- Indian trade levels touch INR 4,250,000/t ($44,674/t) exw levels
- Chinese steel mills maintain need-based procurement
Indian ferro molybdenum (Mo:60%, 10-100 mm) prices witnessed a slight increase of INR 45,000/t ($473/t) w-o-w to INR 4,135,000/t ($43,465/t) exw, as per BigMint’s assessment on 10 June. Prices stayed supported by firm molybdenum oxide costs and stability in global market.
Close to around 35 t of trades were concluded last week within the price range of INR 4,150,000-4,250,000/t ($43,623-44,674/t) exw.
Market highlights (4-9 June)
Global sentiment remains cautious and stable: Ferro molybdenum (Mo:60%) prices in China edged down a little by RMB 500/t ($74/t) w-o-w to RMB 319,000/t ($47,101/t) exw-Inner Mongolia. The market remained stable, with limited trading activity as both buyers and sellers stayed cautious. High raw material costs continued to support producer offers, keeping prices unchanged. Steel mills purchased only small quantities to meet immediate requirements, while traders showed little interest in building inventories. As a result, overall market activity remained slow.
In rest of Asia, ferro molybdenum market remained stable but quiet, with weak demand and low trading activity keeping buyers cautious. Sellers were reluctant to cut prices due to limited supply and high oxide costs, while buyers stayed on the sidelines, resulting in poor liquidity.
In Europe, prices (Mo:70%) were unchanged w-o-w at $71/kg. The market remained stable but quiet, with weak demand and low trading activity keeping buyers cautious. Sellers were reluctant to cut prices due to limited supply and high oxide costs, while buyers stayed on the sidelines, resulting in poor liquidity.
Molybdenum futures on the London Metal Exchange went up a little by $0.13/lb w-o-w to $31.03/lb on 9 June.
Firm oxide prices sustain Indian prices: Indian ferro molybdenum prices remained largely steady during the week, supported by firm imported molybdenum oxide (Mo:57% min) costs, which held at around $31/lb. Regular market transactions kept overall sentiment positive, with suppliers maintaining firm offers amid stable raw material costs. Although some price fluctuations were observed during the week, these were mainly driven by exchange rate movements rather than changes in market fundamentals. Demand from consumers remained steady, helping sustain trading activity.
Overall, supported by stable raw material prices and firm global market sentiment, the Indian ferro molybdenum market remained resilient, with prices edging up slightly on the back of higher-priced deals concluded during the week.
Outlook
Indian ferro molybdenum prices are expected to remain firm in the coming week, supported by stable imported molybdenum oxide costs and resilient global prices. However, cautious buying by steel mills and limited trading activity in key overseas markets may restrict any sharp upside. Prices are likely to move within a narrow range, with raw material costs continuing to be the key market driver.
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