Indian Molybdenum Market News
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- Category: Molybdenum's News
- Published on 07 January 2014
- Written by Elva
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Indian molybdenum market is reportedly quiet in activity despite increase in ferromolybdenum 60%min quotations by converters by INR10-20/kg to INR960-980/kg (USD25.80-26.34/kg Mo) and as molyoxide dealers are upbeat of more enquiries from converters by early January.
A trader source disclosed to Asian Metal the company has stopped offering ferromolybdenum 60%min at INR940/kg (USD25.27/kg Mo) and adduced reason for the price increase to higher cost associated with imports of ferromolybdenum 60%min from foreign suppliers at high Indian Rupee (INR) exchange rate against US Dollar. “We sell more of imported material and inventory replenishment is now at higher cost than estimated,” remarked the source.
A converter hinged higher ferromolybdenum 60%min quotations on high molyoxide price, revealing that the least offer received from dealers for a container-load material yesterday Thursday was USD10.05/lb ex warehouse and that another USD0.10-0.15/lb would be incurred on logistics and cargo transport to factory site.
Weighing in on Indian molybdenum market, a representative of a Western molyoxide supplier stated although the company had not concluded any deals in the past week, with its molyoxide cargoes being quoted in the range of USD9.80-9.95/lb ex ports, there is every indication that toll-traders have limited inventory for operations in January.
“Once ferromolybdenum buying starts we believe molyoxide price will go up again and some end-users who think they could get lower price are going to be disappointed because there is no workable bid at USD9.75/lb ex ports,” opined the representative and concluded Western suppliers expect fairly strong global demand in first quarter which would impact to higher deal prices in India.
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