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[Ferro-Alloys.com]There are not bulk transactions in the molybdenum market in China after traders’ selling at low price. 50% molybdenum concentrate was mainly quoted at RMB 1570-1650/mtu; 45-50% molybdenum concentrate was quoted at RMB 1550-1570/mtu. some mines postpone the quotation, waiting the recovery of downstream demand after the holiday. In the short term, molybdenum raw material market will be stable.

A steel mill in Jiangsu entered the market to purchase 120 tonnes of ferro molybdenum, but without bulk transactions. Insiders forecasted that the steel bidding has little influence on the price as the market is coming into a holiday mode. With the support the cost of spots, molybdenum chemical and products enterprises would keep the current trend.

Ferromolybdenum price maintain stability this week. From the point of steel biddings, as of Friday, steel mills purchase 500 tonnes of ferromolybdenum, with price of RMB 108,000-109,500/ton in four large companies at Beijing, Tianjin, Jiangsu provinces. Another steel factory in Jiangsu province entered the market to purchase further 120 tonnes of ferromolybdenum yesterday.

Insiders forecasted that the price will fall, but it is now hard for the market a substantive impact when the holiday is coming. According to some ferromolybdenum enterprises, they have received some enquiries from foreign countries and have exported small amount of goods. Ferromolybdenum was quoted at $16,744-17,519/t, unchanged with the previous week.

As next week Chinese spring festival coming, most enterprises of molybdenum chemical and products keep firm quotation. Molybdenum market in China will soon be closed, so the price will stabilize.

• [Editor:Jiang Li Juan ]