European FeMo market becoming more active
2006-08-18 09:43:43 【Print】
BEIJING (Asian Metal) 18 Aug 06 – Ferromolybdenum 65%min is currently concluding few cents around USD61-61.50/kg Mo d.p. for a truckload and above USD62/kg Mo d.p. for smaller quantity up to 5t in warehouse Rotterdam for prompt delivery.
Offers from Chinese suppliers is USD60-61/kg Mo d.u. CIF Rotterdam for prompt shipment, and as more people return from summer holidays, the level of enquiries has been on the increase. Market reports also have it that molyoxide is firm in the range USD26.80-27.20/lb from Chinese suppliers, but western material is a little cheaper than the Chinese.
A source reportedly sold 10t each of FeMo 65%min and FeMo 60%min for USD62.75/kg Mo d.p. and USD61.25/kg Mo d.u. respectively. “The market is becoming very active now,” remarked the source.
As molyoxide was sold at few cents above USD27/lb, some participants believe this trend will continue for up to next two weeks. "It could reach USD30/lb who knows," said a source referring to molyoxide prices of which 2 parcels were sold at above USD27/lb.
Asked how could people afford to buy molyoxide at USD27/lb, but sell FeMo at USD61-62/kg Mo d.p., he said some people are buying oxide with long term contracts, so when the price of moly is increasing, they can still get cheap material.
Participants agreed the active market being witnessed now could last for a couple of weeks because molyoxide situation will remain tight in the coming weeks.
