Chinese Molybdenum Market - November 15, 2024

The domestic Chinese molybdenum market remains relatively calm in the week ended on Friday, November 15, 2024. 

With raw material suppliers generally holding onto prices due to strong sell-and-hold sentiment and buyers showing low willingness to accept high prices, product prices are fluctuating within a narrow range and transaction volumes are limited. 

Today, the prices for molybdenum concentrate, molybdenum iron, and sodium molybdate are holding steady at around 3,720 yuan/tonne, 241,000 yuan/ton, and 169,000 yuan/ton, respectively.

Key Highlights:

Molybdenum Concentrate Market: The market is generally stable but slightly weak. While many suppliers are reluctant to lower prices, the influence of weaker-than-expected downstream demand and tight liquidity has caused some suppliers to ease their confidence in maintaining prices.

Molybdenum Iron Market: The market remains under clear pressure, mainly due to steel enterprises continuing to press for lower prices and the relatively high price of molybdenum concentrate. Recently, several steel companies such as Shougang Qian'an Steel, Shandong Steel Laiwu, Zhejiang Dongte, and Anhui Maanshan Steel have entered the market for molybdenum iron tenders.

Molybdenum Chemical and Products Market: The trading atmosphere remains relatively flat, primarily because end customers are mostly sticking to just-in-time purchases and sellers have limited willingness to lower prices to drive sales.

News Update:

According to data from the China Iron and Steel Association (CISA), in early November 2024, the social inventory of the five major types of steel showed a decline across all categories, except for rebar. Specifically:

Hot-rolled coils: 1.83 million tons, down by 60,000 tons, a decrease of 3.2%.

Cold-rolled coils: 1.01 million tons, down by 40,000 tons, a decrease of 3.8%.

Medium and heavy plates: 990,000 tons, down by 30,000 tons, a decrease of 2.9%.

Wire rods: 580,000 tons, down by 40,000 tons, a decrease of 6.5%.

Rebar: 2.52 million tons, up by 100,000 tons, an increase of 4.1%.

Prices of molybdenum products on November 15, 2024

Picture of molybdenum round sheet 

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