Negative sentiment drags down China's FeMo prices

China's prices of ferromolybdenum (FeMo) continued to move down amid prevailing negative market sentiment and poor spot transactions for the ferroalloy. As of September 24, the price of 60% FeMo in Northeast China, a major production hub for the noble alloy, was assessed by Mysteel at Yuan 278,000/tonne ($39,021/t) including the 13% VAT, falling by Yuan 3,500/t from one week earlier.

Downstream steel producers are trying to cut their bidding prices of this ferroalloy, and the prevailing bidding prices have declined to Yuan 275,500-277,000/t, aggravating the pessimism in the domestic FeMo market, according to Mysteel's survey. Besides, prices of molybdenum-containing steel products also lost ground lately, persuading Chinese stainless mills to