[Ferro-Alloys.com] Chinese FeMo price dropped to RMB91,000-92,000/mt (USD14,918-15,081/mt, export duty excluded) by cash. At the end of September, major steel mills entered the market for FeMo, enlarging the entire buying volumes. The transaction price concentrated on RMB92,000-93,000/mt (USD15,081-15,245/mt, export duty excluded) by acceptance. Overseas moly oxide price slipped to USD8.9-9/lbMo, and it didn’t bottom out.

A Hebei FeMo supplier offered RMB91,000-92,000/mt (USD14,918-15,081/mt, export duty excluded) by cash for FeMo60, and old customers bought slim volumes. Suppliers reported limited profit, as steel mills pressed tender price. Chinese moly concentrates stood at RMB1,280-1,300/mtu (USD209-213/mtu, export duty excluded).

A Sichuan moly oxide exporter reported more inquires from Asian customers, and they concluded business at USD10.4/lbMo before holidays. European steel industry’s operation rate was high in 1H,2014, but it resumed to normal level in 2H, so the demand for moly oxide was stable. By contrast, the materials from China and S Korea were inundated in the market. The supply surplus led to moly oxide price continuously fell, therefore some suppliers undersold their materials. Overseas FeMo price slipped to USD24.5-25/kgMo.

It is expected that FeMo price would soften, as steel mills press tender price. It is expected that moly oxide price trended lower in the coming days, considering that some sellers got rid of materials.

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• [Editor:Mango]