Molybdenum Market in China - December 15, 2023

This week, the overall molybdenum market in China has been operating positively. At the beginning of the week, influenced by general steel demand and prices, moderate prices for large molybdenum mining companies, and a relatively sluggish market situation at the end of last week, molybdenum product prices showed a weak consolidation. 

However, nearing the end of the week, due to the simultaneous rise in steel demand and prices, the rebound of international molybdenum prices, and strong support from production costs, suppliers' awareness of reluctant selling and price increases has generally strengthened.

According to statistics from Chinatungsten Online, the current price of ferro molybdenum has increased by approximately 9,000 yuan/ton compared to last week, with an increase of 4.55%. The price of molybdenum concentrate has increased by approximately 100 yuan/ton Mo, with an increase of 3.33%. The price of sodium molybdate has increased by approximately 2,000 yuan/ton, with an increase of 1.38%. The price of ammonium heptamolybdate has increased by approximately 6,000 yuan/ton, with an increase of 2.96%. The price of molybdenum powder has increased by approximately 4 yuan/kg, with an increase of 0.99%. The price of molybdenum oxide has increased by approximately 100 yuan/ton-degree, with an increase of 3.23%. It can be seen that the increase in the price of molybdenum raw materials this week is significantly greater than the increase in the prices of molybdenum chemical products. This is mainly due to the lag in quotations from molybdenum chemical companies and the lack of a significant increase in demand from end customers.

According to information from CTIA GROUP LTD, steel companies that recently participated in the bidding for molybdenum iron include Qingshan Group (price: 200,000 yuan/ton), Dalian Special Steel (60 tons, price: 202,000 yuan/ton), Fushun Special Steel (120 tons, price: 202,000 yuan/ton), Shandong Jueneng Special Steel (20 tons, price: 201,000 yuan/ton), Nanjing Iron and Steel (90 tons, price: 200,900 yuan/ton), Hegang Group (156 tons, price: 200,000 yuan/ton), Maanshan Iron and Steel (120 tons, price: 200,000 yuan/ton), CITIC Pacific (240 tons, price: 193,800-197,000 yuan/ton), and so on.

On the news front, data from the China Iron and Steel Industry Association shows that in early December 2023, social inventories of five major types of steel in 21 cities decreased by 2.4% compared to the previous month, a decrease of 2.0% compared to the beginning of the year, and an increase of 0.3% compared to the same period last year. In terms of regions, inventory in South China decreased by 10.4%, marking the largest reduction; East China decreased by 1.4%; Southwest decreased by 0.9%; Northwest inventory increased by 8.7%; Central China increased by 2.5%; North China and Northeast inventory remained flat.

Prices of molybdenum products on December 15, 2023

Picture of molybdenum sheet

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