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India: Steady global demand keeps ferro molybdenum prices range-bound

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Noble Ferro Alloys

BigMint Bureau

210 Reads

25 Sep 2024, 17:15 IST

India: Steady global demand keeps ferro molybdenum prices range-bound

Imported molybdenum oxide prices remain stable

Europe, China more active to procure material

Indian ferro molybdenum prices have remained range-bound over the past few weeks due to steady global demand. However, prices fell by INR 25,000/tonnes ($299/t) w-o-w, compared to the previous assessment on 18 September.

According to BigMint's assessment on 25 September, ferro molybdenum prices in India stood at approximately INR 2,515,000/t ($30,106/t) ex-works Nagpur, based on a 60% pro-rata basis. Last week, around 6 t of deals were reported to BigMint within the price range of INR 2,470,000-2,500,000/t ($29,567-29,926/t) ex-works.

Market over the week

Steady global, domestic demand: The ferro molybdenum market has been stagnant over the last few weeks and hence, no major variations were observed in prices. Prices of imported molybdenum oxide to India were stable too w-o-w at $21.4-21.5/lb.

Globally, Europe and China were more active to procure material. However, prices declined in China by RMB 3,000/t ($427/t) to RMB 238,000/t w-o-w ($33,890/t) exw-Inner Mongolia. Bids for the material in domestic Chinese market were around RMB 235,000-237,500/t ($33,462-33,818/t) exw. However, sellers were not in a rush to sell off the material. In fact, they were waiting for further price support.

Worldwide price trends: Prices were stable in the global market as well. In the US and Europe (Mo:70%), prices came down by a slight $0.2/kg to $52/kg each.

Stability was observed in the prices on London Metal Exchange (LME) platform as well, going up by a marginal $0.01/pound w-o-w to $21.55/pound on 24 September.

Outlook

The market appears to be static at the moment, with no significant developments. In the coming days, prices are expected to remain within the current range, with potential minor fluctuations.