India: Ferro molybdenum prices hold steady amid stagnant market conditions

• Around 35 t of trades heard last week
  
  
• Chinese prices, LME futures remain stable
  
  

Indian ferro molybdenum prices stayed unchanged w-o-w in comparison with the previous assessment on 15 January 2025. Prices were steady as the market witnessed limited movements both in the global and domestic sectors.

As per BigMint's assessment on 22 January, ferro molybdenum prices in India were INR 2,520,000/t ($29,110/t) exw. Approximately 35 t of trades were concluded last week (16 -21 January 2025) within the price bracket of INR 2,470,000-2,535,000/t ($28,533-29,284/t) exw.

Market summary

Slow market keeping prices steady: The domestic and global markets moved at a slow pace which kept prices unchanged. A seller recently informed BigMint, "Noble alloys prices, especially ferro molybdenum and ferro vanadium are very stable and there is not much movement. Additionally, overall demand in India and the rest of the world is full."

As per sources, imported molybdenum oxide prices to India were largely stable w-o-w at around $21.8-21.9/lb.

Global price trends: In China, prices (Mo:60%) were unchanged w-o-w at RMB 232,000/t ($31,906/t) exw-Inner Mongolia. Sellers held on to their offers due to strong market sentiments of prices stabilising for raw materials and good demand from end users.

For the US and Europe (Mo:70%), prices edged down slightly by $0.2/kg and $1/kg w-o-w to $50/kg and $49/kg, respectively. On the London Metal Exchange (LME), prices stayed steady too, inching down marginally by $0.17/lb w-o-w to $20.89/lb on 21 January.

Weak demand continues in end-user segment: Stainless steel prices for 316 grade HRC were stable w-o-w at INR 322,000/t ($3,726/t) exw-Mumbai. Demand continues to remain weak for stainless steel which in turn has ked to subdued demand for ferro molybdenum. A major stainless steel producer was also operating at 50% capacity owing to current market conditions. Market players in this sector are looking forward to the Union Budget for this year if government projects could drive up demand.

Outlook

With market dynamics being largely stable, prices in the coming days are expected to stay within current range with some variations.