum suppliers offered discounts to boost sales. Consequently, market sentiment turned bearish, leading to a notable drop in transaction prices.
Additionally, European prices (Mo: 70%) remained unchanged w-o-w at $56/kg amid weak demand and limited market activity, while US prices (Mo: 70%) held firm at $57/kg.
LME futures inch down w-o-w: On the London Metal Exchange (LME), molybdenum futures edged down by $0.42/lb w-o-w to $24.07/lb on 4 November.
Indian offers remain steady: Despite the decline in global markets, Indian sellers kept prices largely steady over the last week. Regular trading activity in the market provided consistent demand support, preventing any major price correction. Steady participation from both buyers and sellers helped sustain overall momentum and confidence in pricing.
Indian stainless steel market remains weak: Prices of 316-grade stainless steel hot-rolled coils (HRCs) went down by INR 3,000/t ($34/t) at INR 340,000/t ($3,835/t) exw-Mumbai. The market remained subdued amid weak demand for finished products.
Flat product prices declined following a recent price cut announced by India’s leading stainless steel coil manufacturer, effective 3 November. The adjustment came after the government temporarily relaxed import restrictions, allowing the use of non-BIS-compliant material until 31 December. Prices of 316 coils were reduced by INR 9,000/t ($101/t).
Overall inventory levels remained sufficient, and market sentiment stayed cautious. With sluggish demand and ample supply, stainless steel prices are expected to soften further in the near term.
Outlook
Ferro molybdenum prices are expected to stay range-bound in the near term, though any further shift in global market sentiments could impact the Indian market.
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