India: Ferro molybdenum prices continue to move in narrow range w-o-w

• Bid-offer disparities keep prices in narrow range
  
  
• Market sees muted demand ahead of festive period
  
  

Indian ferro molybdenum prices dropped by INR 54,500/t ($648/t) this week compared with the previous assessment on 23 October. Price fluctuations occurred, but these were limited to a certain range, mainly due to bid-offer disparities. Notably, prices have been moving in a narrow range of INR 2,550,000-2,650,000/t ($30,324-31,514/t) since 27 September.

As per BigMint's assessment on 30 October, ferro molybdenum in India stood at INR 2,587,500/t ($30,773/t) exw on a 60% pro rata basis. Deals of around 6 tonne (t) were recorded in the price range of INR 2,555,000-2,615,000/t ($30,387-31,100/t) exw.

Market overview

Domestic demand muted ahead of Diwali: The domestic ferro molybdenum market saw muted inquiries this week ahead of the Diwali festive period. With limited developments in the global market, prices moved within a narrow range. A buyer informed BigMint, "We imported a moderate volume last week and thus are not looking at the domestic market currently." Another buyer said, negotiations were underway.

Imported molybdenum oxide prices also stayed steady w-o-w at around $21.8-21.9/pound (lb).

Global prices see slight dip: In China, ferro molybdenum (Mo: 60%) prices edged down by RMB 1,000/t ($140/t) w-o-w to RMB 242,000/t ($33,924/t) exw-Inner Mongolia. Bids were lower in the Chinese market, but prices were supported by robust demand.

In Europe and the US, prices (Mo: 70%) were unchanged w-o-w at $51/kg and $52/kg, respectively.

Prices were mostly the same on the London Metal Exchange (LME) as well, going down slightly by $0.14/lb w-o-w to $21.87/lb on 29 October.

Outlook

In the upcoming days, prices are expected to follow a similar trend with slight variations.