India: Ferro molybdenum prices show stability amidst global price consistency

• Constant prices across markets of China and Europe
  
  
• Routine inquiries within the domestic market
  
  

Indian ferro molybdenum prices remained largely stable with a drop of INR 42,000/t w-o-w ($506/t). Global prices, particularly in China and Europe did not fluctuate which caused stability in Indian domestic prices.

Indian ferro molybdenum prices were INR 2,325,000/t ($28,027/t) exw-Nagpur on a 60% pro rata basis as on 7 February, according to BigMint's assessment.

Weekly market review

Last week, neither the domestic nor the international market showed any significant movement. There were routine inquiries which kept prices at almost similar levels with some variations.

"It's against the nature of ferro molybdenum that prices are stable throughout the week as market dynamics fluctuate on a daily basis," a producer said.

Prices (Mo:60%) in China were consistent w-o-w at RMB 215,500/t ($30,315/t) exw-Inner Mongolia. Market activity slowdown ahead of the festival kept prices unchanged. Prices (Mo:70%) remained constant w-o-w at $47/kg in Europe as well.

The London Metal Exchange (LME) platform also displayed a minor fluctuation in prices, with a $0.14/pound drop to $19.34/pound on 6 February.

Outlook

Considering the current market scenario, prices are expected to hold steady within current range, with some variations expected.