- Global price hikes support Indian stainless steel market
- China market stable, LME future tick up w-o-w
Indian ferro molybdenum prices edged up a little by INR 14,500/t ($158/t) as compared to the assessment on 21 January, supported by steady domestic demand, stable supply conditions, and firm LME futures.
As per BigMint’s assessment on 28 January, ferro molybdenum prices stood at INR 2,989,500/t ($32,607/t) exw-India. Around 15 tonnes of transactions were reported during the week, concluded within a price range of INR 2,850,000 – 3,100,000/t ($31,085 – 33,812/t) exw.
Market updates( 22-27 January 2026)
Global market trends: Ferro molybdenum (Mo: 60%) prices in China remained largely stable, edging down by RMB 500/t ($72/t) w-o-w to RMB 260,000/t ($37,385/t) ex-Inner Mongolia. The market was supported by tighter environmental regulations and higher production costs, which prompted some producers to lower operating rates, resulting in slower growth in spot supply and limited material availability.
On the demand side, inventory holders were reluctant to lower prices, while buyers showed relatively stronger participation and willingness to enter the market. This combination of restrained supply growth and steady demand provided support to prices, keeping the market largely stable.
European ferro molybdenum (Mo: 70%) prices edged down by $0.2/kg w-o-w to $57/kg, with seller offers remaining firm while buyer interest stayed muted. Meanwhile, US ferro molybdenum (Mo: 70%) prices remained steady w-o-w at $57/kg.
LME futures edge up w-o-w: Molybdenum futures on the London Metal Exchange (LME) remained largely stable, edging up by $0.12/lb w-o-w to $23.44/lb on 27 January 2026.
Steadiness in the Indian market: The domestic ferro molybdenum market remained stable over the week, supported by firm seller offers and steady demand from end-user sector, with producers maintaining price levels amid balanced market fundamentals.
However, trading activity was subdued due to holidays, which limited spot transactions. In addition, stability in the global molybdenum market further reinforced the calm domestic price environment, resulting in largely unchanged ferro molybdenum prices.
Strong global cues keep India’s stainless steel market firm: India’s stainless steel market remained firm this week, supported by a strong global upcycle driven by repeated producer-led price hikes and sharply higher raw material costs, despite measured domestic buying interest. Global sentiment was reinforced by Indonesia’s Tsingshan announcing its fourth price increase in January, raising 304-grade export offers by $30/t and taking cumulative monthly gains close to $180/t.
Meanwhile, volatility in the nickel market added further support, with LME nickel averaging around $18,900/t in January-up nearly 20% m-o-m-following Indonesia’s decision to cut its 2026 mining quota well below smelter demand, heightening concerns over a potential ore shortage.
Outlook
In the near term, prices in India are expected to remain largely stable, tracking balanced supply–demand conditions in both global and domestic markets.
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