India: Ferro molybdenum prices consistent amid stable global market sentiments

• No fluctuations in global prices
  
  
• Imports seen mainly from Thailand
  
  

With a slight decrease of INR 7,000/t ($84/t) w-o-w, Indian ferro molybdenum prices stayed largely steady w-o-w. There were no significant changes in the global market, which led to price stability.

Indian ferro molybdenum prices were assessed at INR 2,417,000/t ($29,154/t) exw-Nagpur on a 60% pro rata basis, according to BigMint's assessment on 6 March.

Insights on market activity

Indian prices tied to global market stability: Given that domestic prices are primarily determined by the global market, stable global prices have kept domestic prices rangebound with sight variations. Prices in China saw an uptick of RMB 3,000/t ($417/t) w-o-w to reach RMB 225,000/t ($31,254/t) exw-Inner Mongolia. Although there were reports of increased market activity, prices didn't change significantly due to supply and demand disparity.

Also, some market players are importing finished material and molybdenum oxide from Thailand. A domestic producer told BigMint, "Over the past month, ferro molybdenum prices have remained stable. Inventories are also limited at China's Tianjin port."

Price trends: Prices in Europe (Mo:70%) remained steady w-o-w at $48/kg. Prices inched up a little by $0.61/kg w-o-w and $0.7/kg w-o-w, to $60/kg and $49/kg, respectively, in the US (Mo:70%) and South Korea (Mo:60%).

LME price update: Prices on the London Metal Exchange (LME) platform also stayed consistent, with a little w-o-w decline of $0.06/pound to $20.29/pound on 5 March.

Outlook

Considering the prevailing market conditions, prices are expected to stay within the current range with minor variations expected.