Chinese FeMo to see usd80

BEIJING(Asian Metal) 11-Jan-04 Influenced by the fluctuating raw material prices, several Chinese ferro-molybdenum producers have greatly increase the offers for their products these days.

"We are quoting $80/kg Mo FOB today,"said a Huludao based producer, "as the molybdenum concentrate price went up to over rmb230,000/t, vat unpaid." The spokesperson from the smelter explained that such a surge is simply resulted from the soaring raw material prices.Asian Metal Copyright So far, the foreign buyers have not widely accept the quotations much higher than $75kg.Asian Metal Copyright

It is not the highest in the market. Another local producer disclosed to Asian Metal today:"We've not formally offered any price for the cargoes yet, but we tend to ask about $85/kg Mo FOB.Asian Metal Copyright" The spokesperson from the smelter explained that such a surge is simply resulted from the soaring raw material prices.Asian Metal Copyright" During the first week 2005, the smelter didn't quote but hold off for clearer market. In the consideration of its own production cost, it is now expecting a level well over $80/kg Mo.Asian Metal Copyright" The spokesperson from the smelter explained that such a surge is simply resulted from the soaring raw material prices.Asian Metal Copyright

Despite the rocketing offers from those smelters, the majority of the domestic converters believed prices of ferro-molybdenum might not go too far in the first half of January 2005, as a considerable amount of materials were delivered before the end of last year, which could be a good complement in western market. So far, the foreign buyers have not widely accept the quotations much higher than $75/kg.Asian Metal Copyright It is not the highest in the market.Asian Metal Copyright It might have to take more time for them to digest the current large movement of Chinese ferro-molybdenum prices.