Chinese Domestic Molybdenum Prices - December 11, 2023

At the beginning of the week, Chinese domestic molybdenum prices maintained a narrow range, influenced by factors such as moderate enthusiasm from downstream users for inquiries and purchases, strong support from production costs, and a rebound in international molybdenum prices. Supplier quotations remained relatively stable. 

Currently, the prices for molybdenum concentrate, ferro molybdenum, and molybdenum powder are approximately CNY 2,970 per ton Mo, CNY 198,000 per ton, and CNY 406 per kilogram, respectively.

However, under this situation, most industry participants remain cautious about the future, mainly due to the underperformance of the steel market, a significant downstream industry for molybdenum. This, in turn, hinders the upward potential for molybdenum iron prices.

In terms of news, data from the China Iron and Steel Industry Association shows that in late November 2023, key steel enterprises collectively produced 20.16 million tons of crude steel, 18.75 million tons of pig iron, and 21.79 million tons of steel. Among them, the daily production of crude steel was 2.016 million tons, an increase of 2.39% compared to the previous period, and a decrease of 0.61% year-on-year on the same basis. The daily production of pig iron was 1.8745 million tons, an increase of 1.03% compared to the previous period, and an increase of 0.74% year-on-year on the same basis. The daily production of steel was 2.1797 million tons, an increase of 9.55% compared to the previous period, and an increase of 5.52% year-on-year on the same basis.

Prices of molybdenum products on December 11, 2023

Picture of molybdenum wire 

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