FeMo set to reach target soon
2005-03-07 09:03:44 【Print】
BEIJING(Asian Metal) 7-Mar-2005 Chinese ferro-molybdenum suppliers have brought up the quotations for their materials to well over $80/kg Mo FOB recently, despite the slow business with the foreign consumers. Being confident with the market development, participants reported that they are seeing the target to be achieved by the end of this month.
"The price of $75/kg is past and now we are asking for $82/kg Mo."said a converter in Huludao. Tight market supply and the potential demand are the major factors to support the positive estimation. The spokesperson emphasized Chinese producers are not anxious too much about the relatively dull transaction, as there is not much availability at the moment.
Due to the serious accident of a coal mine in Liaoning, molybdenum concentrate processing was hindered by the concern on the production safety. Ferro-molybdenum producers revealed that it is very hard to seek for the raw material in Huludao these days. And prices of molybdenum concentrate was enhanced to the record high at around rmb5700-5,800/mtu($31.27/lb Mo), while molybdenum trioxide grading 51% was reported to stand at over rmb6100/mtu at the same time.
With the picking up western molybdenum market, suppliers believed that they would finally achieved the high quotation before the end of this month. "Maybe next week, we will see the deal concluded at about $83-84/kg Mo."said a trader, who disclosed to have purchased some cargoes at just about $75-76/kg Mo days ago.
