Chinese Traders May Buy Western Moly Oxide if Prices Fall

Platts reported that if prices for Western-origin molybdenum oxide fall to between $9 and $9.20 per pound, Chinese traders may consider buying it on the spot market.

As quoted in the market news:

One Chinese trader, who typically re-sells Western-origin moly oxide to Asian and European buyers, said he would consider buying from overseas at $9/lb, as Chinese domestic moly concentrate prices have been stabilizing at Yuan 1,400/metric ton unit ($226/mtu, or for 10 kg of moly contained in one ton of concentrate).

The Yuan 1,400/mtu concentrate price is equivalent to around $10/lb.

‘Domestic moly concentrate prices have been stabilizing at Yuan 1,400/mtu, already close at the domestic miner’s acceptance limit,’ the trader said.

Click here to read the full Platts report.