China's FeMo prices remain firm overall on cost support

China's prices of ferromolybdenum (FeMo) have been hovering at high levels recently, with Mysteel assessing the price of 60% FeMo in Northeast China, a major production hub for the noble alloy, at Yuan 341,000/tonne ($50,743/t) including the 13% VAT on August 26. This was up by Yuan 1,500/t on week despite the retreat of Yuan 1,000/t from the 3.5-year high recorded on August 24.

Many domestic FeMo smelters are unwilling to make more concessions in their offers, as their production costs are still high with the relatively firm prices of moly concentrates, Mysteel Global noted. On Wednesday, Mysteel assessed the price of moly concentrates with 45% Mo content in Central China's Henan province at Yuan