At the beginning of this week the molybdneum market was relatively quiet. The ferromoly market seemed weak, with less orders. Mainstream producers attempted to slightly cut its quotations, while many mining companies with limited spots failed to offer quotations. The price of chemical and deep-processing products mostly maintained the same.

　　RMB has been depreciating in recent days. Yesterday the international molybdenum oxide assessment range narrowed to $11.9-12/lb, equivelent to RMB 2092-2110 yuan/mtu on import basis. While the European ferrmoly assessment fell to $29.2-29.4/kg, equivelent to RMB 12,0500-12,1300 yuan/mt on export basis. Affected by the summer vacation the molybdenum market outside China seemed subdued. Please pay close attention to whether there will be transactions in the Asian spot market.

　　1, Less transactions have been conducted in the moly concentrate market

　　Recently participants held different opinions on the moly concentrate market. Large-sized producers tried to reduce its offers as spot goods were insufficient. There was less activities in the market, and raw materials were hard to purchase at a low price. The mainstream market did a good job in transactions, while the bulk market seemed relatively weak.

　　Long-terms contracts, as we learnt, operated normally. Mining companies in many regions, including Hei Longjiang, Jilin, Mongolia , Shananxi and Jiangxi province etc., failed to offer quotations, while Zhejiang and Henan province have received some bids and inquiries. The intentional price of 40-45% moly concentrae reached 1780-1800 yuan/mtu, and 45-50% concentrate was likely to be booked at 1805-1835 yuan/mtu. The bulk market performed subdued with less activities.

　　2, The ferromoly market still faces pressures

　　According to our statistics, as of yesterday mainstream steel mills have tendered for about 2200 tons ferromoly. Overall tenders from steelmakers appeared weak early this week.

　　At present large producers mianly offered at 12,6000-13,3000 yuan/mt, slightly lower than previous prices. Under the influence of the downward market trend, the ferromoly bulk market have experienced less inquiries and buying business, with some sellers offering a lower price. It was difficult to achieve transactions, and the growing wait-and-se mood was expected to last for a period of time.

　　3, The moly chemical and product market maintain stable

　　The chemicals and products market was pretty quiet, with quotations predominantly staying the same. The first-class molybdneum dioxide and powders assessmnet still unchanged at 12,8000-13,0000 yuan/t and 25,5000-26,5000 yuan/t respectively. Downstream companies were cautious about purchasing, and less has been concluded.

　　In conclusion, tenders from steel mills seemed less. The molybdenum market has been experiencing a quiet period of time, with transactions maintaining stable. Participants were not enthusiastic about joining in the market.