Platts reported that New China Dragon intends to increase its output of ferromolybdenum by 25%.
Articles Tagged "ferro molybdenum"
Canyon Copper Corp. (OTCBB:CNYC) reports that it has received conditional approval from the TSX Venture Exchange to list as a Tier 1 Mining Issuer.
After low prices enticed China to become a net importer of molybdenum, surpluses built up may cause price stagnation in 2011. Steel demand is slated to grow in 2011, just at a slower rate than seen in the past few years.
Ferro-molybdenum and molybdic oxide continued their rally this past week, as frightening low stockpiles have traders worried that if the purchases accelerate, there simply won’t be enough moly to go around.
Molybdenum miners may dramatically slash output in an effort to coax a rebound in the price of the alloying metal, priming the industry for a rapid price ascent when stainless steel demand rebounds.
Imports of molybdenum into China surged in February as overseas sellers stepped up competition with Chinese producers. Imports of moly have surged because Chinese producers have found themselves largely unable to compete with cheaper import offers.
Slower Chinese buying impacted Ferro-molybdenum prices between last Wednesday and Friday; however, the US’s proposed $136 Billion infrastructure spending plan capped the downside. Western-grade Ferro-molybdenum fell to $24.50-26.50 per kg from $26-28 per kg previously, with the bulk of material sold towards the low end of the range.