India: Market stability keeps ferro molybdenum prices range-bound
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- Molybdenum oxide prices remain stable
- Prices of ferro molybdenum in China drop
In comparison to the previous assessment on 26 June, Indian ferro molybdenum prices remained almost stable with a marginal drop of INR 35,000/t ($419/t) w-o-w, staying within a range. Prices did not experience any major changes as state of the market remained stable.
According to BigMint's assessment on 3 July, Indian ferro molybdenum prices were at INR 2,712,000/t ($32,462/t) exw-Nagpur on a 60% pro rata basis. In the price range of INR 2,666,000-2,700,000/t ($31,911-32,318/t) exw, around 65 tonnes (t) of trades were concluded last week.
Weekly market highlights
Minimal variation in market: Regular market operations were carried out in the last week, and trades showed that the dynamics of supply and demand remained steady. BigMint was told yesterday by a well-known producer, "We're receiving a lot of inquiries and are offering material at around INR 2,725,000/t ($32,617/t) exw. So this week we can close a few sales." Another producer stated that the market for ferro molybdenum was still robust and is expected to stay steady in the days ahead.
Prices of imported molybdenum oxide remained consistent w-o-w between $22.6-22.8/lb.
Global market updates: Prices of ferro molybdenum in China (Mo:60%) dropped by RMB 10,000/t ($1,375/t) w-o-w to RMB 234,000/t ($32,172/t) exw-Inner Mongolia. There were reports of lower consumption amongst end users which lowered the prices.
Both South Korea (Mo:60%) and the US (Mo:70%) had a minor w-o-w decline of $1/kg, with prices standing at $51/kg and $61/kg, respectively.
In addition, prices on the London Metal Exchange (LME) platform decreased by $0.55/pound w-o-w to $22.75/pound on 2 July.
Outlook
With no significant market movement currently, prices are expected to remain steady with slight variations in the coming days.
