China Molybdenum Price - May 24, 2023

Details: Category: Tungsten's News; Published on Thursday, 25 May 2023 09:46

China molybdenum price has moved up slightly on May 24, 2023 mainly due to the fact that steel companies have concentrated on bidding and the bidding prices are acceptable, and the spot inventory of some molybdenum raw materials is relatively small.

Currently, the prices of molybdenum concentrate and ferromolybdenum have risen to around RMB 3,600/ton and RMB 244,000/ton respectively. It is worth mentioning that, driven by the gradual rise in the domestic molybdenum market, the trading activity in the international molybdenum market has also increased.

In the molybdenum concentrate market, the overall market is relatively good. In addition to the willingness of downstream users to enter the market for consumption, some large mines have stopped production due to accidents, resulting in a small market spot supply, which is also an important source of motivation for the increase in the quotations of the holders.

In the ferromolybdenum market, the overall supply is in short supply, mainly due to the high enthusiasm of steel companies to enter the market for inquiries and purchases and the low price supply of ferromolybdenum merchants. Recently, Jiangsu Yonggang has invited bids for 120 tons of ferromolybdenum, and Baosteel (Baoshan Base) has invited bids for 60 tons of ferromolybdenum. tons, Shandong Iron and Steel Group invites bids for 210 tons.

In the molybdenum chemical industry and its products market, the fundamentals of supply and demand are relatively healthy, and end customers basically maintain rigid demand, while suppliers' quotations increase with rising raw material prices.

In terms of news: According to data from the China Iron and Steel Association, in mid-May 2023, key statistical iron and steel enterprises produced a total of 22.4546 million tons of crude steel, 19.953 million tons of pig iron, and 21.3969 million tons of steel. Among them, the daily output of crude steel was 2.2455 million tons, a month-on-month decrease of 0.24%; the daily output of pig iron was 1.9953 million tons, a month-on-month decrease of 0.52%; the daily output of steel products was 2.1397 million tons, a month-on-month increase of 2.53%.

Prices of molybdenum products on May 24, 2023

China molybdenum price image