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[Ferro-Alloys.com] Chinese FeMo60 was offered at RMB98,000-99,000/mt (USD16,065-16,229/mt, export duty excluded) by acceptance. In September, the buying volumes of FeMo increased from August, as steel mills enhanced output and required stocking raw materials. But the tender volumes decreased greatly compared with the last September. In mid-September, there were scattered buying activities, transacting at RMB95,000-96,000/mt (USD15,573-15,737/mt, export duty excluded) by acceptance. After the summer vacations ended, overseas moly oxide price slipped to USD12.4-12.7/lbMo.

A Hebei FeMo supplier offered RMB94,000-95,000/mt (USD15,409-15,573/mt, export duty excluded) by cash. Due to high cost, most FeMo suppliers were watchful, unwilling to drop quotations. Moly concentrates stood at RMB1,330-1,350/mtu (USD218-221/mtu, export duty excluded), lower than last week.

A Sichuan moly oxide exporter reported more inquiries from buyers, but bids were too low, they couldn’t sell materials. Many low-priced moly oxide materials from China hit European market, leading moly price to drop further. Some buyers expected the demand for moly oxide to rise again, as the operation rate of mills improved. Overseas FeMo price dropped to USD30.5-31/kgMo, and market participants see continuous decline into the end of year.

It is expected that Chinese FeMo price would retreat in absence of steel mill’s support. It is expected that overseas moly oxide price would lose upward momentum without buying activities.

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• [Editor:Mango]