China FeMo prices dip as increased imported raw material

The price of ferromolybdenum (FeMo) with 60% content in Northeast China dropped to a seven-month low of Yuan 96,000/tonne ($13,565.1/t) including the 13% VAT as of June 28, lower by another Yuan 2,000/t or 2% from June 19, according Mysteel’s assessment. FeMo prices continued to lose ground because of cheaper raw materials prices – namely those of imported molybdic oxide, market sources said on Monday.

The survey period spanned June 22-28, with China being shut over June 25-26 during the Dragon Boat Festival holiday, Mysteel Global noted. “The volumes of foreign moly oxide arriving in China these past few months have been large – sometimes averaging as much as 7,000 tonnes – given the negative