China FeMo prices stabilize on more buying by steel mills

After five weeks of softening, the price of 60% grade ferromolybdenum (FeMo) in Northeast China stayed flat on week at its nearly 36-month low of Yuan 86,000/tonne ($12,264/t) and including 13% VAT as of July 24, according to Mysteel’s assessment, mainly due to the Chinese stainless producers’ return for FeMo replenishment last week, market source said on Monday.

“The FeMo transactions between domestic stainless mills and smelters increased in late July, and I have heard that some small- and medium-sized steelmakers also bid for small volumes today,”said a trader from Liaoning of Northeast China said. The trading volumes of FeMo for July so far had totalled 8,000