China's FeMo prices keep rising on healthy fundamentals

Chinese prices of ferromolybdenum (FeMo) under Mysteel's monitoring kept tracking north during the week over December 18-22, boosted further by the facts that domestic FeMo smelters had to pay more money for raw materials procurement and stainless mills showed improved demand for the noble alloy, market sources shared.

The price of 60% FeMo in Northeast China, a major production hub for the alloy, strengthened to Yuan 212,500/tonne ($29,751/t) including the 13% VAT on December 22, up by another Yuan 6,500/t on week, Mysteel's assessment showed. Last week, some mining companies in Central China raised their offering prices of moly concentrates