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

• 316-grade stainless steel prices hold firm
  
  
• Ferro molybdenum edges down in China
  
  

Indian ferro molybdenum prices remained relatively range-bound this week, with an increase of INR 20,000/tonne (t) ($239/t) w-o-w compared to the previous assessment on 11 September 2024. The stability in pricing was due to the absence of major movements in the market.

As per BigMint's assessment on 18 September, ferro molybdenum prices in India were at INR 2,540,000/t ($30,342/t) exw-Nagpur on a 60% pro-rata basis. However, some small deals were reported in the range of INR 2,550,000-2,555,000/t ($30,462-30,521/t) exw.

Market summary

Market remains static: No significant changes were observed in the global and domestic markets this week. Demand was at usual levels. Prices of 316-grade stainless steel, for which ferro molybdenum is the primary raw material, were also steady.

Even imported molybdenum oxide prices were largely stable w-o-w, hovering at around $21.4-21.5/pound (lb).

Chinese prices drop: Ferro molybdenum (Mo:60%) prices in China saw a drop of RMB 1,000/t ($141/t) w-o-w to RMB 241,000/t ($34,013/t) exw-Inner Mongolia. In the domestic Chinese market, steel trended upward amid fluctuations, but even with the recent hikes, producers found it difficult to manage operations due to increasing molybdenum concentrate prices.

Prices (Mo:70%) were unchanged w-o-w in Europe and the US, at $52/kg and $53/kg, respectively.

On the London Metal Exchange (LME) on 16 September, molybdenum witnessed a slight drop of $0.11/lb w-o-w to $21.53/lb.

Outlook

Considering the present market dynamics, prices are expected to stay in the current range with slight variations.