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China’s price of 60% ferromolybdenum (FeMo) refreshed its one-year high of Yuan 116,000/tonne ($17,945.2/t) including the 13% VAT as of February 26, according to Mysteel’s assessment. Higher production costs and improved demand had supported the increase, respondents to Mysteel’s latest weekly survey said.
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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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The price of South Africa-origin 40-42% grade chrome concentrates in China increased further last week amid firm demand from the domestic smelters and a reduction in stocks at ports, Mysteel’s data showed. Prices had edged up to reach Yuan 31/dmtu ($4.8/dmtu) as of February 2, representing an on-week increase of Yuan 1/dmtu.
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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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The spot price of high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia rose by another Yuan 300/tonne ($46.4/t) on week to Yuan 8,250/t including the 13% VAT as of January 26, according to Mysteel’s latest weekly report. Propelling prices upwards were the domestic stainless steelmakers’ firm demand for FeCr and the limited supplies of the ferroalloy, as well as the rising costs of raw materials generally, one survey respondent said.
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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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Prices of imported chrome concentrates in China’s spot market have strengthened recently, mainly in response to recent rises in domestic freight charges.
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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 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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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for the alloy, comes off its seven-month high in the last week of 2020, though it still hovered relatively high above the threshold of Yuan 100,000/tonne (15,472/t), mainly due to active buying over the past two weeks and high production costs, according to market sources.
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Power-rationing measures introduced in some regions of China have affected the operation of some ferrochrome (FeCr) producers and helped prop up FeCr spot prices, according to Mysteel’s weekly report. However, industry watchers say the firmer prices still failed to expand the smelters’ profit margins to any great extent.
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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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Despite lingering low prices for chrome ore and softer stainless steel prices, Chinese spot market prices for ferrochrome (FeCr) have increased lately, driven upwards by rising production costs in the form of coke and freight.
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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 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.
