- Stainless steel demand remains sluggish
- LME futures prices dip by $1.35/lb w-o-w
Indian ferro molybdenum (Mo 60%, 10-100 mm) prices declined by INR 360,000/t ($3,959/t) as compared to the assessment on 18 February 2026. The drop was primarily driven by quiet global market activity during the holiday period, particularly in China, weak domestic end-user demand, and a decline in LME molybdenum future prices, which further weighed on market sentiment.
According to BigMint’s assessment on 25 February, ferro molybdenum prices stood at INR 3,400,000/t ($37,401/t) exw-India. Around 22 t trades were recorded during the week, within the price range of INR 3,320,000/t -3,800,000/t ($36,512-41,791/t) exw.
Market updates (19-24 February)
Indian market scenario: In India, ferro molybdenum prices declined w-o-w after the sharp rise recorded in the previous week, as relatively quiet global market activity during the holiday period reduced external price support.
Domestic sellers adjusted their offers in response to softer sentiment, while end-user demand remained subdued. Buyers continued to procure material on a need-based basis, with around 22 t of deals recorded last week. Trading activity remained limited as participants adopted a cautious approach, awaiting clearer signals from global markets and upcoming steel procurement cycles.
End-user market trends: Prices of 316-grade stainless steel hot-rolled coils (HRCs) remained largely range-bound w-o-w at INR 348,000/t ($3,828/t) ex-works Mumbai. The market remained quiet, with stainless steel demand steady but liquidity issues persisting. Demand for flats was sluggish, and although prices increased, buyers were slow to absorb the hike. Overall trading activity stayed low to moderate.
China market sentiments: Ferro molybdenum prices in China went up by RMB 5,000/t ($726/t) to RMB 274,000/t ($39,802/t) Ex-Inner Mongolia post re-opening of the market after holidays. The market remained firm with a slight upward price trend. Upstream molybdenum concentrate suppliers were reluctant to sell, keeping raw material prices elevated and pushing up production costs. As a result, smelters faced higher cost pressure and maintained firm quotations.
On the demand side, although steel tender volumes and prices were weak, some mills continued to procure material, indicating underlying demand. Strong international molybdenum prices also supported market sentiment and reinforced price stability.
In Europe, ferro molybdenum (Mo 70%) prices inched up by $2/kg w-o-w to $65/kg. The market remained firm, with sellers largely unwilling to offer discounts due to limited supply. However, participants expect increased shipments from South Korea to reach the European market in March, which may help ease spot supply tightness. In the US, ferro molybdenum (Mo 70%) prices inched up by $2/kg w-o-w to $73/kg.
LME futures prices drop w-o-w: Molybdenum futures on the London Metal Exchange went down by $1.35/lb w-o-w to $27.4/lb on 24 February.
Outlook
Ferro molybdenum prices are likely to stay range-bound in the near term. While the China market has reopened after the holiday, its impact on Indian prices is still uncertain.
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