thor and molybdenum problem

This data posted on MOL thread, many thanks. Has more implications in getting Thor's Molyhill deposit up and going. The way the market is heading rest of this year and probably most of 2009 will be difficukt for Thor to convince warrant/option holders to convert June 2009. Very difficult for any junior explorer to go the next step to producer imo. Pirra holds too many warrants, sheesh. Time will tell, but best to hold atm.

Moly prices crash on steel cutbacks
06Nov2008 13:50

LONDON, Nov 6 (Reuters) - Ferro molybdenum prices have collapsed by nearly 30 percent this week as steel mills cut production to survive the global economic slowdown.
This has hit ferro molybdenum prices hard and they have now plummeted about 60 percent since early October.

"The weakness in moly is largely due to a collapse in orders from the steel industry who are taking more and more downtime," Credit Suisse said in a note.
On Tuesday Baosteel Group, China's largest steel maker, joined a long list of producers to plan output cuts, as the company it said it would delay reopening a blast furnace that was shut for maintenance.

Last month, Shougang Group, Hebei Iron & Steel Group, Anyang Iron & Steel and Shandong Iron & Steel, state-owned firms that produce nearly a fifth of China's steel, agree to cut output by between 10 and 20 percent, due to a decline in steel prices.

In other minor metals, indium prices have slipped on falling demand for liquid crystal display and flat screens. Corning Inc, the largest maker of glass, said last Wednesday that average unit sales growth in LCD televisions in the United States tumbled this year so far.

Following is a selection of trader comments on minor metals:

OVERALL
"Everybody wants to sell, nobody want to buy. They are using up whatever stocks they have and sitting on their hands."

"The Chinese are being a little bit more prudent, regarding exports, they are worried about being paid. It's part of the general world situation."

"It's dismal it really is. (It's) stainless steel cut backs -- some of the mills are calling 50-60 percent for this quarter and they tended to have 2-3 month ground stocks, which means that they have to use all that before they start buying again."

"Market sentiment is very negative at the moment."
FERROALLOYS

"It seems to be quite quiet. General downturn is all I can say -- in terms of people scaling back their business."

"No spot buying at the moment... There is limited spot business because in general, most European mills are cutting production in the fourth quarter."

"Moly prices are moving target at the moment."