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[Ferro-Alloys.com] Chinese FeMo60 was offered at RMB94,000-95,000/mt (USD15,409-15,573/mt, export duty excluded) by acceptance. Major steel mills couldn’t support FeMo market, with deals concentrating on scattered buying activities. Steel mills’ tender price stood at RMB94,000-95,000/mt (USD15,409-15,573/mt, export duty excluded) by acceptance. On the other hand, overseas moly price slip affected the domestic market. Overseas moly oxide transacted at USD11.4-11.5/lbMo, USD1/lbMo lower than last week.

A Hebei FeMo supplier reported sales at RMB94,000-95,000/mt (USD15,409-15,573/mt, export duty excluded) by acceptance, and they mainly did old customer’s orders. They almost made loss when they sold materials at such low price. Chinese moly concentrates stood at RMB1,280-1,300/mtu (USD209-213/mtu, export duty excluded).

European steel mills’ operation rate was low, so local demand didn’t increase much. Japanese and S Korean customers were active in buying materials, and a Sichuan exporter sold two containers of moly oxide at USD11.4-11.5/lbMo. European FeMo transacted at USD28.5/kgMo, closing to the lowest level since April.

It is expected that Chinese FeMo60 price would bottom, without room to drop further. It is expected that overseas moly oxide price would stabilize. European steel mills will tender FeMo, if its price is high, the FeMo market will recover a bit.

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• [Editor:Mango]