China's SRB Buys 5,300 Tonnes of Molybdenum Oxide
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- Category: Molybdenum's News
- Published on 05 November 2015
- Written by yiping
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China’s State Reserve Bureau (SRB) bought 5,300 tonnes of molybdenum oxide from major market participants on Wednesday October 28.
It was the third time that the SRB has bought molybdenum oxide in the market this year. It bought 3,000 tonnes in April and 7,000 tonnes in July.
The price this time was settled at 805 yuan ($126.52) per mtu. The price was lower than market expectations, which had been for about 820 yuan per mtu. As a result, with suppliers reluctant to sell larger volumes, the final volume bought came in lower than the SRB’s initial target of 7,300 tonnes.
"The delivery time is within the next four months. Today's prices are very low, so it’s more likely prices will pick up. Signs of an upturn are showing up in the European market," a moly analyst said.
Some researchers assessed 45% molybdenum concentrate prices at 700-730 yuan per mtu on Wednesday October 28.
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