China's Longyu cuts molybdenum auction prices

摘要

Major Chinese molybdenum mining firm Longyu yesterday cut its auction prices for molybdenum concentrate in response to lower spot prices in the middle of January, caused by limited buying interest from alloy smelters. The firm's auction concluded at 1,515-1,520 yuan/mtu ($234-235/mtu) ex-works for 300t of 45pc grade concentrate and at Yn1,525/mtu ex-works for 120t of 47pc grade concentrate yesterday after five rounds of bidding, up from the starting price of Yn1,500/mtu ex-works. It sold 360t of 45-47pc grade concentrate at Yn1,540-1,545/mtu ex-works on 13 January.