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Market:	ASX 200
Sector:	Investments and Funds
EPIC:	XJO

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Australia Market Wrap

A summary of all the major stories on the Australian Stock Exchange

Molybdenum prices to go up following stainless steel output rise

Thursday, March 04, 2010

European iron molybdenum prices are on the rise and likely to increase further in the following months.

The current price of iron molybdenum was about U.S.$ 41.50-42/kg in Rotterdam, up over the U.S.$ 36.50/kg of last month.

A trader claimed that the current prices didn't decline in the stable market. China returned to market after Festival, so the total consumption is good in European market.

Another trader claimed that market is accelerating development, and it slowed down in the week of February 22-26, but it still remained stable. Stainless steel output increased and the demand is stable, so price will advance further.

Link Trading expects that the price will reach U.S. $43-44/kg around, but it is still uncertain whether it can reach U.S.$ 50/kg.

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