Chinese Molybdenum Price - February 5, 2024

Chinese molybdenum price has shown no significant change for now, and is expected to be stable during the holiday of Chinese Spring Festival. With the approaching festive atmosphere of the Spring Festival, the operational sentiment of traders has noticeably decreased, resulting in limited new orders.

Currently, market participants are closely monitoring the operation of the international molybdenum market during the Spring Festival. In the past two days, both international molybdenum oxide and European molybdenum iron prices have seen a slight increase.

On the supply side, due to the arrival of the Spring Festival holiday and low temperatures, many molybdenum manufacturers have slowed down the release of production capacity. Additionally, with limited imports of molybdenum raw materials in China, the spot supply in the market is even scarcer. According to the China Meteorological Administration, on February 5th, snowfall had ended in most northern regions, but there was still strong rain and snow in the southern regions, with some areas experiencing heavy or blizzard snow. In the coming days, the southern regions are expected to continue experiencing rainy or snowy weather, with some areas having sleet or snow.

In terms of demand, amid the current festive atmosphere and tight liquidity, downstream users are mostly maintaining just-in-time purchasing. On February 4th, steel companies participating in the bidding for molybdenum iron included Jiangsu Delong, Shanxi Taigang, CITIC Tai Fu Group, Huai Steel Special Steel, Shangang Laigang, and others. Among them, Jiangsu Delong bid for 50 tons, CITIC Tai Fu Group bid for 240 tons, and the bidding price was around 213,500 yuan per ton.

On the news front, data from the China Iron and Steel Industry Association shows that by late January 2024, social inventories of five major steel varieties in 21 cities totaled 8.66 million tons, an increase of 5.2% month-on-month, an increase of 18.8% from the beginning of the year, and a decrease of 25.2% year-on-year. Regionally, inventories in North China increased by 13.4%, making it the region with the largest increment and percentage increase; South China increased by 6.9%; Northwest China increased by 11.1%; East China increased by 1.7%; Central China increased by 3.7%; Southwest China increased by 2.5%; and Northeast China decreased by 2.4%.

Prices of molybdenum products on February 5, 2024

Picture of molybdenum tungsten alloy discs 

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