East Asian ferromolybdenum market remains firm
2006-07-18 13:36:57 【Print】
BEIJING (Asian Metal) 18 Jul 06 - Ferromolybdenum market generally remains stable now, with current prices around RMB275,000/t(USD57.3/kg) in Chinese domestic market and USD58-58.5/kg in export market, participants believe that the market will remain firm in the coming weeks.
A source, with an output of 100tpm of ferromolybdenum, who sold several tons of ferromolybdenum for RMB275,000-276,000/t(USD57.3-57.5/kg) in Chinese domestic market believes that Chinese ferromolybdenum domestic market remains stable now. "We have kept the price since last week," said the producer. "If molybdenum concentrate price doesn’t go down, ferromolybdenum price would not likely move down in the coming weeks."
Receiving an enquiry for ferromolybdenum from a Turkish customer these days, the source offered USD58.5/kg FOB for the material, but the customer cannot accept the offer and would like to purchase the material for prompt delivery. For future delivery, the customer can only accept price below USD57/kg.
Another source that bids USD58.3/kg for ferromolybdenum to steel mills believes that ferromolybdenum market remains firm now. The source has increased its molybdenum oxide offer from USD24.3/lb early last week to USD25/lb now and received an offer around USD25/lb for molybdenum oxide from a Chinese producer who increased its offers from USD24.7-24.8/lb last week to the current level, but the source can only accept USD24.8/lb.
According to the source, some suppliers who have about 3-5 containers of ferromolybdenum in Rotterdam warehouse now refuse to offer and are waiting and watching the market, believing the market will go up to USD60/kg in the coming weeks.
