Chinese traders hint at ferromolybdenum price fix
After the ferromolybdenum price recently surpassed $85/kg, ferromolybdenum traders in China signaled that they intend to fix the price at $90/kg. The news comes as some plants have predicted that ferromolybdenum prices could shoot past $100/kg to reach record territory for ferromolybdenum prices. A representative from one of the melting plants in Huludao commented, "At present, spot ferromolybdenum prices in Rotterdam may certainly reach $90/kg, and nobody wants to accept shipping ferromolybdenum at a price lower than $87/kg." Another major local ferromolybdenum producer added, "We believe that it is possible the ferromolybdenum price could reach $105/ton." Molybdenum ore supply has been in short supply in Huludao, and several of the processing plants in the region have been running at reduced capacity. The lack of sufficient molybdenum supplies has been a major factor precipitating the price rise. Another important factor is the rumor of a possible cancellation of the ferromolybdenum export rebate.