Chinese ferromolybdenum prices down
2023-03-29 07:42:39 [Print]
BEIJING (Asian Metal) 29 Mar 23 - As terminal users' demand stayed weak, Chinese ferromolybdenum 60%min producers had little confidence and they kept dropping their prices to clearing inventory during the past week. Currently, the mainstream prices of Chinese ferromolybdenum 60%min stand at RMB205,000-210,000/t (USD50.1-51.3/kg Mo) EXW D/P, down by RMB28,000/t (USD6.8/kg Mo) from late last week. Considering that the sufficient supply in spot market continues and the negative market mentality continues, insiders predict that the mainstream prices of Chinese ferromolybdenum 60%min would drop further in the coming week.
"Buyers all prefer to watch the market and we saw little inquiries during the past week. In order to clear our inventory as soon as possible, we could accept RMB210,000/t (USD51.3/kg Mo) EXW D/P," said a producer in North China. They last sold 10t of ferromolybdenum 60%min at RMB235,000/t (USD57.4/kg Mo) late last week. Their called their regular clients this Tuesday, but clients only wanted to purchase at no more than RMB200,000/t (USD48.8/kg Mo). Prices of molybdenum concentrate 45%min they inquired dropped to the latest around RMB3,100/mtu (USD20.6/lb Mo) EXW D/P. Considering that inquiries in spot market stay rare and raw material prices keep moving down, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would drop below RMB200,000/t (USD48.8/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,090t in 2022 and about 200t in the first two months of this year. They expect to produce about 100t this month, almost the same as last month, holding around 50t of stocks for the moment, up by about 30t MoM.
"Steel mills' ferromolybdenum 60%min bidding prices dropped to the latest around RMB197,500/t (USD48.2/kg Mo) delivered D/A 180 days and our regular clients all prefer to purchase at no more than this level now. According to the latest raw material prices, we could at most accept RMB205,000/t (USD50.1/kg Mo) EXW D/P," said another producer in North China. They just sold 10t of ferromolybdenum 60%min at this price level this Tuesday. However, buyers could still accept RMB230,000/t (USD56.2/kg Mo) late last week. Considering that inquiries in spot market stay rare and the negative market mentality continues, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would move down to around RMB160,000/t (USD39.1/kg Mo) in the coming two weeks.
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 last month due to lack of orders. They have around 40t of stocks for the moment, up by about 20t MoM.
"Buyers all prefer to watch the market and we saw little inquiries during the past week. In order to clear our inventory as soon as possible, we could accept RMB210,000/t (USD51.3/kg Mo) EXW D/P," said a producer in North China. They last sold 10t of ferromolybdenum 60%min at RMB235,000/t (USD57.4/kg Mo) late last week. Their called their regular clients this Tuesday, but clients only wanted to purchase at no more than RMB200,000/t (USD48.8/kg Mo). Prices of molybdenum concentrate 45%min they inquired dropped to the latest around RMB3,100/mtu (USD20.6/lb Mo) EXW D/P. Considering that inquiries in spot market stay rare and raw material prices keep moving down, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would drop below RMB200,000/t (USD48.8/kg Mo) in the coming week.
With an annual production capacity of 3,600t, they produced about 1,090t in 2022 and about 200t in the first two months of this year. They expect to produce about 100t this month, almost the same as last month, holding around 50t of stocks for the moment, up by about 30t MoM.
"Steel mills' ferromolybdenum 60%min bidding prices dropped to the latest around RMB197,500/t (USD48.2/kg Mo) delivered D/A 180 days and our regular clients all prefer to purchase at no more than this level now. According to the latest raw material prices, we could at most accept RMB205,000/t (USD50.1/kg Mo) EXW D/P," said another producer in North China. They just sold 10t of ferromolybdenum 60%min at this price level this Tuesday. However, buyers could still accept RMB230,000/t (USD56.2/kg Mo) late last week. Considering that inquiries in spot market stay rare and the negative market mentality continues, they expect that the mainstream prices of Chinese ferromolybdenum 60%min would move down to around RMB160,000/t (USD39.1/kg Mo) in the coming two weeks.
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 last month due to lack of orders. They have around 40t of stocks for the moment, up by about 20t MoM.
