India: Ferro molybdenum prices remain steady w-o-w on balanced market fundamentals

• Suppliers hold offers amid firm demand
• Chinese prices rise on higher feedstock costs

Indian ferro molybdenum prices remained largely stable this week, registering a marginal increase of INR 29,000/t ($305/t) w-o-w to INR 4,090,000/t ($42,951/t) ex-works India on 03 June 2026. Steady demand, regular trading activity, and forex fluctuations helped maintain overall market equilibrium.

Market summary (28 May-02 June)

Sellers hold offers firm amid balanced supply-demand conditions: Market participants stated that ferro molybdenum sellers largely maintained firm offers, supported by stable order inflows from stainless and special steel producers. Despite limited spot market volatility, consistent procurement activity and balanced material availability enabled suppliers to resist lower bids. Sellers also cited exchange-rate fluctuations as a key factor influencing replacement costs, encouraging a cautious pricing approach. As a result, the market remained well-supported, with regular transactions contributing to overall price stability and a marginal upward movement during the week.

Tight raw material availability supports global prices: Ferro molybdenum (Mo:60%) prices in China rose by RMB 13,000/t ($1,920/t) w-o-w to RMB 319,500/t ($3,336/t) exw-Inner Mongolia. Prices moved higher this week, supported by rising molybdenum oxide and concentrate costs, which increased smelting expenses. Tight raw material availability limited spot supply, while active steel mill tender procurement and steady replenishment demand from special steel producers sustained buying interest. With low-priced inventories largely exhausted and sellers holding firm offers, market sentiment remained positive, supporting the upward price movement.

Similarly, ferro molybdenum demand also improved in other regions such as the US and South Korea.

Molybdenum futures on the London Metal Exchange also edged up by $0.3/lb w-o-w to $30.9/lb on 03 June.

Stainless steel prices stay unchanged: Prices of 316 grade hot-rolled coils (HRCs) stood steady w-o-w at INR 408,000/t ($4,260/t) exw-Mumbai. Market participants adopted a wait-and-watch approach, resulting in subdued trading activity and unchanged stainless steel prices.