- Stable oxide costs support seller offers
- 45 t material traded last week
Indian ferro molybdenum (Mo: 60%) prices declined slightly by INR 36,000/t ($372/t) w-o-w to INR 4,364,000/t ($45,085/t) exw-India, as per BigMint’s assessment on 6 October. Prices remained largely stable amid the shutdown in China and stability in the domestic market.
Around 45 t of ferro molybdenum deals were concluded last week in the price range of INR 4,340,000-4,500,000/t ($44,837-46,490/t) exw-India.
Market summary (1-6 October)
Global: Global market sentiment remained firm during the week despite a slight decline in molybdenum oxide prices. Buying activity in Asia improved, with transactions reported in key markets such as Busan and Rotterdam. Market sentiment shifted from early weakness to stronger buying interest, while sellers remained reluctant to lower offers significantly.
In Europe, market activity remained subdued, with limited spot liquidity and differences between buyers and sellers over fair value keeping trading relatively quiet.
LME molybdenum futures also remained broadly stable, declining marginally by $0.34/lb w-o-w to $33.22/lb on 6 October.
India: In India, ferro molybdenum prices remained stable. Regular spot transactions and stable molybdenum oxide costs at around $33.45/lb CNF India continued to provide support to domestic prices.
India’s stainless steel market witnessed mixed trends across flat and long product segments during the week. Demand remained relatively steady for flats, while buying interest in longs was subdued amid slow demand. Market participants remained cautious due to volatile nickel prices and tight scrap availability. 316-grade products gained support from higher molybdenum prices and limited availability of 316-grade scrap.
Outlook
Indian ferro molybdenum prices are expected to remain rangebound in the coming week, with stable raw material costs providing downside support while cautious buying may limit significant price gains.
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