India: Ferro molybdenum prices climb to over 3-month high on higher global, LME prices

• Mixed stainless steel trends amid cautious buyer activity
  
  
• Chinese prices inch up, LME futures near three-month high
  
  

Indian ferro molybdenum prices rose by INR 86,500/t ($957/t) compared to the last assessment on 28 January. The increase came as sellers raised their offers, following an upward trend in global markets and LME prices, despite subdued end-user activity.

As per BigMint's assessment on 4 February, ferro molybdenum prices stood at INR 3,076,000/t ($34,032/t) exw-India. Prices are hovering at a three-month high level as similar levels were seen in mid-October'25. Trading activity remained weak during the week, with very few spot transactions reported, as buyers remained cautious amid higher seller offers.

Market updates (29 January- 3 February)

China market sentiments: Ferro molybdenum prices (Mo: 60%) inched up by RMB 3,000/t ($432/t) w-o-w to RMB 263,000/t ($37,906/t) ex-Inner Mongolia. Prices remained firm and continued to trend upward, supported by strong production costs. Elevated prices of key raw materials, including molybdenum concentrate and molybdenum oxide, provided solid cost support for producers.

On the demand side, major steel mills focused on pre-holiday bidding and procurement, while producers held back inventories, tightening spot supply and supporting prices.

European ferro molybdenum (Mo: 70%) prices edged up by $0.9/kg w-o-w to $58/kg, as rising oxide costs lent support to prices, despite Steady downstream demand. Meanwhile, US ferro molybdenum (Mo: 70%) prices also increased by $1.5/kg w-o-w to $58/kg.

LME futures inch up w-o-w: Molybdenum futures on the London Metal Exchange (LME) inched up by $0.12/lb w-o-w at $23.73/lb on 3 February 2026, nearing a three-month high

India market scenario: The Indian ferro molybdenum market continued its upward trend this week tracking gains in global markets, particularly China, and rising international molybdenum oxide prices, which prompted domestic sellers to raise their offers.

However, end-user demand remained cautious, with limited inquiries keeping buyers selective in their procurement. As a result, trading activity stayed subdued, reflecting a market that remained firm on prices but saw restrained participation from buyers.

Mixed sentiments in stainless steel market: The stainless steel market remained cautious and volatile this week. Long products lost momentum after a brief uptrend as LME nickel corrected, keeping prices unstable and buyers on the sidelines. In the flat segment, demand was moderate but selective, with buyers avoiding bulk purchases and import activity remained slow.

Overall demand stayed subdued, while market sentiment remained mixed, as participants awaited clarity on IndiaUS and IndiaEU trade deals. which are expected to open new avenues especially for the pipe and tube segment and potentially lend support to flat product demand toward the end of the month, though clarity is still awaited.

Outlook

Prices in India are expected to remain range-bound, with end-user demand, buyer acceptance of higher prices, and global market trends likely to drive the market.