European ferromolybdenum market summary Nov 7-11
2005-11-14 13:54:04 【Print】
BEIJING (Asian Metal) 14 Nov 05 – Market opened this week at low level with ferromolybdenum 65% offering at USD70-71/kg Mo d.p. in warehouse Rotterdam, and many traders reported receiving few enquiries, although a Swedish trader reportedly sold 20t for USD69/kg Mo d.p. the week before. For ferromolybdenum 60%min, most of which is Chinese material, it was quoted high at USD71-72/kg Mo d.u. in warehouse Rotterdam.
By mid-week, expectations ran high on its continuous fall among stakeholders, end-users especially, which eventually adversely affected the fortunes of ferromolybdenum material by dipping further as market participants reported the material was now being offered for exchange in warehouse Rotterdam in the range USD69-71/kg Mo d.p. for prompt delivery down from USD70-71/kg Mo d.p. early in the week.
By close of the business on Thursday, renewed interests for ferromolybdenum 65% gathered momentum resulting in market participants, especially traders and dealers, refusing to accept USD69-70/kg in exchange for a kilogram of the material in warehouse Rotterdam. Reports had it that this renewed interest was responsible for the difficulty in getting molyoxide, the raw material for ferromolybdenum at USD30/lb as molyoxide was being concluded in the range USD30.5-31/lb.
The market was generally quiet with many traders lamenting of either few deals or no deal at all. Although this extremely quiet market trend continued till the close of business on Friday, participants hoped the ferroalloys conference would rejuvenate the market somehow and therefore, many market participants reportedly offered both ferromolybdenum 65%min and 60%min material in the range USD70-71/kg Mo for duty paid and duty unpaid respectively.
