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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (30413)	12/16/2008 10:55:19 AM
From: LoneClone	Read Replies (1) \| Respond to of 193918

Chinese molybdenum concentrate prices firm up on tight supply Singapore (Platts)--12Dec2008 platts.com China's domestic molybdenum concentrate prices appear to have firmed up this week as supply continues to tighten, industry sources said. Molybdenum concentrate prices were mostly heard between Yuan 1,700($248)-1,900/mtu, up about Yuan 100-150/mtu from the previous week. Sources said supply was tight as most mines in Huludao in China's Liaoning province had stopped production, as previous prices at Yuan 1,500-1,700/mtu were too close to their costs. In addition, sources said that it was hard to work in the cold winter weather. Sources noted that owners had been selling from their current stockpiles. With mines closing and no replenishment of stockpiles in sight, supply has tightened. As a result, Chinese domestic ferromolybdenum prices have continued to inch up with most indications ranging widely between Yuan 130,000/mt and Yuan 180,000/mt ex-plant, although no apparent increase in domestic demand was heard. Prices were heard below Yuan 130,000/mt previously. Molybdenum concentrate is the raw material used to produce ferromolybdenum. Chinese domestic molybdenum oxide prices also appeared to firmed up in view of limited molybdenum oxide with indications at Yuan 1,950-2,000/mtu, up about Yuan 100/mtu from the previous week. Meanwhile, Chinese spot molybdenum oxide and ferromolybdenum export trade remained stuck in the doldrums due to an extreme lack of overseas buying interest in view of uncertainty over the worsening state of the global economy, industry sources said. Offers for molybdenum oxide were heard steady between $10/lb and $11/lb on a FOB basis and ferromolybdenum at $24-26/kg. --Alvin Yee, alvin_yee@platts.com