Ferro molybdenum price continues upward trend

BEIJING (Asian Metal) 5 Aug 09 – Continued the upward trend, ferromolybdenum price increased again over the passed weekend, and market participants disclosed to Asian Metal that there are people selling Chinese and South Korean material in European market.
A European trader concluded a few deals of small volume of 65%min ferromolybdenum at around USD43.00/kg Mo. d.p. in warehouse Rotterdam. Compared to the price of last Friday at USD40.00-42.00/kg Mo. d.p. in warehouse Rotterdam, the price increased again. Moreover, the source sees that there are people offering Chinese and South Korean 60%min ferromolybdenum at USD40.00-41.00/kg Mo. d.u. in warehouse Rotterdam.
The source also concluded a deal of molybdenum oxide on back-to-back basis at around USD18.00/lb. He receives inquiries from both consumers and traders, and believes the market will continue its upward trend in the following days.
Another European trader told Asian Metal that he is standing on sidelines and watching the market. He confirmed that deals of 65%min ferromolybdenum were sealed at around USD43.00/kg Mo d.p. in warehouse Rotterdam, and molybdenum oxide price is in the range of USD17.80-18.20/lb in warehouse Rotterdam. "Market is changing so fast; I sold some material a week ago at around USD36.00/kg Mo. d.p. in warehouse Rotterdam in the beginning of last week, and just a few days later, I am regretting the deals I made," said the source.
He holds that there is very little stock of ferromolybdenum and molybdenum oxide, so the prices are likely to rise further in the coming days. He takes that European steel mills are still in summer holiday, and the production will increase in the end of August. "I have to save the stock I have on hand for later market at higher prices," the trader said with confidence.