Molybdenum Concentrate Price - October 12, 2022

China molybdenum price rose sharply on the whole in the middle of October with the support of strong demand from downstream as well as the tightening availability of raw materials. 

The prices of molybdenum concentrate and ferromolybdenum rose to around RMB 3,060/ton and RMB 202,000/ton respectively. In this context, international molybdenum prices also rose.

From the perspective of the supply side, first, due to the arrival of the National Day holiday last week, the rebound of the epidemic in many places, and the upcoming 20th National Congress of the Communist Party of China, the output of many molybdenum manufacturers has slightly reduced; second, since September this year, the exchange rate of RMB against the US dollar has The rapid depreciation and the recent high international molybdenum prices have led to a decrease in the import of molybdenum raw materials in my country. At 9:00 on October 12, 1 US dollar can be exchanged for 7.1657 yuan.

From the perspective of demand, first, when the traditional consumption season is currently in peak season, downstream users themselves have higher consumption desires. In addition, due to the impact of the National Day holiday, buyers have more inquiries; Under the circumstance, the amount of molybdenum used by military enterprises is relatively large, and the upgrading of manufacturing products will increase the market demand for molybdenum.

In terms of news: Statistics from the China Iron and Steel Association show that in late September 2022, the steel inventory of key steel enterprises was 15.8829 million tons, down 10.07% from the previous ten-day, down 0.38% from the same ten-day of last month, and up 40.60% from the beginning of the year. An increase of 32.86% over the same period last year.

Prices of molybdenum products on October 12, 2022

Picture of molybdenum boat 

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