SHANGHAI, July 1 -- Minor metals prices were mostly lower in Shanghai from a week earlier, as traders increasingly moved to the sidelines, wary of potentially slower economic growth and the impact of the cancellation of export rebates on many products.
Prices of battery ingredient cadmium fell about 1.5 percent from a week earlier to 33,500 yuan to 35,000 yuan ($4,929-$5,149). Stainless steel material molybdenum fell more than 6 percent to 290 to 310 yuan a kilogram.
"Traders are very cautious these days. There seems to be more bearish news than bullish news for the second half on the macro economy side," said a minor metals trader based in the central province of Hunan. "The cancellation of export tax rebates may also hurt the market."
China announced last week it plans to cancel the valueadded- tax rebate on exports of a series of products, including some minor metals, from July 15.
"Producers want to have their customers pay more to make up for the loss of rebate, but since consumption is sluggish, they are hesitant to call for a price hike," said Wang Wei, an analyst at Shanghai Xinxie Information & Technology Co.
Traders were worried about demand for minor metals, after Beijing's measures to cool down the overheated economy started hurting the steel industry, among others, which weighs on the prices of materials including manganese and Molybdenum.