- Chinese mills bid lower amid weak steel tags
- Indian stainless steel demand remains slow
Indian ferro molybdenum prices edged down by INR 13,000/tonne (t) ($150/t) w-o-w in comparison to the previous assessment on 12 March. Prices fell in the global market, which impacted the Indian ferro molybdenum segment.
Ferro molybdenum prices in India were at INR 2,595,000/t ($29,997/t) exw-India, as per BigMint’s assessment on 19 March.
Market summary (13-18 March 2025)
Global prices weaken: In China, prices (Mo:60%) dropped by RMB 3,000/t ($415/t) w-o-w to RMB 219,500/t ($30,369/t) exw-Inner Mongolia, driven mainly by lower bids from mills amid weak steel prices, which made it difficult for smelters to quote viable offers. Steel mills also showed low bidding interest due to a sluggish market and surplus raw material availability. To reduce inventory pressure, they opted to reduce production, which ultimately brought down their purchases.
Prices declined across other global regions as well. In the US and Europe (Mo:70%), prices edged down by $0.5/kg w-o-w to $50/kg and $48/kg, respectively.
As a result, the Indian market experienced a decline amid weak demand. A trader informed BigMint, “We have not finalised any deals lately, as we have limited stocks with us.” Additionally, market participants indicated that demand may remain weak as the financial year-end approaches.
LME futures remain stable w-o-w: On the London Metal Exchange (LME), prices were largely stable, inching down by $0.43/lb w-o-w to $20.7/lb on 18 March.
Stainless steel segment remains unchanged: Prices of stainless steel 316-grade hot-rolled coils (HRCs) witnessed an uptick of INR 2,000/t ($23/t) w-o-w to INR 326,000/t ($3,777/t) exw-Mumbai. Demand-wise, not much of an improvement was seen in this segment. Procurement was seen to have slowed down due to the financial year closing. However, sources suggested that it might improve by mid-April.
Meanwhile, a leading stainless steel manufacturer in India recently raised its prices of 304- and 316-grade HRCs and cold-rolled coils (CRCs) by INR 2,000/t ($23/t) due to a rise in tags of nickel, a key raw material. This was the second consecutive upward revision this month.
Outlook
Both the global and domestic sectors have been largely inactive, so ferro molybdenum prices in the upcoming days are expected to stay range-bound with some variations.
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