Asian molybdenum market summary Jul 9-13
2007-07-16 10:37:02 【Print】
BEIJING (Asian Metal) 16 Jul 07 - Asian ferromolybdenum market remains slow and stable in the week, with prices around USD69.5-71.5/kg for ferromolybdenum 60% and USD31.0-32.0/lb for molybdenum oxide 57%, and buyers are hesitating to purchase to the materials. In Chinese domestic market, ferromolybdenum price increases from RMB272,000-277,000/t(USD59.9-61.0/kg) to RMB278,000-282,000/t(USD61.2-62.1/kg) in the week while molybdenum concentrate price rise from RMB4,050/mtu(USD24.3/lb) to RMB4,100/mtu(USD24.6/kg). Participants believe that ferromolybdenum market will remain slow and stable for export in July, but the domestic price will go up further in the coming weeks.
Early in the week, Chinese ferromolybdenum market remains slow, with prices in the range of RMB273,000-278,000/t(USD60.1-61.2/kg) for ferromolybdenum 60%. But some traders feel that the supply is a little bit tight, and they can not find the material for export.
On Tuesday, some major smelters sell ferromolybdenum 60% for RMB278,000/t while small suppliers sell the material for RMB275,000/t(USD60.5/kg).
For export, some major Chinese suppliers who have got the export quota still offer ferromolybdenum 60% for USD72/kg while some other suppliers offer USD70/kg for the material, but buyers in Asia are hesitating to purchase the material, expecting the market to move down a little bit further in July. However, most Chinese suppliers who have got the export quota refuse to lower their offer, believing the market will be bound to go up in August and September.
For molybdenum oxide, the supply still remains tight, and some major producers refuse to offer or offer over USD32/lb for molybdenum oxide 57%, but foreign buyers are reluctant to purchase the material above USD32/lb. The market generally remains quiet. For molybdenum concentrate, the price remained in the range of RMB4,050/mtu(USD24.1/lb) early in the week.
Later in the week, Chinese ferromolybdenum market firms up abruptly, with prices rising to RMB278,000-282,000/t while molybdenum concentrate price rise to RMB4,100/mtu. Some participants believed that the market will go up to RMB288,000/t(USD63.4/kg) in the coming weeks, because steel mills will purchase a large quantity of ferromolybdenum in the coming weeks. For export, Chinese suppliers offer USD70/kg for ferromolybdenum 60%, but the market is a little bit quiet.
For molybdenum oxide, the price remained around USD31.0-32.0/lb, but there are few materials available in the market. Industry insiders believe that molybdenum market will keep slow and stable in the coming two months before it rebounds in September.
Early in the week, Chinese ferromolybdenum market remains slow, with prices in the range of RMB273,000-278,000/t(USD60.1-61.2/kg) for ferromolybdenum 60%. But some traders feel that the supply is a little bit tight, and they can not find the material for export.
On Tuesday, some major smelters sell ferromolybdenum 60% for RMB278,000/t while small suppliers sell the material for RMB275,000/t(USD60.5/kg).
For export, some major Chinese suppliers who have got the export quota still offer ferromolybdenum 60% for USD72/kg while some other suppliers offer USD70/kg for the material, but buyers in Asia are hesitating to purchase the material, expecting the market to move down a little bit further in July. However, most Chinese suppliers who have got the export quota refuse to lower their offer, believing the market will be bound to go up in August and September.
For molybdenum oxide, the supply still remains tight, and some major producers refuse to offer or offer over USD32/lb for molybdenum oxide 57%, but foreign buyers are reluctant to purchase the material above USD32/lb. The market generally remains quiet. For molybdenum concentrate, the price remained in the range of RMB4,050/mtu(USD24.1/lb) early in the week.
Later in the week, Chinese ferromolybdenum market firms up abruptly, with prices rising to RMB278,000-282,000/t while molybdenum concentrate price rise to RMB4,100/mtu. Some participants believed that the market will go up to RMB288,000/t(USD63.4/kg) in the coming weeks, because steel mills will purchase a large quantity of ferromolybdenum in the coming weeks. For export, Chinese suppliers offer USD70/kg for ferromolybdenum 60%, but the market is a little bit quiet.
For molybdenum oxide, the price remained around USD31.0-32.0/lb, but there are few materials available in the market. Industry insiders believe that molybdenum market will keep slow and stable in the coming two months before it rebounds in September.
