India: Ferro molybdenum prices remain stable w-o-w amid stagnant market conditions

• Routine trades seen, with no notable variations in offers
  
  
• India's imported molybdenum oxide prices hold steady

  
  
  

Indian ferro molybdenum prices remained unchanged w-o-w, as compared to the previous assessment on 4 December. Prices were steady, as routine market activities were observed, with no significant variations in offers.

BigMint assessed ferro molybdenum prices in India at INR 2,544,000/t ($29,978/t) exw on 11 December. Trades of around 10 t were recorded by BigMint this week, within the price bracket of INR 2,530,000-2,535,000/t ($29,813-29,872/t) exw.

Market recap

Domestic market stands firm: The domestic sector remained mostly stable this week, and there were no variations in offers from sellers. A major seller in the Maharashtra belt informed BigMint yesterday, "Prices are the same, but we have not concluded any deals recently, as there are no inquiries. We are expecting them to come in from today."

There were no w-o-w changes in prices of imported molybdenum oxide as well, which stood at $21.-21.6/lb.

Global prices largely steady: In China, prices (Mo:60%) fell by RMB 3,000/t ($413/t) w-o-w to RMB 231,000/t ($31,788/t) exw-Inner Mongolia. Although there was a bit of downward pressure on bids from steel mills, demand remained decent, and sellers adjusted offers accordingly.

Prices edged up by $0.1/kg w-o-w in Europe and the US (Mo:70%) to $51/kg each.

A marginal uptick of $0.04/lb was also observed in prices on the London Metal Exchange (LME), which stood at $21.56/lb on 10 December.

Outlook

As per current market trends, prices are expected to remain steady in the upcoming days with some variations.