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The price of ferromolybdenum (FeMo) in China reached a one-year high as of February 20, mainly due to a rise in production costs and the climb in FeMo prices in the global market, according to Mysteel’s latest survey. Saturday was a compensatory working day in China.
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Climbing global prices of ferromolybdenum (FeMo) led the domestic price of the ferroalloy in China to climb to an eight-month high as of February 5, according to market sources, though the domestic market turned dull just a week ahead of the Chinese New Year (CNY) holiday.
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Domestic prices of ferromolybdenum (FeMo) across China remained largely stable over the past week after the decline in the week ending January 22, according to Chinese market sources. Though the smelters had been defending their offering prices, these were higher than the steel mills were ready to accept, with the result that spot trading of the ferroalloy was slack last week.
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China’s price of 60% ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the noble alloy, declined for the second week last week, down by Yuan 1,000/tonne ($154.6/t) on week to Yuan 103,000/t including the 13% VAT as of January 22. The overall market sentiment turned bearish during the past week and buying among steel mills was slack.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production hub for the ferroalloy, reversed down from an eight-month high on January 8, declining by Yuan 500/tonne ($77.2/t) on week to Yuan 104,000/t including the 13% VAT as of January 15, according to Mysteel’s assessment. The market was firmly in wait-to-see mode last week amid uncertainties brought about by the resurgence of the COVID-19 epidemic and with the Chinese New Year (CNY) holiday less than four weeks away.
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The auto production among China’s 15 major automakers declined 27.4% on year to 523,000 units over January 1-10, according to the latest data from China Association of Automobile Manufacturers (CAAM) on January 14, which was mainly due to the growing shortage of auto semiconductors and the manufacturers’ relaxation on output at the start of the year, according to market sources.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for this noble alloy, touched its eight-month high of Yuan 104,500/tonne ($16,151/t) including the 13% VAT as of January 8, or up Yuan 4,500/t on week, mainly due to further rises in higher moly concentrates prices, according to Mysteel’s latest weekly survey.
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Higher production costs led the price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for the alloy, to continue climbing last week. The price hit a near seven-month high of Yuan 10,300/tonne ($1,577.3/t) on December 22 and stayed at the threshold of Yuan 10,000/t until December 25, both including the 13% VAT. Buying became active last week after two quiet weeks, according to Mysteel’s latest weekly report.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, the key production region for the alloy, rebounded by Yuan 1,000/tonne ($152.9/t) on week to Yuan 98,000/t including the 13% VAT as of December 18, after staying unchanged over the prior week. Higher production costs had supported the increase, while market transactions remained quiet last week.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production hub of the noble alloy, stood firm on week at Yuan 97,000/tonne ($14,809/t) including the 13% VAT as of December 11, after softening for the prior two weeks. Market uncertainty earlier about how the price would move was dispelled late last week with a major steelmaker’s latest bid for December delivery and offers from leading miners for their moly concentrates.
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China’s price of 60% ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the noble alloy, declined for the second week, down another Yuan 1,000/tonne ($153/t) on week to Yuan 97,000/t EXW and including the 13% VAT as of December 4, and the trading had been thin as buyers had been on the sidelines, awaiting clearer signs from the market, according to Mysteel’s latest weekly survey.
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Major Chinese steel mills returned to the market for ferromolybdenum (FeMo) over November 23-27 after a week of quietness, the reignited enthusiasm, however, showed little influence on the noble alloy price, as the latter slipped from its five-month high, according to Mysteel’s latest weekly survey.
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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.
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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.
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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.
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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.
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Price negotiations between China’s ferromolybdenum producers and the country’s steelmakers intensified last week as both sides held very different views about what constitutes an “acceptable” price, according to Mysteel’s latest weekly report.
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China’s spot price of the 60% grade ferromolybdenum (FeMo) in Northeast China, a key production hub, showed signs of strengthening since the start of October, or up another Yuan 1,000/tonne ($149/t) on week to Yuan 96,000/t including the 13% VAT as of October 16, as the Chinese steel producers were actively procuring the ferroalloy after the long National Day holiday ended October 8.
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Both sales and production of automobiles in China saw significant on-year and on-month rises in September, mainly thanks to a series of stimulus policies and promotion activities to lift auto consumption according to the latest statistics from China Association of Automobile Manufacturers (CAAM) released on October 13. The longer-than-usual National Day holiday over October 1-8 also gave a fillip to September sales, Mysteel Global notes.
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China’s spot price of 60% grade ferromolybdenum (FeMo) in Northeast China, a key trading hub, slipped Yuan 1,000/tonne ($146.6/t) on week to Yuan 94,000/t including the 13% VAT as of September 25, according to Mysteel’s latest weekly report. Overall, the market quietened significantly after steelmakers completed restocking for production during China’s upcoming National Day holiday week just days away.
