India: Ferro molybdenum prices inch up on global cues

• Prices increase in China, Europe
  
  
• LME futures prices hold steady
  
  

Ferro molybdenum prices in India inched up by INR 21,000/t ($250/t) w-o-w in comparison to the previous assessment on 9 October. Prices have shown signs of an uptrend following the rise in global prices, particularly in China.

As per BigMint's assessment on 16 October, ferro molybdenum prices in India were at INR 2,621,000/t ($31,178/t) exw on a 60% prorated basis. Around 12 tonnes (t) of spot deals were carried out last week within the price range of INR 2,610,000-2,620,000/t ($31,047-31,166/t) exw.

Prices rise in global markets

In China, prices (Mo:60%) went up by RMB 2,000/t ($281/t) w-o-w to RMB 243,500/t ($34,237/t) exw-Inner Mongolia. Majority of the mills were quoting in the range of RMB 242,000-245,000/t ($34,026-34,448/t) exw. However, inquiries were less for bulk orders.

Prices in Europe (Mo:70%) too saw an increase of $1/kg w-o-w to $53/kg. Meanwhile, on the London Metal Exchange (LME) platform, prices were stable w-o-w, falling by a marginal $0.02/lb to $21.92/lb on 15 October.

In alignment with rise in global prices, offers increased from Indian producers as well. A producer from India told BigMint, "Prices are on the rise but at a slow pace and there is balance in supply-demand dynamics."

Imported molybdenum oxide prices to India stood at around $21.8-22/lb against $21.7-21.9/lb in the week before.

Outlook

Considering existing market conditions, prices may trend upwards in the days ahead. However, a sharp hike is less likely.