Chinese Molybdenum Market - November 22, 2024

This week, Chinese molybdenum market continued to operate weakly, mainly due to low steel bidding prices, a sluggish international molybdenum market, and increasing inventory levels. 

Currently, steel bidding prices are around ¥238,000/ton, while international molybdenum oxide prices are approximately $21.40/lb of molybdenum. Notably, despite the recent slight decline in molybdenum prices, downstream users have shown increased interest in inquiries and purchases. Recent steel companies entering the market for ferromolybdenum tenders include Dalian Special Steel (60 tons), Hunan Valin Xiangtan Iron and Steel (90 tons), Anshan Iron and Steel in Liaoning (110 tons), Shougang Qian’an Steel (30 tons), and Hunan Lianyuan Steel (30 tons).

According to statistics from Chinatungsten Online, current prices have shown the following changes compared to last week:

Molybdenum concentrate: Down ¥10/MTU (-0.27%)

Ferromolybdenum: Down ¥1,000/ton (-0.41%)

Sodium molybdate: Down ¥1,000/ton (-0.59%)

Ammonium heptamolybdate (AHM): Down ¥1,000/ton (-0.43%)

Molybdenum powder: Unchanged

Molybdenum oxide: Down ¥10/MTU (-0.26%)

Market Insights:

According to the National Bureau of Statistics, in October 2024, output for 343 of 619 industrial products tracked showed year-on-year growth. Key highlights include:

Steel: 119.41 million tons (+3.5%)

Cement: 174.98 million tons (-7.9%)

Non-ferrous metals: 6.69 million tons (+0.6%)

Ethylene: 2.73 million tons (-5.5%)

Automobiles: 2.954 million units (+4.8%), including new energy vehicles: 1.428 million units (+48.6%)

Electricity generation: 731 billion kWh (+2.1%)

Crude oil processing: 59.54 million tons (-4.6%).

Prices of molybdenum products on November 22, 2024

Picture of TZM rods 

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