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[Ferro-Alloys.com] Chinese FeMo60 was offered at RMB97,000-98,000/mt (USD15,901-16,065/mt, export duty excluded) by acceptance. In mid-month, steel mills didn’t launch much tender, and deals were focused on scattered buying activities, transacting at RMB95,000-96,000/mt (USD15,573-15,737/mt, export duty excluded) by acceptance. Traders were watchful, so the entire deals were limited. Overseas moly oxide price rebounded to USD13.2-13.3/lbMo.

A Hebei FeMo supplier offered RMB97,000-98,000/mt (USD15,901-16,065/mt, export duty excluded) by acceptance for FeMo60, and old customers purchased fix volumes. Moly concentrates stood at RMB1,320-1,330/mtu (USD216-218/mtu, export duty excluded), unchanged from last week. Negative buying activities and firm quotation from sellers led to transaction deadlock.

A Shaanxi moly oxide exporter offered USD13.3-13.4/lbMo for moly oxide, and reported higher sale volumes than last month. Consumers didn’t return to the market, so the price bounce was prompted by traders’ buying activities. As traders expected price to bottom, planning to restock some materials for low buy and high sell. Overseas FeMo price rose to USD32-32.5/kgMo due to demand uptick and supply shortage. But the market didn’t appear too strong, and the supply and demand were well balanced.

It is expected that Chinese FeMo60 would keep steady till September, when buying activities recover. It is expected that moly oxide price might rise further on increased trading activities after summer vacations.

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• [Editor:Mango]