- Steady raw material costs support seller offers
- European market sees subdued trading activity
Indian ferro molybdenum (Mo: 60%) prices stayed largely steady, going down slightly by INR 21,000/t ($219/t) w-o-w to INR 4,336,000/t ($45,284/t) exw. Unchanged global market and steady raw material costs helped to keep ferro molybdenum prices stable.
Market recap (17-22 September)
Global market stable despite weak spot activity: In China, prices (Mo:60%) edged down a little by RMB 1,000/t ($149/t) w-o-w to RMB 343,000/t ($51,196/t) exw-Inner Mongolia. TISCO completed a ferro molybdenum tender in Shanxi, but the purchase volume was limited, providing little support to the spot market. Producers continued to hold firm on prices due to high raw material costs.
Ahead of the National Day and Mid-Autumn Festival holidays, most steel mills delayed fresh purchases, while traders remained cautious and avoided inventory buildup. Spot deals were limited to small, immediate requirements, with no major transactions reported.
The European ferro molybdenum market remained largely stable w-o-w at $78/kg, with limited fresh trading activity and subdued buying interest.
LME molybdenum futures also remained stable, declining marginally by $0.04/lb w-o-w to $33.71/lb on 22 September.
Indian market holds on firm seller offers: Indian ferro molybdenum prices remained largely stable last week, supported by firm seller offers and steady global market conditions. Buying activity remained limited as buyers stayed cautious amid rising raw material costs and a key domestic industry conference. Most transactions were restricted to immediate requirements, while larger purchases were largely deferred.
Imported molybdenum oxide costs also were firm w-o-w at $33.65/lb CNF, slightly falling by $0.2/lb w-o-w.
Overall, market activity remained subdued, with steady prices reflecting the balance between firm seller expectations and cautious buyer sentiment. Participants continued to monitor global trends and domestic steel mill procurement for further direction.
Indian stainless steel prices firm amid cost pressure: India’s stainless steel market remained firm, supported by tight raw material availability and elevated alloy costs. However, moderate downstream demand and volatile nickel prices kept buyers cautious. Flat product prices were mixed, with 304-grade prices softening slightly while 316-grade prices increased amid firm ferro molybdenum and scrap costs. Finished long prices also rose, supported by limited scrap availability despite subdued demand. Export activity remained slow, although some recovery is expected as European buyers return after summer holidays.
Outlook
Indian ferro molybdenum prices are expected to remain stable in upcoming week, supported by firm seller offers and high raw material costs, while cautious buying and limited spot activity may limit upside.
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