India: Ferro molybdenum prices remain range-bound amid market stability

• FeMo sees downward corrections in China, US, Europe
  
  
• Import offers for molybdenum oxide to India hold firm
  
  

India ferro molybdenum prices inched up by INR 21,000/tonne (t) ($250/t) w-o-w to INR 2,642,000/t ($31,424/t) exw on 23 October. Prices fluctuated within a narrow range, as global and domestic markets did not experience any major movement. Deals of around 20 t were concluded this week in the price range of INR 2,575,000-2,650,000/t ($30,627-31,519/t) exw.

Market overview

A prominent Indian producer informed BigMint, "Although offers for ferro molybdenum have gradually been increasing, buyers are unwilling to pay higher prices." Hence, the rise in offers was minimal this week. Meanwhile, India's prices of imported molybdenum oxide were stable w-o-w at around $22/pound (lb).

The global market, however, witnessed some downward corrections. In China (Mo:60%), prices edged down by RMB 500/t ($70/t) w-o-w to RMB 243,000/t ($34,082/t) exw-Inner Mongolia. The molybdenum oxide market was stable, with a gradual rise in prices, driven by a positive economic environment and improved supply-demand dynamics.

In the US and Europe (Mo:70%), prices moved down by $2/kg w-o-w to $52/kg and $51/kg, respectively.

On the London Metal Exchange (LME), prices were largely steady w-o-w, with a slight increase of $0.09/lb to $22.01/lb on 22 October.

Outlook

Price variations are expected in the coming days, but movements will be limited to a narrow range.