- LME molybdenum futures hit 3-month low
- Indian stainless steel market remains soft
Indian ferro molybdenum prices declined by INR 165,000/tonne (t) ($1,863/t) as compared to the previous assessment on 5 November. Prices slipped w-o-w, as subdued end-user demand and declining global rates weighed on the market.
As per BigMint’s assessment on 12 November, ferro molybdenum prices in India stood at INR 2,775,000/t ($31,330/t) exw. Prices fell to a four-month low, last seen in early July 2025, as per data maintained with BigMint. Limited activity was observed, with around 20 t traded last week within the range of INR 2,740,000-2,830,000/t ($30,935 – 31,951/t) exw.
Market updates (6-11 November 2025)
Global prices decline: Ferro molybdenum (Mo: 60%) prices in China dropped by RMB 19,000/t ($2,670/t) w-o-w to RMB 241,500/t ($33,931/t) exw-Inner Mongolia. The decline was primarily driven by falling molybdenum oxide and molybdenum concentrate prices, which weakened overall cost support for producers.
The market also faced sluggish demand from stainless steel and special steel producers, which further weighed on sentiment. Under the combined pressure of soft demand and lower raw material costs, producers offered discounts to stimulate sales, resulting in bearish market sentiment and a significant decline in transaction prices.
Additionally, ferro molybdenum (Mo: 70%) prices in Europe edged down by $2/kg w-o-w to $54/kg amid limited market activity, while US tags (Mo: 70%) declined by $3/kg w-o-w to $55/kg.
LME futures hit 3-month low: On the London Metal Exchange (LME), molybdenum futures fell by $1.06/lb w-o-w to $23.01/lb on 11 November, marking a three-month low.
Weak demand weighs on Indian market: Falling global rates and Chinese oversupply continued to weigh on Indian ferro molybdenum prices, leading to a decline this week. Market activity was subdued, with weak demand from the stainless steel sector limiting buyer interest. As a result, many producers had to reduce their offers. However, deals remained limited last week, reflecting cautious buying sentiment.
A seller informed BigMint, “The market is expected to trend down until mid-November.”
Indian stainless steel market remains soft: Prices of 316-grade stainless steel hot-rolled coils (HRCs) held firm w-o-w at INR 340,000/t ($3,839/t) exw-Mumbai. However, the market remained subdued, with prices expected to stay range-bound amid persistent uncertainty. With overall sentiment weak and year-end sales slowing, demand in December is also expected to remain low.
Outlook
Ferro molybdenum prices are likely to remain volatile in the near term, with global demand and supply trends influencing Indian prices.
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