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[Ferro-Alloys.com] Chinese FeMo price kept flat, FeMo60 quoted at RMB62,000 per ton and 64,000 by acceptance.

At the beginning of August, mainstream steel mills finished their FeMo tender purchase at a new low price of RMB60, 000 per ton by acceptance.

Steel mills began overhaul and cut steel output, which reduced purchase for FeMo. A steel mill in North China was to purchase 280 tons of FeMo60 at RMB 59,000 per ton by acceptance; 2 steel mills in Hubei and Jiangsu were to purchase 350 tons of FeMo60 at RMB 58,000 per ton by acceptance. Though The State Bureau of Material Reserve speeded up its pace saving molybdenum oxide, China’s molybdenum market remained sluggish since oversea molybdenum oxide price continued its drop. Molybdenum oxide price dropped to 5.8--6/lbMo.

A FeMo producer in Hebei said they were just doing business with old customers; few deals were reached with steel mills. Molybdenum ore was quoted at RMB 900—920/mtu.

A Sichuan exporter of molybdenum oxide said that they received few enquires, but no quotation or transaction. Deals could hardly be reached at the price of USD 6/lbMo

Raw materials prices are dropping and steel mills adjust down purchase prices. It is estimated that Chinese FeMo price will remain flat. Oversea market also underperformed! Market would probably turns warm after summer vacation ends.

• [Editor:Zhang Xing]