Low bid prices drag China’s FeMo price to 23-month low

China’s ferromolybdenum prices continued to slump over the past week to hit a 23-month low, a consequence of the great pressure they’re under from the ever-lower bid prices the steelmakers are tabling, Mysteel Global has learned.
As of November 12, the domestic price of 60% ferromolywas assessed at Yuan 98,000/tonne ($13,961/t) including the 13% VAT, down by another Yuan 5,000/t on week and touching the lowest level since the Yuan 96,000/t was reached on December 12 2017, according to Mysteel’s database. Trading activity in the domestic ferromoly market has seen some recovery


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