India: Ferro molybdenum prices inch up on rising inquiries

• Increase in export demand
  
  
• China's domestic prices rise
  
  

The Indian ferro molybdenum market saw a marginal price increase, with a w-o-w rise of INR 10,000/tonne ($119/t) from the previous assessment on 21 August. This price uptick was driven by a rise in inquiries in both domestic and export markets.

As per BigMint's assessment on 28 August, the price of ferro molybdenum in India stood at INR 2,497,000/t ($29,741/t) on a 60% pro rata basis, ex-works Nagpur. During the past week, approximately 60 t of deals were concluded within the price range of INR 2,400,000-2,565,000/t ($28,586-30,551/t) ex-works.

Market summary

Rise in demand supported by trades: The ferro molybdenum market has recently seen increased activity, both domestically and in exports. As a result, producers raised their offers, providing some support for their pricing strategies. However, the price increase was modest, suggesting a range-bound trend.

A producer told BigMint, "The domestic ferro molybdenum market has shown signs of recovery, with demand beginning to pick up. We've also seen positive developments on the export front, as we recently shipped two containers to Europe."

Imported molybdenum oxide prices to India stayed steady w-o-w at around $20.9-21/lb.

Global price scenario: Ferro molybdenum (Mo:60%) prices in China rose by RMB 1,000/t ($140/t) w-o-w to RMB 238,000/t ($33,377/t) ex-works Inner Mongolia. According to sources, prices remained under pressure as plants continue to face losses.

Prices in the US and Europe (Mo:70%) also saw a slight increase of $0.5/kg w-o-w, reaching $52/kg each. Prices on the London Metal Exchange (LME) platform remained stable, with a small increase of $0.11/pound w-o-w, bringing them to $21.02/pound on 27 August.

Outlook

The recent market shifts indicate signs of an upward movement. However, significant price changes are unlikely, and prices are expected to remain range-bound.