India: Ferro molybdenum prices rangebound amid stable market conditions

• Approximately 40 t of trades concluded last week
  
  
• Stability in global, LME futures prices seen
  
  

Indian ferro molybdenum prices were largely stable last week, going down slightly by INR 4,250/t ($50/t) as compared to the previous assessment on 1 December. Stable prices globally and on LME kept market conditions static last week.

As per BigMint's assessment on 8 January, ferro molybdenum prices in India were INR 2,501,750/t ($29,141/t) exw-India. Around 40 t of deals were reported to BigMint last week within the price range of INR 2,512,000-2,530,000/t ($29,261-29,470/t) exw.

Market summary

Domestic: With no major changes in the global market, prices were steady in the domestic sector as well. Routine market activities had just started post New year holidays which was another factor contributing to steadiness. A market source recently informed: "There might be a slight drop in prices in the upcoming days as global market may see a decline."

Imported molybdenum oxide prices to India were unchanged as well w-o-w at around $21/lb.

Global: Prices kept steady across other regions. In China (Mo:60%), prices were RMB 232,000/t ($31,644/t) exw-Inner Mongolia. There was a bit of downward pressure due to lower bids from steel mills but with overall consistent demand, quotations were firm from sellers.

In the US and Europe (Mo:70%), prices were unchanged w-o-w at $51/kg and $50/kg, respectively. On the London Metal Exchange (LME) too, prices were largely steady w-o-w at $21.09/lb on 7 January.

Outlook

With stability in market conditions, prices are likely to stay rangebound in the near term with some fluctuations.