Chinese Molybdenum Market - October 12, 2024

Chinese molybdenum market remained stable, with a balance between bullish and bearish factors leading to only minor price fluctuations and moderate transaction volumes. On one side, suppliers were eager to maintain firm pricing and sell, while buyers were still pressing for lower prices. 

Currently, molybdenum concentrate and ferromolybdenum prices are stable at around RMB 3,730 per ton-degree and RMB 242,000 per ton, respectively.

On the positive side, strong production cost support, stable demand from downstream users for essential purchases, and ample orders held by raw material suppliers contributed to firm market confidence in holding prices. On the downside, the relatively high molybdenum product prices, the decline in steel prices, and cooling in the stock market have led to increased caution among downstream buyers.

In terms of industry news, data from Baotou's Bureau of Industry and Information Technology revealed that in September 2024, the prices of 13 out of 14 key steel products being monitored saw month-on-month declines, including seamless pipes, high-speed wire rods, and I-beams. Among these, I-beams had the largest drop, with an average price of RMB 3,655 per ton, down RMB 288 per ton or 7.3% from the previous month. On a year-on-year basis, hot-rolled coil (4.75mm×1500) experienced the sharpest decline, with an average price of RMB 3,104 per ton, a drop of RMB 876 per ton or 22.0%. Rebar prices saw the smallest year-on-year decrease, with an average price of RMB 3,369 per ton, down RMB 294 per ton or 8.0%.

Prices of molybdenum products on October 12, 2024

Picture of TZM rods

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