Japanese Steel Mills Turn to Moly Oxide as Spread to Ferromoly Remains Wide
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- Category: Molybdenum's News
- Published on 13 March 2015
- Written by luya
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Some Japanese steelmakers are switching to molybdenum oxide from ferromolybdenum due to the wide price spread between the two products, market sources said March 5.
One Japanese steelmaker has decided to halve its consumption of ferromoly by switching to moly oxide, given that moly oxide prices were $3/kg cheaper, one mill source said.
"There is around Yen 300-Yen 400/kg ($2.50-$3.33)/kg cost benefit using moly oxide," he said.
Platts assessed the global moly oxide price at $8-$8.07/lb ($17.60- $17.75/kg) Wednesday, and Japan's spot import price of ferromoly at $20.80-$21/kg CIF Thursday.
The spread between moly oxide and ferromoly prices ranged from $2-$3/kg in February as well, Platts data showed.
One South Korean trader said the cost of converting moly oxide into ferromoly is at least $1/kg.
"I expect more requirement for moly oxide briquette, that [is] only a 10 cents/lb premium [over] moly oxide," he said.
He added some ferromoly plants that already have some moly oxide briquette production may expand output.
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