Weak demand leads China FeMo prices to refresh 35-m low
Jul 13, 2020 15:30
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The price of ferromolybdenum (FeMo) with 60% content in Northeast China fell by another Yuan 1,000/tonne ($142.9/t) or 1.1% to reach Yuan 88,000/t including 13% VAT as of July 10, refreshing a 35-month low, according to Mysteel’s assessment. As this is the offseason for steel demand, the stainless market remains slow, a market source said, with the result that most Chinese stainless makers have tapered back procurement after completing replenishment earlier this month.
Over July 6-10, FeMo prices had recovered slightly to Yuan 90,000/t in the early part of last week, as FeMo smelters firmed their prices when domestic mills had plans to restock, a Shanghai-based market insider said. But by Friday the prices had cooled because demand from most steelmakers had softened