China’s FeMo prices up further, buying slack
Nov 23, 2020 19:15
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The price of 60% Ferromolybdenum in Northeast China, a key production and trading hub of the noble alloy, increased for the third week in a row during the November 16-20 week, rising by another Yuan 1,000/tonne ($152.2/t) on week to reach Yuan 99,000/t including 13% VAT as of November 20, according to Mysteel’s latest weekly report. Though the price was the highest since mid-June, the succession of price gains saw buying turn slack during the survey period.
“FeMo prices have climbed to another level,” a Shanghai-based market analyst observed. “Chinese FeMo smelters have hiked their offer prices one after another to offset rising raw materials costs and thus, production costs, with some even offering at Yuan 100,000/t,” she told Mysteel Global.
The price of 45% moly concentrates in