Chinese molybdenum concentrate suppliers hold positive mentality
2023-04-27 08:28:53 [Print]
BEIJING (Asian Metal) 27 Apr 23 - As producers preferred to hold back from selling and inquiries stayed active during the past week, Chinese molybdenum concentrate traders' mentality turned positive strongly. At present, the mainstream prices of Chinese molybdenum concentrate 45%min stand at RMB3,300-3,350/mtu (USD21.9-22.3/lb Mo) EXW D/P, up by RMB750/mtu (USD5/lb Mo) from middle last week. Considering that most terminal users prefer to watch the market now, insiders believe that the mainstream prices of Chinese molybdenum concentrate 45%min would stay in a stalemate in the coming week.
"We could hardly replenish our inventory as producers all prefer to hold back from selling now. We have strong confidence and refuse to sell at any prices below RMB3300/mtu (USD21.9/lb Mo) EXW D/P for the moment," said a trader in North China. They last sold about 30t of molybdenum concentrate 45%min at RMB2,550/mtu (USD16.9/lb Mo) early last week. Prices of ferromolybdenum 60%min they inquired also increased by about RMB60,000/t (USD14.6/kg Mo) during the past week to the latest around RMB230,000/t (USD56.2/kg Mo) EXW D/P. Considering that some steel mills start to accept the soaring ferromolybdenum 60%min prices by small volume already, they believe that the mainstream prices of Chinese molybdenum concentrate 45%min would stay firm in the coming week.
With a regular trading volume of 200tpm, they sold about 2,400t in 2022 and about 500t in the first quarter of 2023. They expect to sell about 200t this month, the same as last month. They have nearly 30t of inventories now, down by about 60t MoM.
"Ferromolybdenum prices kept soaring and molybdenum concentrate producers preferred to hold back from selling during the past week, which brought us enough confidence and we refuse to sell our molybdenum concentrate 45%min at any prices below RMB3,350/mtu (USD22.3/lb Mo) EXW D/P now," said another trader in North China. They last sold about 30t of molybdenum concentrate 45%min at RMB2,600/mtu (USD17.3/lb Mo) middle last week. Considering that they could hardly replenish their stocks and the positive market mentality in spot market continues, they expect that the mainstream prices of Chinese molybdenum concentrate 45%min would move up further in the coming week.
With a regular trading volume of 120tpm, they sold about 1500t in 2022 and about 400t so far this year. They expect to sell about 120t this month, the same as last month, holding around 30t of regular stocks for the moment, down by about 30t MoM.
"We could hardly replenish our inventory as producers all prefer to hold back from selling now. We have strong confidence and refuse to sell at any prices below RMB3300/mtu (USD21.9/lb Mo) EXW D/P for the moment," said a trader in North China. They last sold about 30t of molybdenum concentrate 45%min at RMB2,550/mtu (USD16.9/lb Mo) early last week. Prices of ferromolybdenum 60%min they inquired also increased by about RMB60,000/t (USD14.6/kg Mo) during the past week to the latest around RMB230,000/t (USD56.2/kg Mo) EXW D/P. Considering that some steel mills start to accept the soaring ferromolybdenum 60%min prices by small volume already, they believe that the mainstream prices of Chinese molybdenum concentrate 45%min would stay firm in the coming week.
With a regular trading volume of 200tpm, they sold about 2,400t in 2022 and about 500t in the first quarter of 2023. They expect to sell about 200t this month, the same as last month. They have nearly 30t of inventories now, down by about 60t MoM.
"Ferromolybdenum prices kept soaring and molybdenum concentrate producers preferred to hold back from selling during the past week, which brought us enough confidence and we refuse to sell our molybdenum concentrate 45%min at any prices below RMB3,350/mtu (USD22.3/lb Mo) EXW D/P now," said another trader in North China. They last sold about 30t of molybdenum concentrate 45%min at RMB2,600/mtu (USD17.3/lb Mo) middle last week. Considering that they could hardly replenish their stocks and the positive market mentality in spot market continues, they expect that the mainstream prices of Chinese molybdenum concentrate 45%min would move up further in the coming week.
With a regular trading volume of 120tpm, they sold about 1500t in 2022 and about 400t so far this year. They expect to sell about 120t this month, the same as last month, holding around 30t of regular stocks for the moment, down by about 30t MoM.
