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China's ferromolybdenum (FeMo) prices bottomed out over May 30-June 2, snapping a weakening streak starting from mid-April, according to Mysteel's survey. Market sources observed that the improved trading activities prevented the prices from dropping further.
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China's prices of ferromolybdenum (FeMo) continued to tumble over May 23-27, mainly due to the further decline in bidding prices tabled by steel mills, according to market sources. Meanwhile, bearish sentiment in the FeMo market deepened due to that.
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Chinese prices of high-carbon ferrochrome (FeCr) continue to lose ground, undermined by weak demand for the ferroalloy from domestic stainless mills when the overall supply of FeCr products has increased, Mysteel's latest survey indicated.
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The downward pressure on Chinese prices of ferromolybdenum (FeMo) had intensified over May 16-20, as many steel mills refused to accept the currently high prices and persisted in cutting their bidding prices amid the deepening market pessimism, according to market sources.
The price of 60% FeMo in Liaoning in Northeast China, a major
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Chinese prices of high-carbon ferrochrome (FeCr) showed signs of weakening last week after nearly four months of continuous inclines, Mysteel's latest assessment shows. Prices are being undermined by waning demand for the ferroalloy from domestic stainless mills, respondents to the assessment survey commented.
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Over May 9-13, China's domestic price of ferromolybdenum (FeMo) under Mysteel's assessment continued to decline by a larger degree, as the bearish sentiment among both steelmakers and traders worsened, with most paring their prices, according to market sources.
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Cautious sentiment has been prevailing in China's ferromolybdenum (FeMo) market during and after the Labour Day holiday over April 30-May 4, as the FeMo prices assessed by Mysteel continued to trend down over April 29-May 6 from their previous highs with dull demand from steelmakers, according to market sources.
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China's high-carbon ferrochrome (FeCr) price continued to strengthen recently on support of higher imported chrome concentrate prices, as the supply tightness of the latter persisted amid slow shipments from South Africa, market sources shared on Wednesday.
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Over April 18-22, Chinese spot prices of ferromolybdenum (FeMo) and moly concentrates under Mysteel's assessment witnessed downward corrections after rallying persistently to their new highs during the prior three weeks, as market cautiousness resisted the prices from climbing further, according to market sources.
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China's prices of both ferromolybdenum (FeMo) and moly concentrates under Mysteel's tracking increased further over April 11-15, with the sentiment among many market participants including smelters, steelmakers and traders softening, according to sources.
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Over April 4-8, Chinese price of ferromolybdenum (FeMo) under Mysteel's assessment climbed further to hit a new high since October 23 2008, mainly on support of stronger fundamentals with tightened supply while firm demand of FeMo, as well as smelters' higher production costs, according to market sources.
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China's price of 60% ferromolybdenum (FeMo) under Mysteel's assessment increased to its 12.5-year high over March 28-April 2, mainly as Chinese FeMo smelters have been defending offering prices given their ever-rising production costs, according to market sources.
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Over March 21-25, Chinese spot prices of ferromolybdenum (FeMo) under Mysteel's assessment reversed down from their 12-year highs recorded over the prior week, as the market sentiment cooled down with steelmakers' lower bidding prices, according to market sources.
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The price of high-carbon ferrochrome (FeCr) with 55% Cr content in North China's Inner Mongolia remained unchanged at Yuan 9,100/tonne ($1,427/t) over the week of March 17-23. Trading was thin too, as the market was waiting for domestic stainless producers to table their bidding prices for April supplies, sources said.
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Over March 14-18, China's domestic price of ferromolybdenum (FeMo) under Mysteel's assessment touched its highest level since August 14 2009, mainly boosted by FeMo smelters' surging procurement costs of moly concentrates, according to market sources.
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As of March 15, the price of South Africa-origin 42% grade chrome concentrates at China's Tianjin Port rose to Yuan 39/dmtu ($6.1/dmtu), up Yuan 1.5/dmtu on week to hit its highest since March 2018, Mysteel's data showed. Behind the price increment was the increasing costs amid higher freight charges as well as firm demand from ferrochrome smelters, market watchers commented Wednesday.
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Over March 7-11, Chinese ferromolybdenum (FeMo) prices under Mysteel's assessment saw a notable increase, largely supported by the positive market sentiment amid firm demand, smelters' higher production costs and rising prices in the global market, according to market sources.
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Over February 28-March 4, Chinese prices of ferromolybdenum (FeMo) under Mysteel's assessment showed signs of recovery after the prior week's decline, supported by the improved fundamentals with tightened supply and firm demand, according to market sources.
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Over February 21-25, Chinese prices of ferromolybdenum (FeMo) under Mysteel's survey eased from the 12.5-year high recorded last week, as the market sentiment turned bearish and steelmakers' demand softened, according to market sources.
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Chinese prices of imported chrome ore continued to increase over the week to February 23, mainly because of the continuing tightness of supply in the market caused by slow shipments from South Africa, market sources explained. Over the same week and in tandem with the climb in ore prices and the firm demand from stainless steelmakers, prices of ferrochrome (FeCr) also rose further.
