Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Metals

Chinese ferromoly prices fall as inspection-driven supply fear recedes

Metals | Steel | Raw Materials

India's steel sector: turning a corner or facing more hurdles ahead?

LNG | Natural Gas | NGL

Platts LNG Alert

Commodities | Metals | Steel | Materials | Building & Construction | Financial Services | Macroeconomics

Steel Markets North America Conference, 16th Annual

Metals | Shipping

Container freight hike adds to India, Pakistan import scrap rally

Chinese ferromoly prices fall as inspection-driven supply fear recedes

Tokyo — Chinese spot ferromolybdenum prices have peaked off from end October levels as fear of environmental inspections resulting in plant closures receded, market sources said Wednesday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The central government inspections started in late October and some moly oxide roasters and ferromoly plants either closed or cut production. A Chinese trader said some may need to stay closed.

Steelmakers purchase price levels, that rose to Yuan 138,000-139,000/mt ($33.30-$33.55/kg) ex-plant, 16% value added tax inclusive, in the last week of October, have fallen to Yuan 132,000-135,000/mt in the last two weeks, several Chinese traders said.

Chinese steelmakers were believed to have bought 8,000 mt from the spot market via public tenders in September, 8,000-9,000 mt in October, but so far this month, 5,000 mt, the Chinese trader said.

Chinese steelmaker buying usually kicks in at the end of the month. But so far this week, there were minor inquiries for 40-60 mt, sources said. One steelmaker in the Jiangsu province, which typically buys over 100 mt, was asking for quotations this week.

But the mill procurement unit reportedly told prospective sellers he would wait until prices were lower.

Mills were not buying raw materials, also because of uncertainties in steel demand while Chinese economic indicators deteriorate. Buyers want a clearer picture for 2019 before buying, sources said.

"Everything dropping...oil prices, steel prices. Moly itself cannot afford to stay strong for long," a second Chinese trader said.

Daily Briefing

Make smarter investment decisions using the latest breaking industry steel news in Platts Daily Briefing. Independent reporting by Platts’ editors and analysts covers all aspects of the steel industry, including in-depth news and analysis by region.

Free Trial

The first Chinese trader said China may have 3,000 mt of excess ferromoly in the country.

The central government inspectors are expected to complete inspections of industrial plants in the Liaoning province on the week of December 4, a ferromoly plant source said.

S&P Global Platts could not confirm inspection schedules with the Chinese government.

--Mayumi Watanabe, mayumi.watanabe@spglobal.com

--Edited by Jonathan Dart, newsdesk@spglobal.com