Chinese molybdenum market summary Jan 9-13

BEIJING (Asian Metal) 16 Jan 06 - Chinese ferromolybdenum market became active in the week, and the price is on increase now, with ferromolybdenum 60% export prices around USD46/kg and the domestic prices around RMB220,000-230,000/t now.

Early in the week, Chinese ferromolybdenum domestic market kept firm, with the price rising by about RMB5,000-10,000/t, from around RMB210,000 to RMB220,000/t. Market participants attribute the price increase to the current strong demand from steel mills and the relatively shortage of molybdenum concentrate.Asian Metal Copyright But later in the week, the market became active, and some producers concluded deals at USD43-44kg.Asian Metal Copyright Although the price has risen at that time, Market participants believe that the ferromolybdenum domestic market would stay stable during the Spring Festival. Later in the week, producers report the ferromolybdenum price still remains around RMB220,000/t and the market keep stable.

In the export markets, Chinese ferromolybdenum export prices stay around USD41/kg FOB CMP early in the week, and the market remains slow and quiet at that time. But later in the week, the market became active, and some producers concluded deals at USD43-44/kg. On Friday, Chinese producers quote USD47-48/kg for ferromolybdenum export and cannot accept anything below USD45/kg.

Meanwhile, molybdenum concentrate prices remain as high as RMB3,100/mtu, and some ferromolybdenum producers complained that the molybdenum concentrate supply is tight.