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.