Confusion on how much to sell selenium
2008-10-20 09:59:05 【Print】
BEIJING (Asian Metal) 20 Oct 08 -Selenium price remains at around USD30-32/lb after going down from around USD31-33/lb last week and sources are confused on how much to sell because producers are saying they do not how plenty material while demand keeps sluggish.
A European producer reported a deal at USD31/lb saying this is the highest price they can sell because bids coming to their table are below USD30/lb and they not want to give in to the price.
"Chinese buyers are trying their best to push the price down with low bids of below USD30/lb," said the source. "But it is not yet time for them to get at such prices because we do not see plenty material in the market so we are not eager to push material out."
For the future market, the source said it is difficult to predict the market because of the economic crisis in the west which is putting its own pressure on the price.
However, with producers insisting on price above USD30/lb, traders seem to be confused on how much to sell because weak demand is making the market uninteresting, weakening their confidence.
A European trader who said he managed to sell some quantity last weak at USD30/lb said demand is not coming in large quantities and some small traders are sitting waiting for almost two months to sell something.
The source put the mainstream price at around USD30-31/lb but lack confidence on the future of the material as there are different factors weighing on the current market.
"Demand is weak from buyers in the west and China," said the source. “And this is end of the year when many participants live to have little stock at hand coupled with lack of money to buy material. So the market is not showing a positive sign in the future."
