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The Chinese spot price of 60% grade ferromolybdenum (FeMo) hovered at Yuan 95,000-96,000/tonne ($14,053-14,201/t) over September 14-18, remaining largely stable from the prior week at a 2.5-month high. Buying of FeMo was not active last week, yet procurement of molybdenum oxide increased, especially after the appreciation of the Yuan against the US dollar, according to Mysteel’s weekly survey.
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Among the four major electrical home appliances manufacturing in China, that of air-conditioner declined the most by 17.2% on month to 15.3 million units for August, though the volume was still 0.5% higher on year, according to the latest data from China’s National Bureau of Statistics (NBS), though market sources remained optimistic on higher production for the last quarter of 2020.
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As of September 15, China’s national price of 99.7% aluminum ingot fell for the third straight week by another Yuan 88/tonne ($13/t) on week to Yuan 14,624/t including 13% VAT under the mounting pressure of higher output and lower alumina prices, according to the assessment of Mymetal, Mysteel’s nonferrous metals data collection arm.
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The price of 60% grade ferromolybdenum (FeMo) in Northeast China, a key trading hub, increased for the second week last week, rising by another Yuan 3,000/tonne ($439.2/t) on week to Yuan 96,000/t including the 13% VAT as of September 11, a 2.5 month high, according to Mysteel’s assessment. Market insiders said that the sharp rise in moly concentrate prices had buoyed FeMo smelters’ production costs.
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Production and sales of automobiles in China both witnessed on-year rises for the fifth successive month in August, mainly thanks to the stabilizing economy and a series of policies aimed at stimulating purchasing, according to the latest release from the China Association of Automobile Manufacturers (CAAM) on September 10. Market sentiment also largely improved last month, the association noted.
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The price of 60% grade ferromolybdenum (FeMo) in Northeast China, a key trading hub, ended last week at Yuan 93,000/t ($13，616/t) including the 13% VAT on September 4, higher by Yuan 4,000/t on week. The price was buoyed by active buying among major Chinese stainless steelmakers, as well as high raw materials prices, Mysteel Global understands.
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China’s primary aluminum prices had been spiraling down over August 24-28 under the pressure of the commissioning of new aluminum capacities nationwide, according to the latest weekly report from Mymetal, Mysteel’s nonferrous metals data collection arm.
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As of September 7, total stocks of primary aluminum ingot in the warehouses of the Shanghai Futures Exchange (SHFE) and in 16 Chinese cities were slightly higher on week at 755,000 tonnes, 6,000 tonnes up on the previous week, according to the weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm. Nonetheless, stocks remained at a rather low level, survey respondents noted.
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China’s national price of the 99.7% aluminum ingot recovered Yuan 245/tonne ($35/t) on week to Yuan 14,673/t including 13% VAT after having spiralled down over July 30-August 17, mainly on the support of higher alumina prices and low level of ingot stocks, according to the market survey of Mymetal, Mysteel’s nonferrous metal data collection arm.
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By August 17, China’s primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities rose for the third straight week by 2.6% or 19,000 tonnes on week to 750,000 tonnes, as the consumption had stayed in a lull, according to weekly report of Mymetal, Mysteel’s nonferrous metal data collection arm.
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By August 10, China’s primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities climbed up for the second straight week by 5% or 35,000 tonnes on week to 731,000 tonnes, as consumption stays dismal, according to weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm.
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By August 3, China’s primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities reversed up 8,000 tonnes on week to 696,000 tonnes, as higher spot aluminum ingot prices led to stock-up at the warehouses, according to weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm.
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China’s moly concentrates had regained popularity against the imported molybdic oxide among the Chinese ferromolybdenum (FeMo) smelters, due to its lower but steady prices since mid-July and its delivery convenience, market sources shared on Monday, noting that imported moly oxide was with supply tightness too.
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By July 27, primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities reversed down by 10,000 tonnes or 1.4% on week to 688,000 tonnes after two weeks of increases, according to the weekly report by Mymetal, though market sources rebutted the suggestion that a turning point for better demand had been reached.
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After five weeks of softening, the price of 60% grade ferromolybdenum (FeMo) in Northeast China stayed flat on week at its nearly 36-month low of Yuan 86,000/tonne ($12,264/t) and including 13% VAT as of July 24, according to Mysteel’s assessment, mainly due to the Chinese stainless producers’ return for FeMo replenishment last week, market source said on Monday.
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As of July 20, primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities inched up for the second week by another 1,000 tonnes on week to 698,000 tonnes, suggesting the country’s aluminum demand remained tepid, according to the weekly report of Mymetal, Mysteel’s nonferrous data collection arm.
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As of July 13, primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities reversed up, ending the declines since late March, growing 15,000 tonnes or 2.2% on week to 697,000 tonnes, as demand from the downstream users had weakened, according to the survye by Mymetal, Mysteel’s nonferrous data collection arm.
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China’s national average price of 99.7% aluminum ingot surged by another Yuan 301/tonne ($43/t) on week to Yuan 14,383/t including 13% VAT as of July 6, a recent six-month high, as retail stocks of aluminum ingots continued to shrink, according to Mymetal’s weekly report. Mymetal is Mysteel’s nonferrous metal data collection arm.
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Prices of both ferromolybdenum (FeMo) and moly concentrates in China slid to their respective 35-month lows over June 29-July 3 mainly on the pressure of the lower-priced imported molybdic oxide, market sources shared on Monday.
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Better demand from China’s domestic aluminum smelters saw the country’s alumina price strengthen by another Yuan 17/tonne ($2.4/t) on week to Yuan 2,353/t including 13% VAT as of June 29, or back to the level in early April, according to the market survey of Mymetal, Mysteel nonferrous metal data collection arm.
