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WEEKLY: Lower mill bids hurt Chinese FeMo prices


China’s prices of ferromolybdenum (FeMo) declined for a fourth week over September 22-26 but at a faster pace than previously, according to Mysteel’s assessment. Market sources attributed the price slump to ongoing efforts by domestic stainless steelmakers to cut their bidding prices while clamps remain on their steel output.
Last week was a short working week in China, due to the Mid-Autumn Festival over September 20-21, and as of September 26 (a make-up working day), the price of 60% FeMo in Northeast China, a major production region for the noble alloy, had decreased to a two-month low of Yuan


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