Chinese molybdenum market summary Oct 27-31

With demand remaining weak in Chinese ferromolybdenum market, offers for ferromolybdenum slip further to RMB150,000-155,000/t (USD36.66-37.88/kg) from RMB170,000-175,000/t (USD41.54-42.77/kg) early this week, while offers for molybdenum concentrate slide to around RMB2,000/mtu (USD13.31/lb). No significant tender has been reported to Asian Metal in the week, and more people start to believe that the price would decrease further in the coming weeks.
Meanwhile, the molybdenum price in warehouse Rotterdam drops dramatically from USD50/kg to USD36/kg in the week; Chinese suppliers generally stop selling materials in spot market. According to participants, few buyers are interested in purchasing anything. As molybdenum oxide price decreases to USD16/lb at the weekend, everyone is watching what would happen in the following week.
Molybdate market keeps declining with few deals concluded in the market. Prices for grade-one ammonium tetramolybdate decreased to around RMB150,000/t (USD22.00/kg) from RMB170,000/t (USD24.93/kg) early this week, and participants still expect it to move down further in the following week. However, sodium molybdate market appears relatively stable, and the price of sodium molybdate 99% stabilizes at RMB140,000-150,000/t (USD20.53-22.00/kg). There are multikilogram deals of ammonium tetramolybdate and sodium molybdate concluded at USD36/kg and USD28/kg respectively this week, and the demand remains low.
Molybdenum products market remains chaotic and downward. Molybdenum powder price decreased further to RMB320-330/kg (USD46.92-48.39), and low offers, such as RMB300/kg also appear in the market. Offers for molybdenum bar, rod and stick are wide-ranged, and suppliers can only watch the price fall.