Chinese Molybdenum Market - February 17, 2023

This week, the Chinese molybdenum market showed a pattern of first decline and then rise. At the beginning of the week, affected by the decline in international molybdenum prices, the drop in steel bidding prices and the excessive rise in molybdenum prices in the early stage, suppliers generally lowered their quotations rationally. 

For example, the prices of molybdenum concentrate, ferromolybdenum and molybdenum oxide dropped to about 5,300 yuan/ton, 380,000 yuan/ton and 5,400 yuan/ton respectively.

As the weekend approached, under the situation that the spot inventory of molybdenum raw materials was still tight, with the warming up of the international molybdenum market and the opening of a new round of steel recruitment activities, many suppliers regained their confidence in raising prices. Molybdenum concentrate and molybdenum oxide prices rose again to above 5,500 yuan/mtu and 5,600 yuan/mtu respectively. Driven by the rise in the price of molybdenum raw materials, the quotations of molybdenum chemical products such as ferromolybdenum, ammonium molybdate, molybdenum powder and molybdenum bars also increased to varying degrees.

According to statistics from Chinatungsten Online, this week ferromolybdenum dropped by about 4,000 yuan/ton, a drop of 1.04%; molybdenum oxide dropped by about 25 yuan/ton, a drop of 0.44%; Ammonium dropped by about 1,000 yuan/ton, a drop of 0.27%; molybdenum powder dropped by about 10 yuan/kg, a drop of 1.46%; molybdenum powder dropped by about 8 yuan/kg, a drop of 0.44%.

According to Chinatungsten Online, the main reasons for the difficulty in solving the shortage of spot supply in the current molybdenum market are as follows: First, due to the impact of the Spring Festival and the Lantern Festival, the output of molybdenum manufacturers in January is not very large. For example, the total output of ferromolybdenum in January is about 17,000 tons, decreased by about 8.30% month-on-month, and increased by about 3.73% year-on-year; second, the downstream demand was strong in the early stage, so suppliers mainly completed the early-stage orders in the near future; The international molybdenum price is at a relatively high level, which leads to the limited import of molybdenum products in my country.

News: According to data from the China Iron and Steel Industry Association, in early February, the social inventory of five major varieties of steel in 21 cities was 13.41 million tons, an increase of 15.8% from the previous month, an increase of 78.3% from the beginning of the year, and an increase of 8.5% from the same period last year. In terms of regions, East China increased by 17.9%; South China increased by 3.7%; Southwest China increased by 19.3%; Northwest China increased by 15.0%; North China increased by 17.5%; Central China increased by 23.7%; Northeast China increased by 48.6%.

Prices of molybdenum products on February 17, 2023

Picture of molybdenum wire 

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