- Indian prices steady amid firm input costs
- Cautious buying limits spot market activity
Indian ferro molybdenum prices remained steady w-o-w at INR 4,359,000/t ($45,943/t) exw during the week ended 2 September. Despite a slight correction in global prices, Indian prices remained supported by steady molybdenum oxide costs. However, overall market sentiment remained cautious, with buyers largely restricting purchases to immediate requirements, resulting in lower spot market activity last week.
Market summary (27 August – 1 September)
Global market softens
In China, ferro molybdenum prices declined by RMB 5,000/t ($744/t) w-o-w to RMB 339,000/t ($50,440/t) exw-Inner Mongolia amid weak spot-market sentiment.
Offers continued to soften as traders became increasingly willing to offer discounts to facilitate inventory turnover. High-priced offers attracted limited interest, while market inquiries and speculative buying remained subdued. Transactions were largely restricted to small, immediate-replenishment orders, with larger deals difficult to conclude.
The weak trend in China’s ferro molybdenum market is expected to persist in the coming week, with continued downward pressure likely. Traders may remain inclined to offer concessions to reduce inventories, while buyers are expected to stay on the sidelines and avoid aggressive purchases amid uncertainty over price direction. Unless fresh positive developments revive buying interest, transactions are likely to remain limited to immediate requirements, keeping the market in a weak consolidation phase.
In Europe, ferro molybdenum prices remained largely steady at around $76/kg. End-consumers returned to the spot market, with inquiries reported for both smaller and bigger quantities. However, European prices continued to underperform Asian levels despite improving consumer and trader demand.
LME molybdenum futures also remained broadly stable, declining marginally by $0.17/lb w-o-w to $33.42/lb on 1 September.
Indian prices remain firm
Indian ferro molybdenum prices remained supported by steady molybdenum oxide costs. Molybdenum oxide prices edged down by $0.26/lb w-o-w to $33.35/lb CNF India on 2 September. The limited movement in raw material costs provided support to ferro molybdenum prices, despite weaker global sentiment. However, buyers remained cautious and largely restricted purchases to immediate requirements, keeping spot trade volumes subdued.
Meanwhile, a leading Indian stainless steel producer increased prices of 304 and 316-grade hot-rolled (HR) and cold-rolled (CR) products by INR 2,000/t ($21/t) , effective 1 September 2026, marking its first price revision of the month. Prices of JT-grade HR and CR products were raised by INR 1,000/t ($11/t). Market participants attributed the revision primarily to higher ferro molybdenum costs, alongside firm nickel prices and tight stainless steel scrap availability. Firm domestic demand and subdued imports also supported the price revision.
Outlook
Indian ferro molybdenum prices are likely to remain largely firm in the coming week, supported by relatively stable molybdenum oxide costs and firm stainless steel mill pricing. However, weaker Chinese sentiment and cautious buying could limit any significant upward movement.
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