India: Ferro molybdenum prices hold firm w-o-w amid stable market trends

• Chinese prices hold steady, LME futures inch up
• Participants hint at supply shortage in market

Indian ferro molybdenum prices remained largely stable w-o-w, going up slightly by INR 2,000/t ($23/t) as compared to the previous assessment on 26 February. Stability in supply-demand dynamics and London Metal Exchange (LME) futures prices were the key factors influencing Indian offers this week.

As per BigMint’s assessment on 5 March, ferro molybdenum prices in India were at INR 2,637,000/t ($30,276/t) exw. Deals for approximately 20 t were recorded by BigMint last week, within the price bracket of INR 2,560,000-2,640,000/t ($29,392-30,310/t) exw.

Market summary (27 February-5 March 2025)

Supply-demand dynamics remain stable: The domestic market was steady, witnessing routine inquiries and usual trades. With regard to prices moving up by INR 75,000/t ($861/t) in the previous week, a seller informed BigMint, “Prices went up despite no significant movement in the global market. We feel there is a little shortage in the domestic sector, and inquiries are going up.”

However, further clarity will emerge only in the coming days. Market participants indicated that buying may slow down as the financial year-end approaches.

Global prices remain largely stable: Ferro molybdenum (Mo:60%) prices in China were unchanged w-o-w at RMB 227,500/t ($31,312/t) exw-Inner Mongolia. Market activities were also limited, as steel mills were not very active in bidding for ferro molybdenum due to existing inventories of it.

In other regions worldwide, lower inquiries were reported in the spot market, leading to a slight decline in prices. In the US and Europe (Mo:70%), prices inched down by $0.6/kg w-o-w to $51/kg and $50/kg, respectively.

On the London Metal Exchange (LME) platform, prices edged up slightly by $0.11/lb w-o-w to $20.86/lb on 4 March.

Stainless steel market remains stagnant: Prices of 316-grade stainless steel hot-rolled coils (HRCs) stood at INR 321,500/t ($3,693/t) exw-Mumbai, steady w-o-w. Demand wise, there was no major improvement in this sector, and buying was done only on need basis. Moreover, upcoming festivals such as Holi might limit market activity.

Outlook

The current trends in the market indicate that the prices might stay range-bound with some fluctuations.