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China’s FeMo price strengthens on high production cost

The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the ferroalloy, increased by Yuan 2,000/tonne ($304.4/t) on week to Yuan 97,000/t including the 13% VAT as of November 6, as Chinese FeMo smelters were forced to raise their prices due to high production costs, according to Mysteel’s latest weekly report.
Last week when some major miners were offering their moly concentrates to buyers, both the contracted price and volume in the bids were at a level “exceeding the expectation of some market observers,” suggesting that the smelters were buying actively, Mysteel Global learnt from the market. For example, a mining company


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