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Asia Ferromolybdenum: Spot offers rise on higher concluded Chinese levels

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

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

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 hadconcluded 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 tendersat around $31.20/kg and reckoned FOB offers to be around $31.50/kg.

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

In addition, sources said Chinese domestic molybdenum concentrate offershad also risen steadily as supply remained limited, thereby lending support toChinese ferromolybdenum prices. Molybdenum concentrate is a feedstock forferromolybdenum.

"The Chinese molybdenum concentrate price is good. It has reached a highof 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