FeMo rises as traders grow in confidence London 10 June 2009 16:33
Ferro-molybdenum rose again on Wednesday with material hard to find and those traders that are holding any stocks mostly preferring to hang on to it in anticipation of higher prices.
Ferro-molybdenum basis 65-70% climbed to $25.50-26.50 per kg from $24.50-25.60 per kg previously, although few deals were reported to MB.
One producer booked a four-tonne sale at $26 per kg with an Italian steel mill, telling MB that he has received bids of $25.50 per kg from traders for truckload deals.
“Traders are prepared to buy for early to mid-July,” he said. “There isn’t much material in traders’ hands but they’re confident of stable prices through July.”
One trader sold 15 tonnes of...
MOL Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
