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India: Ferro molybdenum prices increase driven by global factors

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Noble Ferro Alloys

BigMint Bureau

147 Reads

9 Oct 2024, 18:34 IST

India: Ferro molybdenum prices increase driven by global factors

Around 40 t of spot trades concluded last week

Ferro molybdenum prices up in China, on LME

Indian ferro molybdenum prices rose by INR 50,000/tonnes ($595/t) w-o-w compared to the previous assessment on 1 October, driven by key global factors such as China's stimulus measures and geopolitical tensions.

According to BigMint's assessment on 9 October, ferro molybdenum prices in India were at INR 2,600,000/t ($30,965/t) ex-works (60% pro-rata basis). Around 40 t of spot trades were concluded last week within the price range of INR 2,575,000-2,650,000/t ($30,667-31,560/t) ex-works.

Global impact on domestic market

Recent developments in the international market, such as China's stimulus measures and geopolitical tensions, have impacted ferro molybdenum prices and shipment movements. As a result, domestic prices in India also rose, though the increase was gradual as the market needed time to adjust to the price hike.

Imported molybdenum oxide prices to India also saw a w-o-w increase, ranging from $21.7-21.9/lb, compared to $21.5-21.6/lb in the previous week.

A key producer from Maharashtra said, "Currently we are taking selective orders. Also, we are not willing to take bulk bookings as we expect further hike in prices."

Price trends across globe

Domestic ferro molybdenum prices (Mo:60%) in China increased by RMB 3,500/t ($495/t) to RMB 241,500/t ($34,174/t) ex-works Inner Mongolia, w-o-w. Following the conclusion of the National Day holidays, there was no significant movement in the spot market. However, the introduction of a monetary stimulus package contributed to the upward movement in prices.

In Europe, ferro molybdenum prices (Mo:70%) remained largely stable, holding at $52/kg w-o-w.

On the London Metal Exchange (LME), prices recorded a slight increase of $0.31/pound w-o-w, reaching $21.9/pound as of 8 October.