China’s FeMo price up on higher production cost
Nov 17, 2020 19:20
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The offering prices of the 60% Mo ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the noble alloy in the country, increased for the second week by another Yuan 1,000/tonne ($146/t) on week to Yuan 98,000/t including the VAT as of November 13, mainly due to higher production costs, according to Mysteel’s latest weekly report.
Last week, some Chinese steel mills were reported procuring FeMo in small quantities for urgent needs at Yuan 95,000-97,000/t, also up slightly on week, but Chinese FeMo smelters are probably still trapped in lossmaking albeit higher alloy prices, as their production costs have been rising especially with higher molybdenum concentrates