- LME futures hold steady w-o-w
- Chinese prices rise by $413/t w-o-w
Indian ferro molybdenum prices remained largely steady last week, going down slightly by INR 13,000/t ($152/t) as compared to the previous assessment on 26 March. Minimal price movements were also observed in global markets.
Ferro molybdenum prices in India were at INR 2,559,000/t ($29,935/t) exw-India, as per BigMint’s assessment on 2 April. Approximately, 25 tonnes (t) of trades were reported to BigMint last week within the price range of INR 2,545,000-2,580,000/t ($29,771-30,180/t) exw.
Market summary (27 March-2 April 2025)
Cautious selling in the domestic sector: Recently, there were reports of delay in arrivals of the raw material — molybdenum oxide — into India. In reference to it, a seller was quoted as informing BigMint BigMint, “We are being very selective in selling material at the moment due to shortage of raw materials.”
This largely kept the prices steady and with demand at usual levels, regular trades were also seen in the market.
Global price trends: In China, ferro molybdenum (Mo:60%) prices went up by RMB 3,000/t ($413/t) w-o-w to RMB 222,500/t ($30,658/t) exw-Inner Mongolia. Prices went up as domestic molybdenum concentrate prices continued to rise. Supply however, tightened due to maintenance related production halts at major mines in Inner Mongolia and Heilongjiang, and limited market availability further constrained supply. Additionally, increased stainless steel bidding activity drove up both volumes and prices in East and South China, strengthening market sentiments.
Prices were stable across other countries. In the US and Europe (Mo:70%), prices were firm w-o-w at $50/kg and $48/kg, respectively.
LME futures remain steady: On the London Metal Exchange (LME), prices were largely stable, inching up by $0.18/lb w-o-w to $20.01/lb on 1 April 2025.
Stagnant conditions in end-user segment: Stainless steel prices for 316 grade HRC were unchanged w-o-w at INR 326,000/t ($3,816/t) exw-Mumbai. Demand wise, there wasn’t much of an improvement seen in this market. Also, most mills focused on the collection of credit payments to avoid any financial strain and close their books as the financial year ended last week.
Domestic demand might see some improvement this month, driven by upcoming project-based work, with particularly strong demand expected from the western region.
Outlook
The ferro molybdenum market seems to be largely steady right now. So, in the coming days, prices are expected to stay range-bound with slight variations.
Leave a Reply