Ferromolybdenum丨Soaring price of raw materials leads to confusion in the quotation
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Hainan West Asia Group Co. researched. In the early stage, the international molybdenum price fell sharply; the holders shipped large amounts of goods. The market was short of spot goods. As the decline widened, and the price rebounded slightly in the first two days, the terminal entered the market for purchase. Traders generally entered to cover their positions as the delivery date of the previous empty orders approached, and the international molybdenum market rebounded from oversold.
The international price of molybdenum continued to rise, and the increase of international ferromolybdenum expanded. On April 19, the price of ferromolybdenum bulk goods rose several times a day. The cost of molybdenum concentrate has skyrocketed. Today, the mainstream quotation on the ferromolybdenum website has been raised by 10%-12%.
Ferromolybdenum is an alloy of molybdenum and iron. Its main use is as addition of molybdenum in steel making. Adding molybdenum to the steel can make the steel have a uniform fine-grained structure, improve the hardenability of the steel, and help eliminate temper brittleness. China is one of the major countries in the FeMo supply chain, and the price is relatively competitive. For further information, please get in touch with Hainan West Asia Group Co. Ltd.
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