Two South Korean steelmakers have issued tenders to buy a total of 100 mt of ferromolybdenum for delivery in August, market sources said Wednesday. Posco Specialty Steel is seeking 30-40 mt of ferromoly for August delivery in a tender that closes 3 pm local time (0600 GMT) Thursday.
Another South Korean steelmaker is seeking 20 mt for delivery by August 12 and 40 mt by August 20 to its Pohang plant in a tender that closes Friday, a local market source said. The mill could not be reached for confirmation.
Asian market participants will be watching the tender results closely for indications of near-term price trends, sources said.
A South Korean consumer said a Chinese trader had offered $9.15/lb CIF Busan Tuesday, but was not sure if the trader would sell at that price Wednesday.
"Some don't want to sell, some think prices will go down to $8.50/lb," the consumer said. "I will be closely watching the Posco tender result to see if the moly oxide feedstock price will be below $9/lb or not."