BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

India: Ferro molybdenum offers rise w-o-w, but buyer interest remains weak

...

Noble Ferro Alloys

BigMint Bureau

33 Reads

15 Jan 2025, 18:17 IST

India: Ferro molybdenum offers rise w-o-w, but buyer interest remains weak

Market turns active post-New Year holidays

Global market remains largely stable w-o-w

Indian ferro molybdenum prices went up by INR 18,250/tonne (t) ($211/t) w-o-w as compared to the previous assessment on 8 January. Prices increased, as most sellers raised their offers last week after the market became more active following the New Year holidays. However buying interest was subdued.

Ferro molybdenum prices in India were at INR 2,520,000/t ($29,172/t) exw-India, as per BigMint's assessment on 8 January. Last week, deals for around 10 t were recorded by BigMint within the price bracket of INR 2,440,000-2,450,000/t ($28,246-28,362/t) exw.

Market over the week

Domestic offers rise: Over the past few weeks, prices were largely range-bound at INR 2,495,000-2,505,000/t, with some fluctuations. However, last week, offers from some sellers rose to INR 2,550,000/t ($29,520/t) exw, though deal and auction prices were slightly on the lower side due to subdued buying interest.

In reference to it, a seller informed BigMint, "The market is moving upward but at a slow pace. Currently, the market has not shown acceptance towards higher offers."

The recent strengthening of US dollars was another driving factor for the rise in offers. However, imported molybdenum oxide prices into India were steady w-o-w at around $21/lb.

End-user segment sees stable prices: Prices of stainless steel 316-grade hot-rolled coils (HRCs) were stable w-o-w at INR 323,000/t ($3,739/t) exw-Mumbai. Demand for stainless steel is yet to recover and is expected to stay like this for the entire month. London Metal Exchange (LME) nickel prices rose slightly, but with overall weak demand, there was not much of an impact on the prices.

Global market stable: In China (Mo:60%), prices were unchanged w-o-w at RMB 232,000/t ($31,643/t) exw-Inner Mongolia. Steel mills were not very eager to bid for ferro molybdenum due to the weak steel market and sufficient inventory levels.

In the US and Europe (Mo:70%), prices inched down by $0.1/kg w-o-w to $51/kg and $50/kg, respectively. Prices on the London Metal Exchange (LME) platform were steady too, inching down by $0.03/lb w-o-w to $21.06/lb on 14 January.