Chinese molybdenum concentrate miners hold back from selling
2024-04-23 08:37:04 [Print]
BEIJING (Asian Metal) 23 Apr 24 - Due to tight market supply, most molybdenum concentrate miners hold back from selling these two days. The current mainstream prices of Chinese molybdenum concentrate 45%min rise to RMB3,350-3,400/mtu (USD20.76-21.07/lb Mo) EXW D/P, RMB30/mtu (USD0.19/lb Mo) higher than last week. Driven by active inquiries, most miners hold positive views to the market prospect. Thus, the industrial participants predict that the prices would go up the following days.
"We have no intention to sell these two days despite that we do receive very attractive inquiries as the market sees tight supply," a miner in Jilin disclosed. They offer RMB3,400/mtu (USD21.13/lb Mo) and could accept the price no less than RMB3,380/mtu (USD21.01/lb Mo) today. A client would like to buy molybdenum concentrate 45%min at around RMB3,360/mtu (USD20.88/lb Mo) EXW D/P today but they refused, while they last sold 60t at nearly RMB3,365/mtu (USD20.92/lb Mo) when they quoted at RMB3,380/mtu (USD21.01/lb Mo) late last week. Considering the limited spot goods, the miner has strong faith in the market and predicts that the prices would increase in the forthcoming days.
With an annual production capacity of 16,000t, the miner produced 750t in April, 1,200t in March and 9,600t in 2023. They have stocks of 100t presently.
A miner in Henan revealed, "As we have difficulties in replenishing stocks, we do not quote and close any deal today." Their client would like to buy molybdenum concentrate 45%min at around RMB3,365/mtu (USD20.92/lb Mo) EXW D/P but they refused and wanted a price higher than RMB3,370/mtu (USD20.95/lb Mo), while they last sold about 60t at RMB3,340/mtu (USD20.76/lb Mo) to a regular client last Friday when they preferred RMB3,360/mtu (USD20.88/lb Mo). They had 3-4 inquiries this morning. Given the active downstream demand, the miner expects that the prices would continue to rise in the coming days.
Based on an annual production capacity of 7,000t, the miner produced 132t in April, 150t in March and 1,270t in 2023. They have stocks of 20t presently.
"We have no intention to sell these two days despite that we do receive very attractive inquiries as the market sees tight supply," a miner in Jilin disclosed. They offer RMB3,400/mtu (USD21.13/lb Mo) and could accept the price no less than RMB3,380/mtu (USD21.01/lb Mo) today. A client would like to buy molybdenum concentrate 45%min at around RMB3,360/mtu (USD20.88/lb Mo) EXW D/P today but they refused, while they last sold 60t at nearly RMB3,365/mtu (USD20.92/lb Mo) when they quoted at RMB3,380/mtu (USD21.01/lb Mo) late last week. Considering the limited spot goods, the miner has strong faith in the market and predicts that the prices would increase in the forthcoming days.
With an annual production capacity of 16,000t, the miner produced 750t in April, 1,200t in March and 9,600t in 2023. They have stocks of 100t presently.
A miner in Henan revealed, "As we have difficulties in replenishing stocks, we do not quote and close any deal today." Their client would like to buy molybdenum concentrate 45%min at around RMB3,365/mtu (USD20.92/lb Mo) EXW D/P but they refused and wanted a price higher than RMB3,370/mtu (USD20.95/lb Mo), while they last sold about 60t at RMB3,340/mtu (USD20.76/lb Mo) to a regular client last Friday when they preferred RMB3,360/mtu (USD20.88/lb Mo). They had 3-4 inquiries this morning. Given the active downstream demand, the miner expects that the prices would continue to rise in the coming days.
Based on an annual production capacity of 7,000t, the miner produced 132t in April, 150t in March and 1,270t in 2023. They have stocks of 20t presently.
