European ferromolybdenum prices slump
2023-03-24 07:40:20 [Print]
BEIJING (Asian Metal) 24 Mar 23 - Due to reducing demand from steel mills and dropping prices of resources from Asia, European ferromolybdenum 65%min market saw negative mentality during the past week. Currently, the mainstream prices of European ferromolybdenum 65%min stand at USD63.5-64/kg Mo in warehouse Rotterdam, down by USD8.5/kg Mo from late last week. Considering that most buyers prefer to watch the market and rare inquiries in spot market continues, insiders expect that the mainstream prices of European ferromolybdenum 65%min would keep moving down in the coming week.
"Some suppliers in Asia even reduced their FOB prices to around USD60/kg Mo which seriously reduced our confidence. In order to guarantee our monthly sales volume, we could accept USD64/kg Mo in warehouse Rotterdam now," said a trader in North Europe. They last sold 20t of ferromolybdenum 60%min at around USD70.5/kg Mo delivered D/P last week and didn't receive any new inquiries so far. Considering that most steel mills prefer to consume inventory and inquiries in spot market stay rare now, they expect that the mainstream prices of European ferromolybdenum 65%min would drop to around USD60/kg Mo in warehouse Rotterdam in the following week.
With a regular trading volume of 60tpm, they sold around 700t in 2022 and about 120t in the first two months of this year. They expect to sell about 60t this month, almost the same as last month. They have around 20t of regular stocks for the moment, unchanged MoM.
"Buyers all prefer to watch the market and we would see rare inquiries now. At the same time, suppliers in Asia keep dropping their prices. In order to guarantee our market competitiveness, we could accept USD63.5/kg Mo in warehouse Rotterdam at present," said a trader in East Europe. They sold 10t of ferromolybdenum 65%min at USD67.5/kg Mo this Monday and 10t at USD75/kg Mo early last week. Considering that prices of Asian suppliers keep moving down, they predict that the mainstream prices of European ferromolybdenum 65%min would drop below USD60/kg Mo in the coming week.
With a monthly trading volume of 40tpm, they sold about 500t in 2022 and about 80t so far this year. They expect to sell about 40t in March, almost the same volume as February, holding around 20t of inventories for the moment, up by about 20t MoM.
"Some suppliers in Asia even reduced their FOB prices to around USD60/kg Mo which seriously reduced our confidence. In order to guarantee our monthly sales volume, we could accept USD64/kg Mo in warehouse Rotterdam now," said a trader in North Europe. They last sold 20t of ferromolybdenum 60%min at around USD70.5/kg Mo delivered D/P last week and didn't receive any new inquiries so far. Considering that most steel mills prefer to consume inventory and inquiries in spot market stay rare now, they expect that the mainstream prices of European ferromolybdenum 65%min would drop to around USD60/kg Mo in warehouse Rotterdam in the following week.
With a regular trading volume of 60tpm, they sold around 700t in 2022 and about 120t in the first two months of this year. They expect to sell about 60t this month, almost the same as last month. They have around 20t of regular stocks for the moment, unchanged MoM.
"Buyers all prefer to watch the market and we would see rare inquiries now. At the same time, suppliers in Asia keep dropping their prices. In order to guarantee our market competitiveness, we could accept USD63.5/kg Mo in warehouse Rotterdam at present," said a trader in East Europe. They sold 10t of ferromolybdenum 65%min at USD67.5/kg Mo this Monday and 10t at USD75/kg Mo early last week. Considering that prices of Asian suppliers keep moving down, they predict that the mainstream prices of European ferromolybdenum 65%min would drop below USD60/kg Mo in the coming week.
With a monthly trading volume of 40tpm, they sold about 500t in 2022 and about 80t so far this year. They expect to sell about 40t in March, almost the same volume as February, holding around 20t of inventories for the moment, up by about 20t MoM.
