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Over August 1-5, China's domestic price of ferromolybdenum (FeMo) under Mysteel's assessment stayed on the downtrend since late June, owing to another on-week fall in steelmakers' bidding prices, market sources shared. However, the persistently weak market sentiment was seen improving somewhat by the weekend.
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The most-traded Chinese copper and nickel contracts on the Shanghai Futures Exchange (SHFE) closed further higher on week when the daytime trading sessions ended on August 5, the exchange's data showed, while the SHFE's most-traded aluminum contract reversed down.
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Prices of ferromolybdenum (FeMo) in China under Mysteel's assessment continued weakening during July 25-29, with the downward pressure mainly from steelmakers' persistently lower bidding prices, even though their replenishment demand had improved somewhat over the period, according to market sources.
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By the end of the daytime trading sessions on July 29, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had continued climbing on week, the exchange's data showed. Market sources said that non-ferrous market sentiment had shown signs of recovery after the US Federal Reserve raised interest rates as had been expected.
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Over July 18-22, Chinese prices of ferromolybdenum (FeMo) under Mysteel's survey stayed on the downside that started a month ago, and market sources blamed the continuously lower bids by domestic steelmakers amid thin demand and lower-priced imported molybdic oxide.
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By the end of the daytime trading session on July 22, the most-traded futures contracts for copper, nickel and aluminum on the Shanghai Futures Exchange (SHFE) had made up some of their previous falls, closing higher from their respective levels on July 15, exchange data show. A Shanghai-based analyst remarked that the uptick suggested the jittery sentiment in China's non-ferrous market had calmed a little of late.
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Chinese prices of ferromolybdenum (FeMo) and key raw material moly concentrates under Mysteel's assessment kept declining during July 11-15, and market sources attributed the dips to lower bidding prices tabled by steelmakers and FeMo smelters.
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The pessimism prevailing in global commodities markets meant that as of July 15, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had declined further on week at the close of their daytime trading sessions. Market sources suggested that the record high inflation in the U.S. and concerns about Europe's growing energy crisis were fuelling the pessimism.
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China's imports of copper ore and concentrates over January-June increased by 8.6% on year to a total of 12.5 million tonnes, according to the latest data from China's General Administration of Customs (GACC) released on July 13.
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Chinese prices of ferromolybdenum (FeMo) under Mysteel's survey stayed on the downtrend over July 4-8, as steelmakers had kept trimming their bidding prices last week, despite their replenishment demand, according to market sources.
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The most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) plunged this week, as bearish sentiment in the market had caused prices to slump, market sources said.
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Chinese ferromolybdenum (FeMo) prices under Mysteel's assessment posted another week of decline over June 27-July 1, as domestic steelmakers persisted in lowering their bidding prices due to weak demand despite FeMo smelters' resistance, according to market sources.
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As of July 1, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had declined further on week by the end of the metals' daytime trading sessions that day, mainly as global recession worries have mounted, sources said, with the bearish sentiment causing nonferrous metals futures to trend further downwards.
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Chinese prices of ferromolybdenum (FeMo) under Mysteel's tracking moved down during the June 20-24 week, undermined by the decline in bidding prices tabled by steelmakers, market sources said.
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The most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had another bad week this week, closing significantly lower on week at the end of the daytime trading sessions on June 24, as pessimistic sentiment wreaked havoc on the nonferrous commodities, sources said.
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Prices of ferrochrome (FeCr) and imported chrome concentrates in China have both declined recently, mainly because domestic stainless steel mills are resisting procuring the ferroalloy at high prices when the domestic stainless prices are softening, participants in Mysteel's latest survey explained.
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Prices of ferromolybdenum (FeMo) in China assessed by Mysteel continued to climb and by a larger degree over June 6-10, as the market regained confidence and FeMo buyers became more active in procuring, according to market sources.
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Base metals prices on the London Metal Exchange (LME) showed positive trends this week after fluctuating and trending lower over the past few weeks, However, aluminium was one exception that witnessed a negative price trend.
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Turkey's imported scrap market hit bottom in the recent round of deals. Tokyo Steel and Shagang Steel trimmed scrap purchase prices further in the week. South Korea's major mills resumed bidding for Japanese scrap. South Asia imported scrap trading improved, except India.
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Turkey's imported scrap market concluded a few short sea deals this week. Japan's Tokyo Steel's prices fell thrice during the week by a total of JPY 3,500/t. The South East Asian scrap market demand remained sluggish due to dull finished steel market. The imported scrap market in India and Pakistan concluded multiple deals throughout the week unlike Bangladesh.