MOLYBDENUM

Traders and producers put 60% min grade ferro-molybdenum in a range of RMB125,000-129,000/tonne, down 2% as compared to RMB128,000-131,000/tonne seen a week ago.

“There is sporadic business on the spot market and steel mills still persevere with low bids,” said a ferro-molybdenum producer.

A recent sale of some 300 tonnes to a steel mill was reported to be concluded at only RMB120,000/tonne, market sources said.

Molybdenum concentrate prices have also dipped to RMB1,850-1,900/mtu from the previous level of RMB1,900-1,950/mtu amid muted activity.

“There is a big price diverge between buyers and miners, which is hindering business,” said an ore dealer.

Not much is happening on the export market, with the China’s Customs agency recording only 7.5 tonnes of exports of ferro-molybdenum in October, down 97.9% year on year. In the first ten months of this year, exports slumped as much as 88.2% to 651 tonnes.

By contrast, China’s imports of roasted molybdenum oxide swelled 6,357% year-on-year to 42,023 tonnes in January-October, whilst imports of molybdenum concentrates also surged 246.8% to 11,901 tonnes, according to latest Customs data.

Amid quiet trading, European prices for ferro-molybdenum have now eased to $26-27/kg, with molybdenum oxide fetching $11-11.30/kg.

http://www.metal-pages.com/news/story/43513/