Sodium Molybdate Price - August 29, 2022

At the beginning of the week, sodium molybdate, ammonium molybdate and molybdenum powder prices edge higher. Influenced by low buying appetite of downstream users and the low spot inventory of molybdenum raw materials, suppliers are basically confident in raising prices. 

Currently, the prices of molybdenum concentrate and ferro molybdenum have risen to about 2,550 yuan/ton and 170,000 yuan/ton respectively.

According to Chinatungsten Online, the main reasons for the increase in market demand are that the traditional consumption peak season is coming and some steel companies have finished their maintenance work. The main reasons for the low spot inventory in the market are: extreme weather, high mining difficulty for molybdenum mining enterprises resulting in a decrease in the production of molybdenum raw materials; rising international molybdenum prices, resulting in a decrease in domestic imports of molybdenum raw materials.

In terms of news: data from the China Iron and Steel Association shows that in mid-August 2022, the social inventory of 5 major types of steel in 21 cities was 9.74 million tons, down 5.3% from the previous month, up 23.6% from the beginning of the year, and down 19.9% from the same period last year. In terms of regions, inventory in East China decreased by 7.4% month-on-month, South China decreased by 3.7%; Southwest China decreased by 4.2%, Northwest and Central China decreased by 7.1% and 4.5% respectively, and Northeast and North China decreased by 6.1% and 3.5% respectively.

Prices of molybdenum products on August 29, 2022

Picture of molybdenum foil 

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