India: Ferro molybdenum prices hold firm in stable market

• LME futures prices remain constant
  
  
• Domestic prices in China increase
  
  

Indian ferro molybdenum prices remained stable w-o-w, compared to the previous assessment on 17 April,. Prices remained firm since supply and demand were at normal levels and there were no significant shifts in the global market.

Indian ferro molybdenum prices were at INR 2,395,000/tonnes ($28,751/t) exw-Nagpur on a 60% pro rata basis, as per BigMint's assessment on 24 April. Around 15 tonnes (t) of deals were reported last week in the price range of INR 2,380,000-2,385,000/t ($28,571-28,631/t).

Market summary

Stable supply demand dynamics: In the domestic market, demand and supply were balanced so there was typically no pressure for prices to rise or fall dramatically. Hence, prices remained unchanged because there wasn't excess demand pushing prices up or excess supply pushing prices down.

China prices rise, LME holds firm: Prices in China saw a w-o-w increase of RMB 30,500/t ($4,209/t) to RMB 247,500/t ($34,158/t) exw-Inner Mongolia. Molybdenum oxide prices increased amid limited availability of molybdenum concentrates which contributed to the price increase of finished material.

Prices in the US (Mo:70%) and South Korea (Mo:60%) stayed constant w-o-w at $58/kg and $47/kg, respectively.

In addition, prices on the London Metal Exchange (LME) did not fluctuate much with a minor increase of $0.07/pound w-o-w to $19.89/pound on 23 April.

Outlook

Given the prevailing market conditions, prices are expected to stay within the current range, with minor fluctuations possible.