Asian Metal News
Fujian Tianbao, a molybdenum miner in Fujian with capacity of 6 ktpy will restart mining on 16th March 2020 after being suspended since 15th January 2020.
The company originally planned to restart on 15th February 2020 but delayed until 15th March due to a lack of workers. The company sold 300 t of molybdenum concentrates at RMB1,750/MTU on 17th February and made another deal of 200 t at RMB1,626/MTU on 26th February. The company currently holds no stocks of molybdenum concentrates (45% min grade) and has stopped quoting. The company forecasts domestic molybdenum prices to fall by RMB10/t next week on the global economic downturn as a result of COVID-19.
Fujian Tianbao produced 4.5 kt of molybdenum concentrates in 2019. They have had no output in 2020 to date and holds no inventory.
At present, mainstream transaction prices of molybdenum concentrates (45% min grade) stand at RMB1,510~1,540/MTU ex-work by cash, the same as last week.