Ferromolybdenum markets quiet

BEIJING (Asian Metal) 30 Aug 05 - As ferromolybdenum prices keep dropping both in Chinese domestic and international markets, foreign buyers bid low prices for Chinese materials, but Chinese producers are not accepting the low bid. The ferromolybdenum market still remains quiet this week.

A Liaoning-based producer now quotes RMB365,000/t for ferromolybdenum 60% and can not accept anything below this level. "The demand is too weak," said the producer.Asian Metal Copyright But buyers seem still to have no interests.Asian Metal Copyright "We had to reduce our quotations.Asian Metal Copyright A Liaoning-based producer now quotes RMB365,000t for ferromolybdenum 60% and can not accept anything below this level.Asian Metal Copyright But buyers seem still to have no interests." The producer's quotation was RMB370,000/t for ferromolybdenum 60% early last week.

The producer has received many enquiries from international markets including the United States and Hong Kong, but buyers only bid prices below USD70/kg for ferromolybdenum. The producer cannot accept the prices at all. "A foreign buyer was interested purchasing a batch of ferromolybdenum for USD70/kg," said the producer.Asian Metal Copyright" The producer's quotation was RMB370,000t for ferromolybdenum 60% early last week.Asian Metal Copyright "But there is no gain at all selling at this price."

The producer now quotes USD77/kg for 20t of ferromolybdenum in Rotterdam warehouse and USD78/kg FOB CMP for the material in China, but has not made any deals yet this week.

"I know foreign buyers have no interest in the prices," said the producer. "But we can not sell below the prices.Asian Metal Copyright .Asian Metal Copyright I think the ferromolybdenum price would rebound in September.Asian Metal Copyright "But there is no gain at all selling at this price.Asian Metal Copyright"

Meanwhile, a Hong Kong-based trader has not made any deals recently due to the fragility and risks associated with ferromolybdenum market. "International ferromolybdenum prices are dropping now," said the trader.Asian Metal CopyrightBEIJING Asian Metal 30 Aug 05 - As ferromolybdenum prices keep dropping both in Chinese domestic and international markets, foreign buyers bid low prices for Chinese materials, but Chinese producers are not accepting the low bid.Asian Metal Copyright "But Chinese producers still keep their prices at a higher level.Asian Metal Copyright "But there is no gain at all selling at this price.Asian Metal Copyright I think the price would rise in September, although not as greatly as what producers expected.Asian Metal Copyright The producer cannot accept the prices at all.Asian Metal Copyright"

The trader plans to come back to the market in September by which time foreign buyers would have ended their summer holiday.