China’s Domestic Molybdenum Price - February 24, 2023

This week, China’s domestic molybdenum price was weak but still maintained a high level. With the support ability of favorable factors gradually weakening, the upward adjustment of suppliers’ quotations was obviously hindered, and the prices of some products dropped slightly. 

According to Chinatungsten Online, the price center of gravity of molybdenum concentrate, ferromolybdenum, molybdate, molybdenum powder, molybdenum bar and molybdenum oxide all moved down to a certain extent this week, among which the price of ferromolybdenum dropped sharply, from 381,000 yuan/ton to about 360,000 yuan/ton, a decrease of 21,000 yuan/ton, a drop of 5.51%. As of this month, the total amount of ferromolybdenum offered by domestic steel companies has exceeded 3,000 tons, and the steel companies that have entered the bidding for ferromolybdenum this week include Shougang Co., Ltd., Tianjin Sanying Welding Industry Co., Ltd., Zhongnan Co., Ltd., Hengyang Valin Steel Pipe and Shandong Iron and Steel Group, etc.

The main factors affecting the operation of the molybdenum market in recent days are: the spot supply of molybdenum raw materials is still relatively small. Although the downstream demand has weakened recently, due to the large amount of early orders, the suppliers mainly focus on delivering early orders recently; the international molybdenum oxide and European The rational price decline of ferromolybdenum is not conducive to the heating up of the domestic molybdenum market; the reduction of ferromolybdenum bidding by steel companies and the reduction of bidding prices are all reasons for the decline in molybdenum prices.

In terms of news: in mid-February, the social inventory of five major varieties of steel in 21 cities was 13.72 million tons, an increase of 2.3% month-on-month, an increase of 82.4% from the beginning of the year, and a decrease of 3.3% from the same period last year. In terms of regions, the Northeast region increased by 21.8%, East China increased by 4.0%, Northwest China increased by 7.0%, Central China increased by 3.4%, Southwest China increased by 0.8%, South China decreased by 2.3%, and North China decreased by 1.1%.

Prices of molybdenum products on February 24, 2023

Picture of molybdenum sheet 

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