India: Ferro molybdenum prices inch up following global market shifts

• Molybdenum oxide import prices to India steady w-o-w
  
  
• Fire incident at Chile mines supporting price hike
  
  

Ferro molybdenum prices in India saw an uptick of INR 18,000/t ($216/t) w-o-w in comparison to the previous assessment on 3 July. Prices inched up following positive sentiments in the global market along with good domestic demand.

Indian ferro molybdenum prices were INR 2,730,000/t ($32,699/t) exw-Nagpur on a 60% pro rata basis, according to BigMint's assessment on 10 July. Last week, around 75 t of deals were reported within the price range of INR 2,700,000-2,750,000/t ($32,340-32,939/t) exw.

Market highlights

Global impact on domestic market: As seen last week, demand remained decent in the domestic market which helped to drive prices.

According to reports, there was a fire incident at Chilean copper-molybdenum mines, which could have an impact on the supply of molybdenum oxide. "Prices are expected to go up further following this news and we are hopeful of closing a few deals above INR 2,750,000/t 9$32,939/t) exw levels," a producer said.

However, it is heard that prices of imported molybdenum oxide in India remained consistent w-o-w at around $22.8-22.9/lb.

Global pricing trends: Prices for ferro molybdenum (Mo:60%) in China went up by RMB 4,500/t ($619/t) w-o-w to RMB 238,500/t ($32,780/t) exw-Inner Mongolia.

Prices increased by $0.5/kg w-o-w to $51/kg in South Korea (Mo:60%) and $62/kg in the US (Mo: 70%).

In addition, on 9 July, prices on the London Metal Exchange (LME) increased by $0.19/pound w-o-w to $22.94/pound.

Outlook

Prices have shown fluctuations over the past few weeks and are expected to continue the same trend in the days ahead.