Chinese ferromolybdenum prices down
2023-04-19 08:21:31 [Print]
BEIJING (Asian Metal) 19 Apr 23 - Due to the soft demand from terminal users, Chinese ferromolybdenum 60%min market saw little confidence and most producers preferred to drop their prices to clear inventory as soon as possible during the past week. Currently, the mainstream prices of Chinese ferromolybdenum 60%min stand at RMB172,000-174,000/t (USD41.9-42.5/kg Mo) EXW D/P, down by RMB13,000/t (USD3.2/kg Mo) from middle last week. Considering that the negative market mentality in spot market continues, insiders predict that the mainstream prices of Chinese ferromolybdenum 60%min would move down further in the coming week.
"Steel mills reduced their consumption, which made our inventory kept increasing during the past two weeks. In order to promote sales, we could accept RMB172,000/t (USD41.9/kg Mo) EXW D/P now," said a producer in North China. They last sold 20t of ferromolybdenum 60%min at RMB185,000/t (USD45.2/kg Mo) about one week ago. Prices of molybdenum concentrate 50%min they inquired dropped to the latest around RMB2,600/mtu (USD17.3/lb Mo) EXW D/P. Considering that sufficient supply for both raw material and ferromolybdenum continues, they predict that the mainstream prices of Chinese ferromolybdenum 60%min would drop to around RMB150,000/t (USD36.6/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,090t in 2022 and about 300t in the first three months in 2023. They expect to produce around 100t in April, the same volume as last month, holding about 100t of inventories for the moment, unchanged from late last month.
"We face increasing inventory pressure for the moment and have to drop our price to promote sales. For firm bids, we could accept RMB172,000/t (USD41.9/kg Mo) EXW D/P for the moment," said a producer in Northeast China. They last sold 10t of ferromolybdenum 60%min at RMB187,000/t (USD45.7/kg Mo) late last week and their regular clients refuse to purchase at any prices above RMB170,000/t (USD41.5/kg Mo) now. Prices of molybdenum concentrate 45%min they inquired dropped to the latest around RMB2,580/mtu (USD17.1/lb Mo) EXW D/P. In view of the slumping raw material prices and growing inventory, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would decline by at least RMB20,000/t (USD4.9/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,260t in 2022 and about 300t in the first quarter of this year. They expect to produce about 100t this month, the same as last month. They have around 50t of stocks for the moment, up by about 20t MoM.
"Steel mills reduced their consumption, which made our inventory kept increasing during the past two weeks. In order to promote sales, we could accept RMB172,000/t (USD41.9/kg Mo) EXW D/P now," said a producer in North China. They last sold 20t of ferromolybdenum 60%min at RMB185,000/t (USD45.2/kg Mo) about one week ago. Prices of molybdenum concentrate 50%min they inquired dropped to the latest around RMB2,600/mtu (USD17.3/lb Mo) EXW D/P. Considering that sufficient supply for both raw material and ferromolybdenum continues, they predict that the mainstream prices of Chinese ferromolybdenum 60%min would drop to around RMB150,000/t (USD36.6/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,090t in 2022 and about 300t in the first three months in 2023. They expect to produce around 100t in April, the same volume as last month, holding about 100t of inventories for the moment, unchanged from late last month.
"We face increasing inventory pressure for the moment and have to drop our price to promote sales. For firm bids, we could accept RMB172,000/t (USD41.9/kg Mo) EXW D/P for the moment," said a producer in Northeast China. They last sold 10t of ferromolybdenum 60%min at RMB187,000/t (USD45.7/kg Mo) late last week and their regular clients refuse to purchase at any prices above RMB170,000/t (USD41.5/kg Mo) now. Prices of molybdenum concentrate 45%min they inquired dropped to the latest around RMB2,580/mtu (USD17.1/lb Mo) EXW D/P. In view of the slumping raw material prices and growing inventory, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would decline by at least RMB20,000/t (USD4.9/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,260t in 2022 and about 300t in the first quarter of this year. They expect to produce about 100t this month, the same as last month. They have around 50t of stocks for the moment, up by about 20t MoM.
