China FeMo prices recover as mills pressed to bid higher

The price of ferromolybdenum (FeMo) with 60% content in Northeast China rose to Yuan 100,000/tonne ($14,109/t) including 13% VAT as of June 12, up by a slight Yuan 1,000/t or 1% on week, Mysteel’s assessment showed. Mainly driving the uptick were the smelters firming their prices to offset higher input costs, and domestic steel mills with relatively high procurement demand last week, market sources said on Monday.

Over the week of June 8-12, some domestic steel mills gradually entered the market for FeMo and initially submitted lower-priced bids for this month which most FeMo smelters refused to accept. Consequently, the mills had to slightly raise their procurement prices second-time around, a Shanghai-based market watcher said. For example,