[+/-] : Chinese ferromolybdenum market stable temporarily

3 Feb 10- According to producers, there are no cheap molybdenum concentrate and molyoxide in China now, and raw material suppliers refuse to low their offers before New Year holiday, with the mainstream prices in the range of RMB2,100-2,150/mtu (USD13.95-14.28/lb) for molybdenum concentrate 45% now. In view of the stable situation of raw material, Chinese ferromolybdenum producers hold their offers recently, and the mainstream prices of ferromolybdenum 60% kept stable in the range of RMB140,000-145,000/t (USD34.16-35.40/kg Mo) this week though some reduced their offers from RMB145,000/t (USD35.40/kg Mo) to RMB142,000-143,000/t (USD34.65-34.90/kg Mo) early this week.
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With a production capacity of 250tpm of ferromolybdenum, a producer from Liaoning insisted on offering RMB145,000/t (USD35.40/kg Mo) for ferromolybdenum 60% these two days. Though there are few enquiries from traders these two weeks, he is unwilling to reduce the quotations in the near term.
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"I think ferromolybdenum market will keep stable before the New Year, and it seems to be bottom out," said the source, with 100t of spot inventories in hand for the moment. Furthermore, the source bought 50t of molybdenum concentrate 43% at RMB2,100/mtu (USD13.95/lb) yesterday. This batch of raw material will not be used before the holiday, added the source.
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Another Liaoning-based producer with a production capacity of 100tpm offers RMB145,000/t (USD35.40/kg Mo) for ferromolybdenum 60% for the moment, unchanged these two days. "The cost should be at RMB144,000/t (USD35.14/kg Mo) for ferromolybdenum 60% according to the prices of molybdenum raw materials," said the source.
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The source confirmed that some producers are selling ferromolybdenum 60% at RMB140,000/t (USD34.16/kg Mo) now, but most have molybdenum mine themselves or enough cheap raw materials. Predicting that ferromolybdenum market will keep stable in the coming days, he refuses to reduce offers. ...
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[+/-] : Chinese ferromolybdenum traders refuse to refill inventories as steel mills maintain

2 Feb 10- According to traders, some local steel mills are overhauling now and may resume production after Spring Festival, so they will not refill their inventories in the near term.
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A Henan-based trader with 30t of ferromolybdenum in hand shared with Asian Metal that Anyang Iron & Steel has been overhauling since the beginning of February. "An official of this steel mill told me that they will resume production after Lantern Festival (February 28, 2010)," said the source.
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As a result, the source refuses to refill inventories in the near term since he is not sure when his customers will purchase raw material during the Spring Festival holiday. The purchase cost of the stocks is around RMB125,000/t (USD30.50/kg Mo), and he is not under pressure to sell out now. Moreover, he received offers of ferromolybdenum 60% at RMB145,000/t (USD35.38/kg Mo) from a Liaoning-based producer yesterday, adding that the concluded prices should be below RMB145,000/t (USD35.38/kg Mo) currently.
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With a monthly trading volume of 5t of ferromolybdenum, a Fujian-based trader reported that he didn't purchase the material these two weeks and will not enter the market before Chinese New Year holiday.
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"I have no financial pressure now and am going to prepare my holiday," said the source, confirming that some of their customers stopped production at the end of last month and may resume production in March. ...
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[+/-] : Magnesium ingot price slides down in Shanxi and Ningxia

1 Feb 10 – Except some smelters in Wenxi who still hold their price at around RMB16,300/t (USD2,387/t) ex works, many others from Shanxi and Ningxia have sold small batches of magnesium ingot at RMB16,050-16,200/t (USD2,350-2,372/t) ex works. According to sources, some have agreed to sell at RMB16,000/t (USD2,343/t) ex works since late last week.
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A Ningxia-based producer, whose monthly output is around 400t at present, revealed to Asian Metal that they started to ink deals at RMB16,000/t (USD2,343/t) ex works with the offer at RMB16,100/t (USD2,357/t) ex works in the past one week. The concluded price has decreased by nearly RMB400/t (USD59/t) compared with that in the middle of last month.
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The source, who has no stocks on hand now, anticipates that magnesium ingot price might dip further in the following one week. "As the price is on the decline, the transactions slow down. I think the price will drop to RMB15,800/t (USD2,313/t) ex works before the Spring Festival," the source said.
Asianmetal(English) http://www.asianmetal.com 4G2O
A Shanxi-based producer, who is operating with an output of 1,000tpm, confirmed that the price in local market is around RMB16,000-16,100/t (USD2,343-2,357/t) ex works at the moment. "We are unwilling to sell our magnesium ingot at such low prices for the time being, for we even can get little profit. We hold back from offering," the source explained. Most of their deals were closed at around RMB16,400/t (USD2,401/t) ex works in early January.
Asianmetal(English) http://www.asianmetal.com IQQK
The source, who is not in urgent need of cash, is watching the market and expects the price might decrease by another RMB200/t (USD29/t) in the following days. Meanwhile, the source disclosed that the price of ferrosilicon is RMB6,400/t (USD937/t) ex works, which is RMB100/t (USD15/t) lower than that of their last purchase in early last month. "The small decline in ferrosilicon price has not reduced our production cost a lot," the source lamented. ...
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[+/-] : Manganese Metals Flakes supply tight in Europe

3 Feb 10 - Manganese supply is a bit tight due to less import from China last year. The price in European spot market rises gradually and though the price drops much from Chinese suppliers, the market stays firm in Rotterdam for low availability of the material.
A European trader about to purchase 100 tons of manganese flakes and briquette told Asian Metal that the offer rises to above USD2,900/t in the spot market, from about USD2,800-2,850/t last month. "There are very few materials in the spot market, which pushes the price up," said the source, claiming the offer from China is decreasing as manganese market is in low performance in Chinese domestic market.
But as the supply is also not very sufficient in Chinese spot market, some suppliers are not ready to sell and expect manganese price to rebound again after the Spring Festival. The source placed an order for about 200 tons of manganese briquette from China at about USD2,400/t CIF Rotterdam.
Another European trader sold out their stocks of about 100 tons of manganese flakes at USD2,950/t d.d.u to a local buyer before the price decreases in China. "While the supply is very tight in the spot market, we do not expect manganese price to follow suit in the near term," said the source, reporting that buyers mostly purchase from hand to mouth but have to accept the higher price for lack of materials.
As some buyers have placed some orders in advance, manganese supply may improve gradually in the coming weeks, which may hinder the price from increasing further, and make buyers more reluctant to buy unless the demand is urgent.
A third European trader reported to Asian Metal that they made a deal of only 10 tons at USD3,000/t d.d.p for prompt delivery. There are some small deals made in European spot market at relatively much higher prices while the offer last month stayed about USD2,900/t in Rotterdam warehouse. ...
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[+/-] : Antimony trioxide,Antimony ingot export price stays high

3 Feb 10 – Antimony trioxide export price remains stable at a comparatively high level. Most suppliers are quoting at USD6,100/t FOB China, but some others would like to hold their prices a little higher than this popular offer.
A Hunan-based supplier, whose monthly trading volume is about 100-200t, revealed to Asian Metal that they are offering at USD6,100/t FOB China. Despite they can accept the price a bit lower than the offer, there still have not been any deals concluded yet. "Overseas buyers are reluctant to purchase in view of such a high price," the source explained, adding that some foreign customers are active in checking the price.
The source believes that antimony trioxide price will keep on this level in February due to the high price of antimony ingot, the raw material. "I guess it is unlikely for the price to slide down before the Spring Festival, and it might also stay firm for several days when we return after the holiday," the source said.
Another supplier also from Hunan, who sells about 200t of antimony trioxide every month to overseas market, claimed they insist on holding at USD6,150/t FOB China at present. "We have sold a little antimony trioxide at this price. Meanwhile, we are fulfilling some contracts signed in the middle of last month at around USD5,850/t FOB China," the source said.
"Because of the high replacement cost, we have to keep our price firm. I think some buyers who really need antimony trioxide will purchase although the price is high, for they have to maintain their production," the source said, expecting the price to be stable at least this month. ...
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