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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.
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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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The Chinese traders of imported chrome ore remained their offering prices unchanged on week over August 3-7 to reflect their high purchasing costs in the previous months, even though some domestic large-sized stainless mills released lower ferrochrome (FeCr) procurement prices for August supplies, Mysteel’s latest weekly survey showed.
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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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Chinese prices of moly concentrates and ferromolybdenum (FeMo) lifted slightly over August 3-7, each driven by the increase in procurement from domestic FeMo smelters and stainless mills, a market source said on Monday.
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The imported chrome ore prices in China stabilized over July 27-31, as both the traders of the port inventories and ferrochrome (FeCr) smelters had been waiting for domestic steel mills’ FeCr bidding prices for August supplies as a hint to the chrome ore pricing, Mysteel’s latest weekly survey showed.
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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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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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The price of high-carbon ferrochrome (FeCr) with 55% Cr content in North China’s Inner Mongolia fell to its nearly four-month low as of July 24, and trading was thin last week as the market were awaiting the bidding prices from the domestic stainless steel producers for August supplies.
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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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Mysteel’s assessed price for 42% grade South African chrome ore at Tianjin port, North China, dropped further to Yuan 30.25/dmtu ($4.3/dmtu) as of July 10, down by another Yuan 1/dmtu or 3.2% on week, as most Chinese ferrochrome (FeCr) smelters are increasingly cautious about replenishment and production while FeCr prices are weakening, market sources said on Tuesday.
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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.
