- Nickel, molybdenum prices surge
- Rupee depreciation hits imports
A major stainless steel producer revised its HR and CR coil prices effective 19 May, driven mainly by firm nickel prices and sharply rising molybdenum costs amid a global concentrate shortage and strong Chinese demand.
Market participants also noted that rupee depreciation has increased the cost of imported raw materials, further supporting the price hike.
The producer increased 316 HR/CR coil prices by INR 10,000/t. BigMint’s assessed ferro molybdenum 60% prices stood at INR 4,100,000/t exw-India, while molybdenum oxide 57% was assessed at $30.10/lb CFR India. At the time of reporting, LME nickel prices were hovering around $18,935/t.
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