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Domestic prices of ferromolybdenum in China have slid over the past week, with Mysteel’s 60% ferromolybdenum price slipping by Yuan 8,000/tonne ($1,176) or 6% on week to Yuan 130,000/t including 16% VAT as of August 14. Only a week earlier on August 7, the price had hit a 6.5-year high of Yuan 138,000/t.
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China’s fixed asset investment (excluding rural households) grew by 5.5% on year to Yuan 35.6 trillion ($5.2 trillion) over January to July, according to the latest data released by China’s National Bureau of Statistics on August 14. Growth in the country’s FAI was off by 0.5 percentage point from the level witnessed during January-June and was also the slowest since 1999, NBS said.
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China’s molybdenum market continued to firm up in August, with Mysteel’s 60% ferromolybdenum price hitting a 6.5-year high since November 2011 on August 7, or up Yuan 6,000/tonne ($882/t) or 4.5% on week to Yuan 138,000/t including the 16% VAT, amid robust trading and bullish market sentiment, Chinese market sources shared on August 8.
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Chinese domestic prices of tungsten are likely to remain subdued this month, market watchers said Tuesday, citing the July-August off-season for consumption of the metal. They were commenting on the Yuan 2,000/tonne ($294/t) on-week decline in Mysteel’s benchmark price for APT (88.5% W base) to Yuan 168,000/t the same day, nearly an eight-month low.
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Chinese prices of high-carbon ferrochrome have softened over the past several days, undermined by loosening supply amid tepid demand, with Mysteel’s price for 60% Cr content FeCr in North China’s Shanxi province dropping by Yuan 100/t ($14.7/t) on week to Yuan 7,250/tonne including 16% VAT as of August 6.
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Domestic ferrovanadium prices in China are seen staying buoyant this month, mainly supported by strong demand and positive market sentiment, according to industry participants contacted by Mysteel.
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China’s ferro-molybdenum price powered ahead in July, with Mysteel’s 60% FeMo price surging for eight successive working days since July 18, and climbing by Yuan 19,000/tonne ($2,794/t) or 17% on week to Yuan 132,000/t including 16% VAT as of July 31, market sources shared.
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Changzhou city in East China’s Jiangsu province is among the latest to join Beijing’s drive to improve air quality, with the city explicitly instructing 48 local steel mills to continue to cut their daily steel output beginning July 25 and lasting possibly until year’s end, an official from Changzhou City Environmental Protection Bureau confirmed on July 30.
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The European Commission’s decision to terminate its antidumping investigation into imports of low carbon ferrochrome (LC FeCr) originating from China, Russia, and Turkey, is an opportunity for Chinese ferrochrome traders, according to a Tianjin-based market source.
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Chinese prices of ferrotungsten with 80% W content have dropped by Yuan 4,000/tonne ($588/t) on week to Yuan 175,000/t including 16% VAT as of July 24, hitting a seven-month low since December last year, market sources said on Wednesday.
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China's ferro-molybdenum price has been strengthening with Mysteel's 60% ferro-molybdenum increased by Yuan 4,000/tonne ($597/t) on week to Yuan 111,000/t including 16% VAT as of July 23, mainly due to the shortage of raw materials, market sources shared on Monday.
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China's domestic price for high-carbon ferrochrome (60% Cr) in Shanxi province, North China, dropped by Yuan 50/tonne ($7.6/t) day on day to Yuan 7,500/t including 16% VAT as of July 17, according to Mysteel's data. Market watchers said buyers started resisting the high prices that smelters and traders were demanding, arguing that supply is loosening.
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Mysteel's price for ferrotungsten (W content 80%) is hovering at Yuan 179,000/tonne ($27,121/t) including 16% VAT as of July 16 after dropping by Yuan 1,000/t on day from July 10. Market sources are seeing signs of a downward correction looming.
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Vale had a mixed second-quarter with its nonferrous metals businesses, according to the Brazilian miner's Q2 performance report released on July 16.
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China's ferro-molybdenum price has strengthened with Mysteel's 60% ferro-molybdenum climbing by Yuan 1,000/tonne ($152/t) from June 29 to Yuan 106,500/t including 16% VAT as of July 12, as domestic moly concentrate supply has been tight, market sources shared on July 12.
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The Chinese domestic price of 60% ferromolybdenum has slipped by Yuan 4,250/tonne ($644/t) over the past two weeks to reach Yuan 106,250/t including 16% VAT as of June 28, after remaining unchanged at Yuan 110,500/t since mid-May, according to market sources.
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China's ferrochrome market will enjoy steady growth in demand this year, though local smelters will continue to fierce competition from imports, according to Shi Wanli, Secretary General of China Ferroalloy Industry Association.
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Afrochine Smelting Co, the ferroalloys subsidiary of China's Tsingshan Group in Zimbabwe in southern Africa, is proposing to build a steel mill with 2 million tonnes/year capacity in the capital Harare, market sources shared on June 13. Business representatives from East China's Zhejiang province signed a memorandum of understanding (MoU) with Zimbabwe government representatives in Harare on June 11.
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Brazilian miner Vale has agreed to sell future cobalt output from its Voisey's Bay mine in Canada for $690 million so as to allow the company to make further investments in precious metals related to battery materials for electric vehicles, Vale said on June 12.
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Mysteel's High-carbon ferrochrome price with 60% Cr content in North China's Shanxi province reached Yuan 7,200/tonne ($1,143/t) including 16% VAT as of June 6, climbing by Yuan 200/t on month after having staying sluggish for three months, according to Mysteel's data.
