Ferromolybdenum markets rebound in Europe
2005-09-01 11:39:09 【Print】
BEIJING (Asian Metal) 1 Sep 05 – As most European ferromolybdenum end-users end their summer holiday and buyers return to the market, ferromolybdenum rebounds strongly, up from USD69-71/kg Mo d.p. late last week to USD73-75/kg Mo early this week and now trading for USD76-78/kg Mo today, putting smiles on the faces of many traders who bought the current stocks at around USD75-76/kg Mo d.p. two months ago, market reports indicated to Asian Metal.
A French trader reportedly sold large volume ferromolybdenum on Tuesday. “We just sold three containers of ferromolybdenum at USD78/kg Mo d.p. FCA and another container at USD77/kg Mo d.u. FCA, both in warehouse Rotterdam to different end-user UK- based companies,” said the trader. “Now, we are offering at USD80/kg Mo and USD78-79/kg Mo FCA warehouse Rotterdam for duty paid and duty unpaid respectively. And if the present high volume of enquiries sustain in the next two days,” the trader continued, “we will raise our offer to USD90/kg Mo d.p. FCA warehouse Rotterdam next week.”
A UK-based foundry spokesman confirmed the sudden turnaround of ferromolybdenum. “The current mainstream price at USD76/kg Mo is not attractive to us,” said the foundry spokesman, “and we hope the price will soften in the next couple of days.”
However, a UK-based molyoxide trader sounded more cautiously to Asian Metal. “This week, as buyers return to the market, ferromolybdenum has been very firm at USD72-73/kg Mo d.p. warehouse Rotterdam,” said the trader. “But given the current price of molyoxide which now sells firmly at USD32/lb, and if you do the conversion,” the source added, “it’s a possibility, and I have no doubt someone could conclude deals on and sell ferromolybdenum for USD78/kg Mo.”
In India meanwhile, a ferromolybdenum producer reported that the market is stable, with the mainstream price for ferromolybdenum standing firm at USD84-85/kg Mo, up from USD78-80/kg Mo last week, be it Chinese or western grade. “Market is stable for ferromolybdenum 60% at USD84-85 for prompt delivery,” said the purchasing manager of the company. The company, with a 2,400t annual production capacity currently produces 40-50t ferromolybdenum monthly, due to the volatility of the market. Furthermore, the company obtains all its moly concentrate and molyoxide from Europe and China respectively.
Industry analysts counsel monitoring the market for the next few days to clearly indicate whether the market rebound could sustain for long.
A French trader reportedly sold large volume ferromolybdenum on Tuesday. “We just sold three containers of ferromolybdenum at USD78/kg Mo d.p. FCA and another container at USD77/kg Mo d.u. FCA, both in warehouse Rotterdam to different end-user UK- based companies,” said the trader. “Now, we are offering at USD80/kg Mo and USD78-79/kg Mo FCA warehouse Rotterdam for duty paid and duty unpaid respectively. And if the present high volume of enquiries sustain in the next two days,” the trader continued, “we will raise our offer to USD90/kg Mo d.p. FCA warehouse Rotterdam next week.”
A UK-based foundry spokesman confirmed the sudden turnaround of ferromolybdenum. “The current mainstream price at USD76/kg Mo is not attractive to us,” said the foundry spokesman, “and we hope the price will soften in the next couple of days.”
However, a UK-based molyoxide trader sounded more cautiously to Asian Metal. “This week, as buyers return to the market, ferromolybdenum has been very firm at USD72-73/kg Mo d.p. warehouse Rotterdam,” said the trader. “But given the current price of molyoxide which now sells firmly at USD32/lb, and if you do the conversion,” the source added, “it’s a possibility, and I have no doubt someone could conclude deals on and sell ferromolybdenum for USD78/kg Mo.”
In India meanwhile, a ferromolybdenum producer reported that the market is stable, with the mainstream price for ferromolybdenum standing firm at USD84-85/kg Mo, up from USD78-80/kg Mo last week, be it Chinese or western grade. “Market is stable for ferromolybdenum 60% at USD84-85 for prompt delivery,” said the purchasing manager of the company. The company, with a 2,400t annual production capacity currently produces 40-50t ferromolybdenum monthly, due to the volatility of the market. Furthermore, the company obtains all its moly concentrate and molyoxide from Europe and China respectively.
Industry analysts counsel monitoring the market for the next few days to clearly indicate whether the market rebound could sustain for long.
