India: Ferro molybdenum prices stable as market shows no major movement

• Demand & supply remain at usual levels
  
  
• Global prices show no significant shifts
  
  

With a slight w-o-w decline of INR 11,000/t ($133/t) compared to the previous assessment on 5 March, ferro molybdenum prices in India stayed constant. While there were minor variations in global prices, market conditions in India remained relatively unchanged.

Indian ferro molybdenum prices were INR 2,406,000/t ($29,026/t) exw-Nagpur on a 60% pro rata basis, according to BigMint's assessment on 13 March.

Market highlights

Domestic market stability, stainless steel trends: The domestic market showed indications of stability last week as the regular market operations were conducted.

Prices did rise for 304 grade stainless steel in the market as London Metal Exchange (LME) nickel prices went up. However, the market has not yet picked up momentum because of weak demand and decreased interest in purchasing. Thus, the amount of ferro molybdenum purchased from this industry only remained at regular levels.

China's price movement, global stability: China's prices (Mo:60%) dropped by RMB 2,000/t ($278/t) w-o-w, reaching RMB 223,000/t ($31,002/t) exw-Inner Mongolia. However, there were reports that mills were circulating material requests in the market.

With a minor decline of $0.37/kg and $0.2/kg w-o-w, prices in the US (Mo:70%) and South Korea (Mo:60%) stayed stable at $60/kg and $49/kg, respectively. In the same way, prices remained steady in Europe.

The prices on the LME platform also showed no significant w-o-w variation, falling by just $0.03/pound to $20.26 /pound on 12 March.

Outlook

Considering the current market conditions, not much variation in prices is expected in the days ahead.