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The price of South Africa-origin 40-42% grade chrome concentrates in China declined further last week amid high stock levels at ports, with the price dipping to Yuan 25.5/tonne ($3.9/t) as of November 24, representing an on-week decline of Yuan 0.25/dmtu, Mysteel’s data showed.
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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 spot price of ferrochrome (FeCr) with 55% Cr content in North China’s Inner Mongolia had declined by Yuan 50/tonne ($7.6/t) on week to reach Yuan 5,750/tonne EXW and including 13% VAT as of November 19, Mysteel’s data showed, mainly due to the weak demand.
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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 prices of ferrochrome (FeCr) have remained largely static of late as most domestic smelters are tending to remain cautious about trading while they wait for the new round of bids from steelmakers, according to Mysteel’s 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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Prices of imported chrome concentrates in China’s spot market have strengthened recently, mainly in response to news that South Africa had approved a new tariff on chrome ore exports, Mysteel Global noted. But declining stocks of ore at ports also lent prices some support.
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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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Imported chrome ore prices in China stayed largely stable over September 21-25, as the trading was comparatively active, and most of the domestic ferrochrome (FeCr) smelters had been able to inch up their ferroalloy sales prices, according to Mysteel’s latest weekly market survey.
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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 spot price of high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia moved up Yuan 50/tonne ($7.4/t) on week to reach Yuan 5,850/tonne including 13% VAT as of September 23, as the prices were supported by the firm market for chrome ore, the limited FeCr supply and robust demand, according to Mysteel’s latest weekly report.
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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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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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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.
