China Molybdenum’s Moly Concentrate Output Hits 17,400 MT for H1

Platts reported that in the first half of 2013, China Molybdenum Luoyang Company Ltd. (HKEX:3993) put out 17,400 metric tons of molybdenum concentrate, up 6.5 percent year on year.

As quoted in the market news:

Sales revenue for the six months fell 11% year on year to Yuan 2.69 billion ($440 million), while net profit for the period slid 19% to Yuan 605 million, the Henan-based producer said in its interim report filed to the Hong Kong Stock Exchange. The company attributed the poorer performance to weaker ferromoly, gold and silver prices over the reporting period.

China Molybdenum predicted that domestic moly prices would remain at low levels in the third quarter, blaming it on the traditional lull period for demand.

‘Q4 prices are expected to improve, when the Q3 slack buying season is over,’ the company said.

Click here to read the full Platts report.