- Global shipment concerns persist
- Chinese molybdenum prices inch down
With a slight increase of INR 7,500/t ($90/t) from the previous assessment on 8 May, ferro molybdenum prices in India were stable w-o-w. Since there were no significant fluctuations in the market and demand was at normal levels, prices stayed stable.
Indian ferro molybdenum prices were at INR 2,620,000/t ($31,375/t) exw-Nagpur on a 60% pro rata basis, according to BigMint’s assessment on 15 May. Around 12 t of trades were concluded last week in the INR 2,600,000-2,650,000/t ($31,135-31,734/t) price range.
Weekly market summary
Supply chain effects: Prior shipment delays contributed to an increase in costs both domestically and globally. After a certain point, prices stabilised even though there were still reports of material shortage. “I’m not sure how long elevated prices will persist and may stabilise in the days ahead unless there’s another supply chain disruption,” a major Indian producer told BigMint.
As per sources, the current price range for India’s imported molybdenum oxide stands between INR 2,400,000-2,450,000/t ($28,742-29,341/t). This reflects a m-o-m increase of approximately INR 122,500/t ($1,467/t).
Global price trends: Prices in China (Mo:60%) inched down by RMB 2,500/t ($346/t) w-o-w to RMB 240,000/t ($33,230/t) exw-Inner Mongolia. Molybdenum oxide prices in the domestic Chinese market stabilised after the Labour Day holidays so prices didn’t experience major variations.
Prices in both US (Mo:70%) and South Korea (Mo:60%) saw an uptick of $1/kg w-o-w to $61/kg and $51/kg, respectively.
Prices on London Metal Exchange (LME) platform saw little movement in pricing w-o-w, falling by $0.78/pound to $21.8/pound on 14 May.
Outlook
Considering prevailing market conditions, prices are expected to remain relatively stable, with a minor upward trend.