India: Ferro molybdenum prices fall ahead of year-end holidays

Indian ferro molybdenum prices decreased by INR 75,000/t as festive holidays caused a slowdown in both the domestic and global markets.

As per SteelMint's assessment on 27 December, Indian ferro molybdenum prices stood at INR 2,370,000/t exw-Nagpur, on 60% pro rata basis. In the INR 2,380,000-2,400,000/t price range, around 10 t of trades were completed.

Market trends over the week

Ferro molybdenum prices in India are mostly influenced by global prices as well as those listed on the London Metal Exchange (LME) platform. Domestic prices declined as trade activities slowed down due to the ongoing holidays in Europe and other nations. The subdued stainless steel demand in the country also contributed to the decline in price.

Furthermore, the price on the London Metal Exchange (LME) platform increased by $2/pound w-o-w on 22 December to $19.61/pound.

However, ferro molybdenum (Mo:60%) prices in China declined by RMB 11,000/t ($1,540/t) w-o-w to RMB 208,000/t ($29,112/t) exw-Inner Mongolia. At $49/kg, prices in Europe (Mo:70%) likewise remained consistent w-o-w. However, there was a w-o-w increase in South Korean prices (Mo:60%) and were standing at $47/kg.

Outlook

The prevailing trend suggests that the prices will remain range-bound, with slight variations in the coming days.