Chinese molybdenum concentrate market sees declining prices
2023-04-03 07:55:39 [Print]
BEIJING (Asian Metal) 3 Apr 23 - In view of the soft demand from terminal users, Chinese molybdenum concentrate 45%min market mentality kept negative and most suppliers chose to clear their inventory as soon as possible during the past week. Currently, the mainstream prices of Chinese concentrate 45%min stand at RMB2,900-2,950/mtu (USD19.3-19.6/lb Mo) EXW D/P, down by RMB600/mtu (USD4/lb Mo) from early last week. Considering that the weak market mentality in spot market continues, insiders believe that the mainstream prices of Chinese molybdenum concentrate 45%min would drop further in the coming week.
"Prices kept moving downing during the past week and we dropped our price to the latest around RMB3,000/mtu (USD19.9/lb Mo) EXW D/P to clear all the inventory just in order to get our funds back as soon as possible," said a trader in South China. However, no buyers would like to purchase at any prices above RMB2,900/mtu (USD19.3/lb Mo). They just sold 32t of molybdenum concentrate 45%min at RMB2,900/mtu (USD19.3/lb Mo) last last week. However, they refuses to sell at any prices below RMB3,500/mtu (USD23.3/lb Mo) just one week ago. Bidding prices of ferromolybdenum 60%min they inquired dropped to the latest about RMB179,000/t (USD43.7/kg Mo) delivered D/P. Considering that downstream market couldn't offer any effective support now, they predict that the mainstream prices of Chinese molybdenum concentrate 45%min would drop to around RMB2,500/mtu (USD16.6/lb Mo) in the coming week.
With a monthly trading volume of 100t, they sold about 1,200t in 2022 and about 320t in the first three months of 2023. They expect to sell about 100t this month, down by about 20t from last month. They have no inventory now, down by about 60t MoM.
"In order to reduce out inventory pressure, we chose to decline our price to promote sales. For firm bids, we could accept RMB2,900/mtu (USD19.3/lb Mo) EXW D/P now," said a trader in North China. They just sold about 33t of molybdenum concentrate 45%min late last week. They called their other regular clients to promote sales at the same day, but buyers' target prices only stay at around RMB2,700/mtu (USD17.9/lb Mo). However, buyers could still accept RMB3,500/mtu (USD23.3/lb Mo) just one week before. Considering that most buyers prefer to watch the market and inquiries in spot market stay rare now, they predict that the mainstream prices of Chinese molybdenum concentrate 45%min would drop to around RMB2,700/mtu (USD17.9/lb Mo) in the coming week.
With a trading volume of 120tpm, they sold about 1,500t in 2022 and about 390t so far this year. They expect to sell about 120t this month, down by about 30t from last month, holding around 60t of stocks for the moment, down by around 90t from MoM.
"Prices kept moving downing during the past week and we dropped our price to the latest around RMB3,000/mtu (USD19.9/lb Mo) EXW D/P to clear all the inventory just in order to get our funds back as soon as possible," said a trader in South China. However, no buyers would like to purchase at any prices above RMB2,900/mtu (USD19.3/lb Mo). They just sold 32t of molybdenum concentrate 45%min at RMB2,900/mtu (USD19.3/lb Mo) last last week. However, they refuses to sell at any prices below RMB3,500/mtu (USD23.3/lb Mo) just one week ago. Bidding prices of ferromolybdenum 60%min they inquired dropped to the latest about RMB179,000/t (USD43.7/kg Mo) delivered D/P. Considering that downstream market couldn't offer any effective support now, they predict that the mainstream prices of Chinese molybdenum concentrate 45%min would drop to around RMB2,500/mtu (USD16.6/lb Mo) in the coming week.
With a monthly trading volume of 100t, they sold about 1,200t in 2022 and about 320t in the first three months of 2023. They expect to sell about 100t this month, down by about 20t from last month. They have no inventory now, down by about 60t MoM.
"In order to reduce out inventory pressure, we chose to decline our price to promote sales. For firm bids, we could accept RMB2,900/mtu (USD19.3/lb Mo) EXW D/P now," said a trader in North China. They just sold about 33t of molybdenum concentrate 45%min late last week. They called their other regular clients to promote sales at the same day, but buyers' target prices only stay at around RMB2,700/mtu (USD17.9/lb Mo). However, buyers could still accept RMB3,500/mtu (USD23.3/lb Mo) just one week before. Considering that most buyers prefer to watch the market and inquiries in spot market stay rare now, they predict that the mainstream prices of Chinese molybdenum concentrate 45%min would drop to around RMB2,700/mtu (USD17.9/lb Mo) in the coming week.
With a trading volume of 120tpm, they sold about 1,500t in 2022 and about 390t so far this year. They expect to sell about 120t this month, down by about 30t from last month, holding around 60t of stocks for the moment, down by around 90t from MoM.
