China Molybdenum Price - May 26, 2023

China molybdenum price showed a pattern of rising in the week ended on Friday, May 26, 2023, mainly reflected in the general upward of molybdenum products and the acceleration of actual transaction speed, which was mainly due to the difficulty in increasing the supply of molybdenum raw materials, increasing downstream demand, and optimistic market outlook.

According to Chinatungsten Online, the price of ferromolybdenum this week rose by about 10,000 yuan/ton, or 4.24%, compared with last week; the price of molybdenum concentrate rose by about 200 yuan/ton, or 5.83%; the price of sodium molybdate increased by about 11,000 yuan/ton, or 7.19%; the price of ammonium heptamolybdate increased by about 14,000 yuan/ton, or 6.14%; the price of molybdenum powder increased by about 14 yuan/kg, an increase of 3.13%; the price of molybdenum oxide was about 180 yuan/ton degree last week, an increase of 5.10%. It can be seen that the prices of molybdenum raw materials and molybdenum chemical products have increased significantly this week. Under this influence, the international molybdenum market has also improved.

The main reasons for the difficulty in increasing the spot inventory in the market include not only the increased initiative of downstream users to enter the market, but also the recent shutdown of large-scale mines, the depreciation of the renminbi and the high international molybdenum price, resulting in a relatively small amount of domestic molybdenum raw material imports.

In terms of news: According to data from the China Iron and Steel Association, in mid-May, the social inventory of five major varieties of steel in 21 cities was 10.94 million tons, a decrease of 3.2% from the previous month, an increase of 45.5% from the beginning of the year, and a decrease of 9.4% from the same period last year. In terms of regions, the inventory in Southwest China decreased by 10.9%, North China decreased by 7.1%, Northwest decreased by 7.3%, East China decreased by 1.1%, South China decreased by 0.8%, and Northeast and Central China increased by 3.6% and 2.6% respectively.

Prices of molybdenum products on May 26, 2023

Picture of molybdenum boat 

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