India: Ferro molybdenum prices remain stable w-o-w amid limited market operations

• Year-end holidays keep domestic, global markets firm
  
  
• Minor price fluctuations expected as activities pick up

  
  
  

Indian ferro molybdenum prices remained largely stable w-o-w, inching down by INR 4,000/tonne (t) ($47/t) in comparison to the previous assessment on 24 December. Prices were steady, as market sentiments were unchanged due to limited activity during the year-end.

Ferro molybdenum prices were at INR 2,506,000/t ($29,212/t) exw-India (60% pro-rata basis), as per BigMint's assessment on 1 January 2025. Deals for around 15 t were carried out within the price bracket of INR 2,445,000-2,520,000/t ($28,501-29,375/t) exw.

Markets remain stable amid year-end holidays

Domestic: In the domestic market, activities were limited due to the year-end holidays. Hence, prices were not significantly affected. Commenting on the Indian market, a seller informed BigMint, "Demand is currently at usual levels. Changes might be seen from next week."

Imported molybdenum oxide prices to India were at around $21/lb, almost unchanged from the previous week's levels.

Global: Prices were also firm w-o-w globally. In China (Mo:60%), ferro molybdenum was at RMB 232,000/t ($31,785/t) exw-Inner Mongolia. Domestic steel mills were not eager to procure ferro molybdenum, as steel demand was weak, and they had sufficient inventories for the material.

In the US and Europe (Mo:70%), prices stood unchanged w-o-w at $51/kg and $50/kg, respectively. On the London Metal Exchange (LME) too, prices were steady w-o-w at $21.08/lb on 31 December.

Outlook

Market activities will return to normal this week, so in the coming days, price fluctuations are expected, but to a limited extent.