Chinese ferromolybdenum suppliers waiting for more buying activities

As the ferromolybdenum price slips to RMB175,000-180,000/t (USD42.77-44.00/kg) in Chinese domestic market, participants are expecting the market to bottom out in the near future, and consumers could come back to market.
Molybdenum concentrate price slides to RMB2,200-2,300/mtu (USD14.64-15.3/lb), and participants still predict it to move down further in the coming weeks. But many smelters also indicated that if the price goes down to RMB2,000/mtu (USD13.31/lb), it would be very difficult for the price to decrease further according to the mining cost, so we may see the bottom of the market in the coming month.
A Liaoning-based smelter with a capacity of 4,000tpy for ferromolybdenum offered RMB175,000/t (USD42.77/kg) for the material, lamenting about the low demand. The source believes the price would move down further in the coming months, seeing the weak demand.
But another source in Liaoning argued that because the current price is approaching the bottom line for molybdenum mines, the frequency of the price decrease will slow down in the coming month compared with that in the past month. "I see consumers have started to enquire for ferromolybdenum, and some of them have accepted the current price," said the source. He just sold 20t of ferromolybdenum 60% to a major consumer at RMB173,000/t (USD42.28/kg) this Tuesday, suggesting that mainstream offers in local place remains at RMB180,000/t (USD44.00/kg) for ferromolybdenum 60%.
However, the demand remains slow, and the future seems to be quite dim. A Jiangsu-based stainless steel mill reported that they have suspended production due to the weak demand, and the resume time remains unclear. The consumer used to purchase 100-200tpm of ferromolybdenum last year, complaining that their output has decreased by 50% year-on-year.