Chinese sodium molybdate prices down
2023-03-20 07:43:06 [Print]
BEIJING (Asian Metal) 20 Mar 23 - In view of the dropping raw material prices, Chinese sodium molybdate buyers chose to watch the market and the market saw little inquiries during the past week. Most producers preferred to clear their inventory as soon as possible and the market mentality turned negative significantly. Currently, the mainstream prices of Chinese sodium molybdate 99%min stand at RMB188,000-190,000/t (USD27-27.3/kg) EXW D/A 180 days, down by RMB30,000/t (USD4.3/kg) from early last week. Considering that the negative market mentality continues, insiders believe that the mainstream prices of Chinese sodium molybdate 99%min would keep moving down in the coming week.
"Raw material prices kept dropping during the past week and few clients would like to purchase sodium molybdate 99%min now. In order to clear our inventory, we could accept RMB190,000/t (USD27.3/kg) EXW D/A 180 days for firm bids now," said a producer in South China. They quote RMB195,000/t (USD28/kg) and could accept a discount of RMB5,000/t (USD0.7/kg) for firm bids now. They just sold 5t of sodium molybdate 99%min at RMB190,000/t (USD27.3/kg) late last week. However, they refused to sell at any prices below RMB220,000/t (USD31.6/kg) just one week ago. Considering that inquiries in spot market stay rare and raw material prices keep moving down, they predict that the mainstream prices of Chinese sodium molybdate 99%min would drop by at least RMB20,000/t (USD2.9/kg) in the coming week.
With an annual production capacity of 480t, the producer produced about 250t in 2022 and about 40t in the first two months of 2023. They expect to produce around 15t this month, down by about 5t from February. They kept reducing their inventory during the past two weeks, holding around 10t of inventories for the moment, down by about 10t from late last month.
"Raw material prices kept moving down and buyers all choose to watch the market during the past week. In order to get our funds back as soon as possible, we could accept RMB190,000/t (USD27.3/kg) EXW D/A 180 days for the moment," said another producer in South China. They last sold 5t at RMB215,000/t (USD30.9/kg) about one week ago and didn't receive any inquiries after that. Considering that too many suppliers prefer to reduce inventory but rare inquiries in spot market continues, they expect that the mainstream prices of Chinese sodium molybdate 99%min would keep moving down to around RMB150,000/t (USD21.6/kg) in the coming month.
With an annual production capacity of 720t, they produced about 235t in 2022 and about 40t so far this year. They expect to produce around 15t this month, down by about 5t from last month due to lack of orders. They have around 5t of stocks for the moment, unchanged MoM.
"Raw material prices kept dropping during the past week and few clients would like to purchase sodium molybdate 99%min now. In order to clear our inventory, we could accept RMB190,000/t (USD27.3/kg) EXW D/A 180 days for firm bids now," said a producer in South China. They quote RMB195,000/t (USD28/kg) and could accept a discount of RMB5,000/t (USD0.7/kg) for firm bids now. They just sold 5t of sodium molybdate 99%min at RMB190,000/t (USD27.3/kg) late last week. However, they refused to sell at any prices below RMB220,000/t (USD31.6/kg) just one week ago. Considering that inquiries in spot market stay rare and raw material prices keep moving down, they predict that the mainstream prices of Chinese sodium molybdate 99%min would drop by at least RMB20,000/t (USD2.9/kg) in the coming week.
With an annual production capacity of 480t, the producer produced about 250t in 2022 and about 40t in the first two months of 2023. They expect to produce around 15t this month, down by about 5t from February. They kept reducing their inventory during the past two weeks, holding around 10t of inventories for the moment, down by about 10t from late last month.
"Raw material prices kept moving down and buyers all choose to watch the market during the past week. In order to get our funds back as soon as possible, we could accept RMB190,000/t (USD27.3/kg) EXW D/A 180 days for the moment," said another producer in South China. They last sold 5t at RMB215,000/t (USD30.9/kg) about one week ago and didn't receive any inquiries after that. Considering that too many suppliers prefer to reduce inventory but rare inquiries in spot market continues, they expect that the mainstream prices of Chinese sodium molybdate 99%min would keep moving down to around RMB150,000/t (USD21.6/kg) in the coming month.
With an annual production capacity of 720t, they produced about 235t in 2022 and about 40t so far this year. They expect to produce around 15t this month, down by about 5t from last month due to lack of orders. They have around 5t of stocks for the moment, unchanged MoM.
