China’s FeMo prices up post holiday on global rises

As of February 26, China’s ferromolybdenum prices have grown to Yuan 113,000-114,000/tonne ($17,469-17,623) with some small-sized steel mills paying even higher at Yuan 116,000/t, after China has returned to work since February 18 after the Chinese New Year (CNY) holiday, mainly in tandem with the gains in the global market.

“The overseas prices surged when China was on CNY holiday (February 11-17), with the molybdic oxide price surpassed $12/lb then, and China has reacted to this fast when the market reopened,” a FeMo trader in Northeast China’s Liaoning province said. As of February 25, the global moly oxide price was at $12.3-12.5/lb, as against