European ferromolybdenum prices slump
2023-04-14 08:09:08 [Print]
BEIJING (Asian Metal) 14 Apr 23 - Due to the reducing demand from terminal users, European ferromolybdenum 65%min market saw sufficient supply and negative mentality during the past week. At present, the mainstream prices of European ferromolybdenum 65%min stand at USD47-47.5/kg Mo in warehouse Rotterdam, down by USD3/kg Mo from late last week. Considering that inquiries in spot market keep rare and the weak mentality continues, insiders believe that the mainstream prices of European ferromolybdenum 65%min would drop slump in the coming week.
"Buyers all prefer to watch the market and we have to drop our prices to promote sales. For firm bids, we could accept USD47/kg Mo in warehouse Rotterdam now," said a trader in Middle Europe. They just sold 10t of ferromolybdenum 65%min at this price level two days ago. However, they refused to sell at any prices below USD50/kg Mo just one week ago. Their major clients only want to buy at no more than USD44/kg Mo for the moment. Considering that terminal users keep reducing consumption and traders' inquiries stay rare now, they predict that the mainstream prices of European ferromolybdenum 65%min would drop by around USD3/kg Mo in the coming week.
With a regular trading volume of 60tpm, they sold around 720t in 2022 and about 180t so far in 2023. They expect to sell about 40t this month according to the feedback of their regular clients, down by about 20t from March, holding around 20t of regular stocks for the moment, unchanged MoM.
"Our steel mill clients halved their monthly consumption, which brought huge negative influence on us. In order to promote sales, we could accept USD47/kg Mo in warehouse Rotterdam now," said a trader in East Europe. They last sold 10t of ferromolybdenum 65%min at USD50/kg Mo about one week ago and didn't receive any new inquiries after that. Their regular clients could find goods in spot market with the target price of USD42.5/kg Mo, so buyers ask them to drop to the same price level now. As they couldn't guarantee their basic profit, they refused to accept. Considering that buyers could easily find enough goods in spot market now, they expect that the mainstream prices of European ferromolybdenum 65%min would drop by USD5/kg Mo in the following week.
With a monthly trading volume of 40t, they sold about 480t in 2022 and about 120t so far this year. They expect to sell about 20t in April, down by about 20t from last month. They have about 20t of regular inventories for the moment, unchanged MoM.
"Buyers all prefer to watch the market and we have to drop our prices to promote sales. For firm bids, we could accept USD47/kg Mo in warehouse Rotterdam now," said a trader in Middle Europe. They just sold 10t of ferromolybdenum 65%min at this price level two days ago. However, they refused to sell at any prices below USD50/kg Mo just one week ago. Their major clients only want to buy at no more than USD44/kg Mo for the moment. Considering that terminal users keep reducing consumption and traders' inquiries stay rare now, they predict that the mainstream prices of European ferromolybdenum 65%min would drop by around USD3/kg Mo in the coming week.
With a regular trading volume of 60tpm, they sold around 720t in 2022 and about 180t so far in 2023. They expect to sell about 40t this month according to the feedback of their regular clients, down by about 20t from March, holding around 20t of regular stocks for the moment, unchanged MoM.
"Our steel mill clients halved their monthly consumption, which brought huge negative influence on us. In order to promote sales, we could accept USD47/kg Mo in warehouse Rotterdam now," said a trader in East Europe. They last sold 10t of ferromolybdenum 65%min at USD50/kg Mo about one week ago and didn't receive any new inquiries after that. Their regular clients could find goods in spot market with the target price of USD42.5/kg Mo, so buyers ask them to drop to the same price level now. As they couldn't guarantee their basic profit, they refused to accept. Considering that buyers could easily find enough goods in spot market now, they expect that the mainstream prices of European ferromolybdenum 65%min would drop by USD5/kg Mo in the following week.
With a monthly trading volume of 40t, they sold about 480t in 2022 and about 120t so far this year. They expect to sell about 20t in April, down by about 20t from last month. They have about 20t of regular inventories for the moment, unchanged MoM.
