With demand remaining weak in Chinese ferromolybdenum market, participants stop lowering offers sharply this week, and the market appears generally stable. Offers for ferromolybdenum slip slightly to RMB200,000-205,000/t (USD48.88-50.1/kg), down by about RMB5,000/t (USD1.22/kg) compared with that the previous weekend, while offers for molybdenum concentrate slide to around RMB2,700/mtu (USD17.96/lb). However, low prices are seen in the market, though major suppliers claim that they offer high prices. Some deals for ferromolybdenum are reportedly concluded at around RMB190,000/t (USD46.43/kg), and a major consumer purchased ferromolybdenum at below RMB190,000/t (USD46.43/kg) in the weekend.
Seeing the slow steel market, Chinese ferromolybdenum market has little chance to recover in the near future. Meanwhile, because the price of molybdenum concentrate is getting close to the mining cost, participants believe that the price decrease would be limited in the future.
Meanwhile, the export market generally stalls. As European molybdenum market dropped by over USD5/kg for ferromolybdenum, few people are interested in purchasing. Traders are under the pressure of credit obligation, dumping inventories for cash. Few buyers dare to purchase materials for prompt shipment, while few deals of molybdenum oxide 57% were concluded at USD28-29/lb. Insiders believe the price of ferromolybdenum would fall to USD60/kg or below with firm enquiries.
Molybdate market keeps slipping. Prices for grade-one ammonium tetramolybdate decreased to around RMB200,000/t (USD29.33/kg), while some deals were reportedly concluded at a little bit higher than RMB190,000/t (USD27.86/kg). The market is so slow that many smelters have halted production
Molybdenum products market is chaotic with all kinds of offers appearing in the market. Participants lament about the falling prices in both domestic and overseas markets, and the price of wrought molybdenum bar is getting close to USD60/kg.
Seeing the slow steel market, Chinese ferromolybdenum market has little chance to recover in the near future. Meanwhile, because the price of molybdenum concentrate is getting close to the mining cost, participants believe that the price decrease would be limited in the future.
Meanwhile, the export market generally stalls. As European molybdenum market dropped by over USD5/kg for ferromolybdenum, few people are interested in purchasing. Traders are under the pressure of credit obligation, dumping inventories for cash. Few buyers dare to purchase materials for prompt shipment, while few deals of molybdenum oxide 57% were concluded at USD28-29/lb. Insiders believe the price of ferromolybdenum would fall to USD60/kg or below with firm enquiries.
Molybdate market keeps slipping. Prices for grade-one ammonium tetramolybdate decreased to around RMB200,000/t (USD29.33/kg), while some deals were reportedly concluded at a little bit higher than RMB190,000/t (USD27.86/kg). The market is so slow that many smelters have halted production
Molybdenum products market is chaotic with all kinds of offers appearing in the market. Participants lament about the falling prices in both domestic and overseas markets, and the price of wrought molybdenum bar is getting close to USD60/kg.
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