China Molybdenum Price - June 24, 2022

China molybdenum price was stable in the week ended on Friday June 24, 2022 with the gradual weakening of favorable factors and new increased orders. 

From the perspective of positive factors, due to the high temperature and heavy rain, the difficulty of mining in many molybdenum mining enterprises has increased, resulting in a slight reduction in production. In addition, the volume of overseas ore imports in batches in the early stage is limited, and the spot inventory in the market is even less. many. In this context, the prices of commodities such as energy and oil are still relatively high, which to a large extent supports the confidence of suppliers to firm up their quotations.

From the perspective of negative factors, compared with last week, the enthusiasm of steel companies to enter the bidding for ferromolybdenum has decreased this week, which has led to slow market transactions. This is mainly due to the fact that most steel companies still have a certain amount of ferromolybdenum inventory and the high price of molybdenum recently, is also the main reason for the increase in steel companies' cautious wait-and-see sentiment.

In terms of news: China Iron and Steel Association data show that in mid-June 2022, key statistics iron and steel enterprises produced a total of 22.5789 million tons of crude steel, 20.2925 million tons of pig iron, and 22.0461 million tons of steel. Among them, the daily output of crude steel was 2.2579 million tons, down 1.34% from the previous month; the daily output of pig iron was 2.0292 million tons, down 1.12% from the previous month; the daily output of steel was 2.2046 million tons, up 1.50% from the previous month.

Prices of molybdenum products on June 24, 2022

Picture of molybdenum boat

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