India: Ferro molybdenum prices keep steady amid slow market movement

• Festive season keeps prices largely stable w-o-w
  
  
• Lower trade volumes amid muted demand
  
  

Indian ferro molybdenum prices were largely stable, with slight uptick of INR 12,500/t ($148/t) seen this week compared with the previous assessment on 30 October 2024. Price consistency was observed as there were minimal market movements this week. Due to the festival season in India, demand also remained muted.

As per BigMint's assessment on 6 November, ferro molybdenum in India stood at INR 2,600,000/t ($30,868/t) exw on a 60% pro rata basis. Trading activity remained slow due to ongoing festivities.

Market overview

Slow market movements amid Diwali holidays: This week, the domestic ferro molybdenum market experienced subdued inquiries due to the Diwali festivities. With minimal global market activity, prices remained stable and traded within a narrow range. The lack of significant developments contributed to the overall quietness in the market, reflecting the seasonal slowdown typical during this festive period.

Imported molybdenum oxide prices also inched up w-o-w at around $21.96-22.06/pound (lb) against last week's $21.8-21.9/pound (lb).

Global prices remain unchanged: In China, ferro molybdenum (Mo: 60%) prices were unaltered w-o-w to RMB 242,000/t ($33,781/t) exw-Inner Mongolia. In the bulk market, inquiries have decreased, leading trading companies to operate primarily on a per-order basis. It's important to monitor the upcoming steel bidding openings for potential impacts on market activity.

In Europe and the US, prices (Mo: 70%) were unchanged w-o-w at $51/kg and $52/kg, respectively.

Prices were mostly the same on the London Metal Exchange (LME) as well, going up slightly by $0.14/lb w-o-w to $22.05/lb on 5 November.

Outlook

In the coming days, prices are likely to maintain a similar trend, with only slight fluctuations anticipated as market activity remains subdued post festivities.