moly boom looking good, page-6

Price of product going up. May help sp.

Chinese moly oxide prices move higher to above $33/lb CIF

Hong Kong (Platts)--6Jun2008
Chinese-origin molybdenum oxide prices this week moved up to $33-33.30/lb
on a CIF basis compared with $32.65-33.20/lb a week earlier, as more consumer
interest returned to the market, local sources said.
One China-based producer said his company sold a mid-June shipment of
about 60 mt of molybdenum powder to European traders at $33.50/lb CIF
Rotterdam. "We are now offering prices at no less than $33.50/lb CIF," he
said. "The export supply is still short. Domestic demand is getting stronger
and more material is being sold to local steel plants," he said, adding that
he had received more overseas inquiries this week looking for the Chinese
material.
Another Chinese producer said he sold 20 mt of molybdenum oxide to South
Korea at $33.30/lb CIF Pusan. "Prices are up compared with last week as spot
supply is still tight. Despite firmer prices, export trade has been slow
moving as producers are cautious about the amount they sell as they expect
prices to be even higher next week," he added.
Meanwhile, traders said domestic ferromolybdenum in China was higher at
Yuan 276,000 ($39,862)/mt ex-plant, compared with Yuan 271,000-272,000/mt a
week ago. Export prices for ferromolybdenum currently stand at $77.50-78/kg on
a CIF basis, rising from $76.50-77.50/kg a week ago.
A Chinese producer said his company had sold about 5 mt ferromolybdenum
to an Indian steel mill at $78.10/kg on a CIF basis. Other traders said they
had not closed any spot deals recently for ferromolybdenum export. "I am more
focused on doing domestic trade," one trader said.
--Wendy Shair, [email protected]