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China's Jun ferromoly exports dip 10.2% on month with stronger domestic sales

Highlights

China's ferromoly exports continued to dip in June, down 10.2% on month to 806 mt, as the domestic price was much higher and thus attractive to sellers, market sources said Monday.

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June ferromoly exports were nonetheless up 83.6% on the year, according to the latest statistics from China's General Administration of Customs, of which 205 mt went to Taiwan, 196 mt to Belgium, and 180 to South Korea.

For the first half of 2017, China exported 6,063 mt of ferromoly, up more than 800% from H1 2016.

The country did not import any ferromoly for June, and the total for the first half amounted to 25 mt, as against the 45 mt for January-June 2016.



As for molybdic oxide and molybdenum concentrates, China shipped a total of 859 mt to other countries in June, which was 1.9% lower than the previous month or 13.6% lower than that for June 2016.

"The June exports of these two products were more about Chinese traders' selling their imported cargoes that had been stored in bonded warehouses than China-produced materials, as domestic prices are much higher, thus making no sense exporting at all," a trader in central China explained.

For the first half of 2017, the country sold 6,377 mt of moly oxide and concentrates abroad, or 113% higher year on year.

In June, China imported 1,609 mt of moly oxide and concentrates, up 0.9% on month but down 14.1% on year. Of the total, the US supplied nearly 500 mt, Mongolia 407 mt, and Mexico 300 mt.

Over January-June, China imported 13,956 mt of such cargoes, being 30.1% more than a year ago, according to the official statistics.

"China has been growing into a trading hub for moly products in the past couple of years with traders consistently comparing domestic and global prices and deciding on the best trading strategy, instead of exporting mainly China-produced cargoes, just as many years ago," a trader in northwest China said.

--Hongmei Li, hongmei.li@spglobal.com
--Edited by Maurice Geller, maurice.geller@spglobal.com