Chinese ferromolybdenum prices down
2023-03-14 08:27:34 [Print]
BEIJING (Asian Metal) 14 Mar 23 - Though steel mills started to purchase by bulk already, in view of the sufficient supply in spot market, Chinese ferromolybdenum 60%min market mentality still stayed negative during the past week. Currently, the mainstream prices of Chinese ferromolybdenum 60%min stand at RMB300,000-302,000/t (USD71
"No traders would like to build inventory for the moment and we have to halve our monthly production. In order to promote sales, we could accept RMB300,000/t (USD71.9/kg Mo) EXW D/P now," said a producer in North China. They last sold 10t of ferromolybdenum 60%min to one of their regular terminal users at RMB310,000/t (USD74.2/kg Mo) delivered D/P late last week. Considering that most traders prefer to clear inventory than building and inquiries in spot market stay rare, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would break down RMB300,000/t (USD71.9/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,090t in 2022 and about 200t so far this year. The producers expect to produce about 100t this month, the same as February, holding around 100t of inventories for the moment, up by about 80t MoM.
"Traders preferred to clear their inventory as they dropped their prices to the latest around RMB300,000/t (USD71.9/kg Mo) EXW D/P . In order to guarantee our market competitiveness, we have to drop our price accordingly to this level," said another producer in North China . They just sold 10t of ferromolybdenum 60%min at this price level this Monday. However, they refused to sell at any prices below RMB310,000/t (USD74.2/kg Mo) just one week ago. Considering that the current market supply could easily meet steel mills' demand and the negative market mentality continues, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would drop by at least RMB5,000/t (USD1.2/kg Mo) in the following week.
With an annual production capacity of 10,000t, the producer produced about 2,430t in 2022 and about 250t in the first two months of 2023. They expect to produce around 80t this month, down by about 20t from February due to lack of orders . They have around 50t of stocks for the moment, up by about 30t MoM.
. 9-72.3/kg Mo) EXW D/P, down by RMB10,000/t (USD2.4/kg Mo) from late last week . Considering that few traders would like to build inventory and the weak market mentality continues, insiders believe that the mainstream prices of Chinese ferromolybdenum 60%min would move down further in the coming week.
"No traders would like to build inventory for the moment and we have to halve our monthly production. In order to promote sales, we could accept RMB300,000/t (USD71.9/kg Mo) EXW D/P now," said a producer in North China. They last sold 10t of ferromolybdenum 60%min to one of their regular terminal users at RMB310,000/t (USD74.2/kg Mo) delivered D/P late last week. Considering that most traders prefer to clear inventory than building and inquiries in spot market stay rare, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would break down RMB300,000/t (USD71.9/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,090t in 2022 and about 200t so far this year. The producers expect to produce about 100t this month, the same as February, holding around 100t of inventories for the moment, up by about 80t MoM.
"Traders preferred to clear their inventory as they dropped their prices to the latest around RMB300,000/t (USD71.9/kg Mo) EXW D/P . In order to guarantee our market competitiveness, we have to drop our price accordingly to this level," said another producer in North China . They just sold 10t of ferromolybdenum 60%min at this price level this Monday. However, they refused to sell at any prices below RMB310,000/t (USD74.2/kg Mo) just one week ago. Considering that the current market supply could easily meet steel mills' demand and the negative market mentality continues, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would drop by at least RMB5,000/t (USD1.2/kg Mo) in the following week.
With an annual production capacity of 10,000t, the producer produced about 2,430t in 2022 and about 250t in the first two months of 2023. They expect to produce around 80t this month, down by about 20t from February due to lack of orders . They have around 50t of stocks for the moment, up by about 30t MoM.