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China’s ferromolybdenum price has been softening since November, down another 2,000/tonne ($290/t) or 1.6% on week as of December 10, mainly as the buying interest from steel mills has not seen much improvement over the period, market sources said Tuesday.
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The total value of China’s exports to the United States for November still grew 8.2% on month, a much faster rate than the 4.7% month-on-month growth which China’s total exports worldwide enjoyed last month and despite the ongoing trade friction between the world’s top two economies, the latest statistics from China’s General Administration of Customs show.
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China’s major tungsten smelters have decided to lower their prices for tungsten and APT for long-term customers for sales over the first half month of December, aggravating the bearish sentiment already prevalent in the tungsten market, Mysteel learned from industry sources Friday.
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The bid volume of ferromolybdenum from China’s major steel mills plunged by half last month, a casualty of the significant decline in prices of both FeMo and stainless steel, Mysteel has learned.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry decreased another 0.2 basis point on month to 50 in November, right at the threshold still suggesting of an expansion, and it had been above 50 for 28 successive months, according to the latest release by China’s National Bureau of Statistics on November 30, but it was slightly below the market expectation at 50.2.
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The price of Chinese cobalt has retreated markedly over the past five months, with Mysteel’s 99.98% cobalt price in Shanghai decreasing by Yuan 217,000/tonne ($31,244/t) or down by 38.3% from the June 1 price of Yuan 567,000/t to reach Yuan 350,000/t including the 16% VAT as of November 28. Market sources attributed the decline to lower demand from the country’s mobile-device industry and increasing cobalt supply in the global market.
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The sentiment in China’s ferromolybdenum market turned more bearish as demand has been shrinking in November, though ferromoly price has been stable after the Yuan 4,000/tonne ($576/t) decline in early November, market sources shared on Tuesday.
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Chinese domestic prices of ferromolybdenum weakened further over the week of November 13-19, succumbing to pressure from the sparse spot sales, market sources said.
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China’s price for 80% W ferrotungsten continued to languish at a 14-month low of Yuan 166,000/tonne ($23,926/t) including the 16% VAT as of November 14, down another 1.8% or Yuan 3,000/t from one month earlier and marking a 3.5% decline on year, according to Mysteel’s database.
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China’s fixed asset investment (excluding rural households) increased by 5.7% on year to Yuan 54.76 trillion ($7.9 trillion) during the January-October period, according to the latest data from China’s National Bureau of Statistics released on November 14. The yearly FAI growth was up by another 0.3 percentage point from that during the first nine months.
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Chinese domestic prices of ferromolybdenum lost ground over the week of November 6-12, succumbing to pressure from the quiet market amid sparse spot sales.
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Domestic prices of ferromolybdenum in China are expected to remain high this month, as smelters benefit from the tight supply of the alloy caused by inspections of their pollution control facilities, and from the cost support stronger raw materials prices are providing.
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China’s General Administration of Customs announced quietly on its website to resume detailed trade data sharing starting November, according to a notice put up on its website on November 1 even though the actual sign-off date was October 19.
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The uptick in Chinese ferromolybdenum prices has given a strong lift to the performance of Shanghai-listed China Molybdenum Co (CMOC), the country’s top molybdenum producer headquartered in North China’s Henan province.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry retreated another 0.6 basis point on month to 50.2 in October, though it remained above the benchmark 50 for the 27th successive month, suggesting the continuing expansion, according to the latest release by China’s National Bureau of Statistics on October 31.
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Domestic prices of ferromolybdenum in China continued to move up last week, with the price of 60% FeMo in Northeast China gaining another Yuan 2,000/tonne ($287.4/t) or 1.4% week on week to Yuan 140,000/t including 16% VAT as of October25, the highest since the price reached the same level over seven years ago on October 10, 2011, according to Mysteel’s database.
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Futures prices of most non-ferrous metals including copper, aluminum, zinc and nickel on the Shanghai Futures Exchange lost ground this week on macro-economic factors, both in the domestic and global markets, which investors believed reflected a gradual slowing economy, market sources said.
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China’s economic growth was largely stable over the first three quarters of 2018, with the gross domestic product (GDP) at Yuan 65.1 trillion ($9.4 trillion), up 6.7% on year, according to the latest figures from the National Bureau of Statistics (NBS) released on October 19.
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China’s ferromolybdenum price has rebounded after the one-week National Day holiday break earlier this month, partly thanks to improving market sentiment amid the environmental facility inspections in North China’s Liaoning province, Mysteel has learned.
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The 60% Mo ferromolybdenum price in
Northeast China remained steady over the week of September 25-30, little disturbed with the imminent National Day holiday on October
1-5, down merely 0.8% or Yuan 1,000/tonne ($146/t) on week to Yuan 130,000/t
including 16% VAT as of September 30, market
sources noted.
“The moderate price decline was mainly
because
