India: Ferro molybdenum prices hold steady amid consistent global market

• Domestic market sees decreased inquiry levels
  
  
• Price consistency across the globe
  
  

India's ferro molybdenum prices remained stable w-o-w, with a little decrease of INR 1,000/t ($12/t) from the prior assessment on 20 March. Prices stayed same due to stable worldwide prices, particularly in China, and a lack of inquiries in the domestic market.

As per BigMint's assessment on 27 March, Indian ferro molybdenum prices stood at INR 2,354,000/t ($28,238/t) exw-Nagpur on a 60% pro rata basis.

Weekly market highlights

Impact of inquiries: The domestic market witnessed a slowdown in inquiries and festive occasion in the previous week also had an impact on logistics. "We're not quoting right now as there's no major movement and there's no inquiry as well," a prominent producer told BigMint.

The market of ferro molybdenum was also influenced by the weak demand in stainless steel industry and production cuts by a few major players. Also, Holi festival has kept trade activities subdued.

Global price stability: Ferro molybdenum (Mo:60%) prices in China remained steady w-o-w at RMB 220,000/t ($30,434/t) exw-Inner Mongolia. Prices in US (Mo:70%) and South Korea (Mo:60%) experienced slight w-o-w decline of $1/kg and $0.75/kg, standing at $59/kg and $48/kg, respectively.

On the London Metal Exchange (LME) platform, prices dropped slightly by $0.18/pound w-o-w to $19.75/pound on 26 March.

Outlook

Considering feedback from market participants, it is anticipated that ferro molybdenum prices will stay range-bound in the coming days, with minor fluctuations expected.