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Asia Ferromolybdenum: Spot offers rise on higher concluded Chinese levels

Singapore (Platts)--9 Mar 2018 113 am EST/613 GMT


Asia ferromolybdenum offers rose on higher Chinese domestic prices on active buying from Chinese steel mills after the Lunar New Year holiday from February 15-21, industry sources said this week.

S&P Global Platts assessed the weekly Chinese ferromolybdenum 60% Mo price at $31.20-$31.50/kg FOB Thursday, up from $30.20-$30.45/kg last Thursday.

The CIF Japan ferromolybdenum assessment was $31.25-$31.55/kg this week, up from $30.20-$30.45/kg last week.

A western producer said the Chinese market had been active and he had concluded two tenders this week. One was for 3,000 mt at Yuan 118,000/mt ($18,600/mt) and the other was for more than 2,000 mt above Yuan 117,000/mt.

This western producer put the dollar equivalent value for the two tenders at around $31.20/kg and reckoned FOB offers to be around $31.50/kg.

Several Chinese sources agreed that Chinese ferromolybdenum prices had been rising steadily in view of the Chinese steel mill tenders after the Lunar New Year from below Yuan 110,000/mt before the break.

In addition, sources said Chinese domestic molybdenum concentrate offers had also risen steadily as supply remained limited, thereby lending support to Chinese ferromolybdenum prices. Molybdenum concentrate is a feedstock for ferromolybdenum.

"The Chinese molybdenum concentrate price is good. It has reached a high of Yuan 1,720-1,750/mtu so far," said another Chinese producer.

Last week, Chinese molybdenum concentrate was around Yuan 1,650/mtu.

--Alvin Yee, alvin.yee@spglobal.com

--Edited by Irene Tang, irene.tang@spglobal.com




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