Chinese mills’ FeMo buying active in October
Nov 03, 2020 09:30
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Chinese steel mills were very active in procuring ferromolybdenum (FeMo) in October, with the total bidding volume exceeding 10,000 tonnes, higher than the usual monthly volume of 8,000-9,000 tonnes, as mills wanted to stock some of the raw material in case prices of the ferroalloy pick up once global demand recovers from the COVID-19 pandemic, market sources indicated.
“Some stainless mills had intended to save part of the FeMo for stocking. For instance, if they expect to consume only 100 tonnes this month, they might buy 150 or 160 or even up to 200 tonnes,” observed a moly concentrates trader in Southwest China’s Sichuan province.
Therefore, last week the