China’s FeMo market climbs as moly concs prices jump
Sep 14, 2020 17:30
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The price of 60% grade ferromolybdenum (FeMo) in Northeast China, a key trading hub, increased for the second week last week, rising by another Yuan 3,000/tonne ($439.2/t) on week to Yuan 96,000/t including the 13% VAT as of September 11, a 2.5 month high, according to Mysteel’s assessment. Market insiders said that the sharp rise in moly concentrate prices had buoyed FeMo smelters’ production costs.
Last week, the price of 45% grade moly concentrates in Central China’s Henan province jumped Yuan 100/mtu or 7.5% on week to Yuan 1,430/mtu as of September 11.
“Although it was generally expected that the (moly concentrates) prices will rise, that prices rose to such a degree was still staggering,”