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India: Ferro molybdenum market remains stable as LME futures hold steady

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Noble Ferro Alloys

BigMint Bureau

82 Reads

13 Nov 2024, 20:13 IST

India: Ferro molybdenum market remains stable as LME futures hold steady

Indian market sees no significant movements

FeMo prices hold firm in China, US, Europe

Indian ferro molybdenum prices saw a marginal drop of INR 29,000/t ($344/t) w-o-w in comparison to the previous assessment on 6 November. Offers were relatively steady due to stability in the domestic and global markets. Notably, London Metal Exchange (LME) prices remained unchanged w-o-w.

Ferro molybdenum prices in India were at INR 2,571,000/t ($30,462/t) exw on a 60% pro rata basis, as per BigMint's assessment on 13 November. Last week saw deals of around 35 t concluded in the spot market within the price bracket of INR 2,540,000-2,623,000/t ($30,095-31,079/t) exw.

Market sees no significant movements

The stability in both global and domestic markets kept prices from fluctuating excessively. Only slight variations occurred, mainly due to some disparities in bids and offers. A domestic producer recently informed BigMint, "We are not offering below INR 2,600,000/t ($30,806/t) exw, but demand is slow in the market. If the trend continues, prices may fall further in the days ahead." However, other participants believe that demand is moderate and expect no significant price reductions in the near term.

Imported molybdenum oxide prices to India were around $22/pound (lb), almost stable w-o-w.

In China, prices were unchanged w-o-w at RMB 242,000/t ($33,501/t) exw-Inner Mongolia. As per reports, two steel mills in Shanxi and Shandong regions set their bid prices at around RMB 239,500/t ($33,155/t). Consequently, there was a bit of downward pressure on prices, but with demand providing support, prices did not fall.

Prices were steady in the US and Europe (Mo:70%) at $52/kg.

A similar trend was seen on the London Metal Exchange (LME) platform as well, with prices remaining unchanged w-o-w at $22.05/lb on 12 November.

Outlook

Based on the market trends in the previous weeks, prices are likely to stay range-bound in the days ahead, with some variations. Although some players expect prices to drop, others believe that price stability will continue.