Molybdenum Oxide Price - November 23, 2022

Molybdenum market quotation in China: ferro molybdenum, molybdenum concentrate and molybdenum oxide prices increase slightly on November 23, 2022 due to relative tight supply of molybdenum raw materials and active steel tenders. 

However, under the joint influence of factors such as the continuous upward movement of the domestic molybdenum price's overall center of gravity and the high wait-and-see international molybdenum market, most industry players have become more worried about the market outlook.

From the perspective of the supply side, in addition to the high exchange rate of US dollar to RMB (7.1404), which is not conducive to the increase of domestic molybdenum raw material imports, the severe and complicated epidemic situation in Shaanxi, Henan and other places and the continuous crackdown on environmental protection have caused some local molybdenum manufacturers The limited production is the reason for the low spot inventory in the market in the near future.

From the perspective of demand, first, it is currently in the traditional peak season of consumption and the second half of this month, so steel companies are already more enthusiastic about bidding for ferromolybdenum, and the bidding price of steel is about 222,000 yuan/ton; There is great uncertainty in transportation, so consumers have a strong psychological desire to complete the purchase plan ahead of schedule, coupled with the obvious market mentality of "buy up and not buy down", the consumption of molybdenum has increased even more.

In terms of news: According to data from the World Iron and Steel Association, global crude steel production from January to October 2022 totaled 1.5527 billion tons, a year-on-year decrease of 3.9%; among them, the output in October was 147.3 million tons, which was flat year-on-year. From January to October 2022, China's crude steel output was 860.6 million tons, a year-on-year decrease of 2.2%; among them, the output in October was 79.8 million tons, an increase of 11% year-on-year. From January to October 2022, India's crude steel output was 103.8 million tons, an increase of 6.1% year-on-year; among them, the output in October was 10.5 million tons, an increase of 2.7% year-on-year.

Prices of molybdenum products on November 23, 2022

Picture of TZM rod  

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