As more consumers are back to the market to purchase ferromolybdenum this week, participants report that there are more buying activities, and the market tends to stable. Though big mines have increased the offers for molybdenum concentrate to RMB1,600-1,700/mtu (USD10.64-11.31/lb), many people still believe there is not enough momentum for the price to rebound further.
A Liaoning-based smelter with a capacity of 300tpm offered RMB125,000/t (USD30.55/kg) for ferromolybdenum 60% Wednesday, but admitted that their concluded prices were in the range of RMB108,000-115,000/t (USD26.39-28.1/kg) depending on the quantity. The source reported that offers for molybdenum concentrate have gone up to RMB1,500/mtu (USD10.00/lb), while major miners offer RMB1,700/mtu (USD11.31/lb) for the material. "The truth is, market is stable now, and the price is not really going up significantly," said the source. "The mainstream price should be in the range of RMB110,000-115,000/t (USD26.88-28.1/kg) ex works for ferromolybdenum 60%."
Meanwhile, another Liaoning-based smelter with a capacity of 5,000tpy for ferromolybdenum disclosed to Asian Metal that it is still workable to purchase molybdenum concentrate 40% at RMB1,450/mtu (USD9.65/lb). "No matter how high the offer is, only the concluded price matters," remarked the supplier.
The source concluded 20t of ferromolybdenum 60% at RMB110,000/t (USD26.88/kg) in a tender Tuesday, suggesting that the market has not gathered enough momentums to go up. "I think the market would remain stable for some time, and the future is still up in the air," said the source. However, the source pointed out that there are more buyers in the market compared to last month.
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