Chinese Molybdenum Market - November 29, 2024

This week, the Chinese molybdenum market showed a slight downward trend, with the prices of molybdenum concentrate, ferromolybdenum, and molybdenum oxide falling below 3,700 yuan/tonne, 240,000 yuan/tonne, and 3,800 yuan/tonne, respectively.

On the positive side, there are several favorable factors: First, many molybdenum manufacturers have limited production capacity due to high production costs, stricter environmental policies, and lower temperatures. Second, the prospects for downstream molybdenum industries are favorable, which is expected to drive an increase in demand for molybdenum products.

On the negative side, there are also several factors weighing on the market: First, the international molybdenum market remains weak, with slight declines in international molybdenum oxide and European ferromolybdenum prices, which is unfavorable for the domestic market. Second, due to tight liquidity, the difficulty in large short-term price increases, and the prevailing market sentiment of buying on price increases and avoiding price declines, downstream demand remains weak.

According to statistics from CTIA GROUP LTD, the current price of molybdenum concentrate has decreased by approximately 20 yuan/tonne compared to last week, a decline of 0.54%; ferromolybdenum prices have dropped by about 2,000 yuan/tonne, a decrease of 0.83%; sodium molybdate prices have fallen by about 2,000 yuan/tonne, a drop of 1.19%; ammonium molybdate prices have decreased by about 2,000 yuan/tonne, a decline of 0.86%; molybdenum powder prices have dropped by about 5 yuan/kg, a decrease of 1.15%; molybdenum oxide prices have fallen by about 20 yuan/tonne, a drop of 0.52%.

In terms of news, data from the World Steel Association shows that in October 2024, the crude steel production of 71 countries/regions included in the World Steel Association’s statistics totaled 151.2 million tonnes, a year-on-year increase of 0.4%. By region, Africa’s crude steel production was 2 million tonnes, down 0.4% year-on-year; Asia and Oceania’s crude steel production was 110.3 million tonnes, up 0.9% year-on-year; the European Union (27 countries) produced 11.3 million tonnes of crude steel, up 5.7% year-on-year; the Middle East’s crude steel production was 5 million tonnes, up 5.4% year-on-year; North America’s crude steel production was 8.8 million tonnes, down 3.6% year-on-year; South America’s crude steel production was 3.8 million tonnes, up 7.2% year-on-year.

Prices of molybdenum products on November 29, 2024

Picture of molybdenum foil 

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