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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.
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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.
