[Ferro-Alloys.com] Chinese FeMo was offered at RMB97,000-98,000/mt (USD15,901-16,065/mt, export duty excluded) by acceptance. Stainless steel market weakened, as well as higher nickel price led to stainless steel cost upturn. So steel enterprises pressed FeMo tender price to RMB94,000-95,000/mt (USD15,409-15,573/mt, export duty excluded) by acceptance. Overseas moly oxide transacted at USD12.9-13/lbMo.

A Hebei FeMo supplier offered RMB97,000-98,000/mt (USD15,901-16,065/mt, export duty excluded) by acceptance for FeMo, they first did old customer’s orders. Their FeMo output decreased slightly, and transaction price slipped. Chinese moly concentrates transacted at RMB1,320-1,330/mtu (USD216-218/mtu, export duty excluded). Buyers had negative attitude in booking materials, while sellers insisted on their high offers. The entire market was in a stalemate.

A Shaanxi moly oxide exporter offered USD13/lbMo for moly oxide, but transaction volumes were ordinary. During the summer vacations, the operation rate of steel mill was comparatively low, as consumers with enough inventories were unwilling to purchase raw materials, so the entire deals were slim.

It is expected that Chinese FeMo price would stabilize at the low level, waiting for the next round of tenders to guide new direction. Overseas moly oxide price is expected to linger at the low level in absence of demand, and might recover till late August.

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• [Editor:Mango]