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Euromet chases Isoalloys after $500,000 moly deal goes awry

November 26, 2009 - 18:30 GMT Location: London

KEYWORDS: Euromet , Isoalloys , ferro-molybdenum , alex harrison

Ferro-alloys trading company Euromet SA is chasing Brazilian supplier Isoalloys for restitution after a $500,000 ferro-molybdenum deal ended in acrimony, according to documents obtained by MB

Euromet, whose majority shareholder controls Italian trading company Gerli Metalli SpA, signed a deal in early 2008 to buy 20 tonnes of ferro-molybdenum, in two 10-tonne consignments. The dispute is the result of Euromet alleging that the molybdenum content in material shipped to it by Isoalloys, a Brazilian converter run by Anibal Monge Salgado, was lower than the supplier claimed. Euromet was left almost $50,000 out of pocket as a result of the disputed deal with Isoalloys, which went into Brazil’s version of bankruptcy protection back in July after “several factors” made it suffer a “financial misbalance”. There was some discrepancy between the claimed molybdenum content of the first 10-tonne consignment and what Euromet’s customers found it to contain, one well-informed market source said. The vast majority of this consignment contained 64.02% molybdenum compared with the 67.159% molybdenum that Isoalloys claimed, according to a document that Euromet sent to Isoalloys’...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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