Ferromolybdenum market direction unclear

BEIJING (Asian Metal) 14 Jun 06 - Chinese ferromolybdenum market still remains quiet and stable this week, with export price around USD58-59/kg and domestic price around RMB285,000/t(USD59.4/kg).Asian Metal Copyright The current market situation is puzzling some participants, and they don't know which direction the market will go.Asian Metal Copyright The current market situation is puzzling some participants, and they don't know which direction the market will go.

A Jiangsu-based ferromolybdenum smelter, with a production capacity of 100tpm of ferromolybdenum 60%, sold about 1-2t of the material for RMB286,000-288,000/t(USD59.6-60.0/lb) this week.Asian Metal Copyright "The market remains stable this week, and the price has not changed much.Asian Metal Copyright "The market remains stable this week, and the price has not changed much.Asian Metal Copyright4lb from Henan and believes that ferromolybdenum price should be around RMB285,000t for quantity above 10t.Asian Metal Copyright We really don't know the future market direction," said the producer.Asian Metal CopyrightBEIJING Asian Metal 14 Jun 06 - Chinese ferromolybdenum market still remains quiet and stable this week, with export price around USD58-59kg and domestic price around RMB285,000tUSD59.Asian Metal Copyright "But molybdenum concentrate supply becomes a little bit tight this week."

The smelter received molybdenum concentrate offer around RMB4,300/mtu(USD24.4/lb) from Henan and believes that ferromolybdenum price should be around RMB285,000/t for quantity above 10t.

Meanwhile, a Korea-based trader who sold about 1-2 containers of ferromolybdenum for USD58-59/kg this week believes that the ferromolybdenum market is softening now. "I think most ferromolybdenum markets keep softening now except Chinese domestic market," said the producer.Asian Metal Copyright3lb this week.Asian Metal Copyright "Because international demand generally remains weak now."

According to the source, ferromolybdenum market has dropped in Korea with current prices around USD54/kg now, and a steel mill purchased a container of the material for this price this week. Some Korea-based dealers quote USD24/lb for molybdenum oxide now.Asian Metal Copyright "The market remains stable this week, and the price has not changed much.Asian Metal Copyright

However, a Hong Kong-based trader still believes that the ferromolybdenum market remains firm now. "I think ferromolybdenum demand in Europe still remain strong," said the trader.Asian Metal Copyright"The smelter received molybdenum concentrate offer around RMB4,300mtuUSD24.Asian Metal Copyright” Maybe it is because of the World Cup that makes the market become inactive these days.Asian Metal Copyright4lb from Henan and believes that ferromolybdenum price should be around RMB285,000t for quantity above 10t.Asian Metal Copyright"

The trader sold a container of ferromolybdenum for USD58.3/kg in Rotterdam warehouse for prompt delivery last week and received an enquiry of USD58/kg for another container of ferromolybdenum from European buyers, but he refused.Asian Metal CopyrightMeanwhile, a Korea-based trader who sold about 1-2 containers of ferromolybdenum for USD58-59kg this week believes that the ferromolybdenum market is softening now.Asian Metal Copyright "We don't want to sell the material below the price we got last week," said the trader.Asian Metal CopyrightMeanwhile, a Korea-based trader who sold about 1-2 containers of ferromolybdenum for USD58-59kg this week believes that the ferromolybdenum market is softening now.Asian Metal Copyright

The trader sold a container of molybdenum oxide for USD25.3/lb last week and thinks molybdenum oxide price should above USD25.3/lb this week.