Chinese Molybdenum Market - June 21, 2023

The overall performance of the Chinese molybdenum market is relatively good, mainly reflected in the sharp increase in the prices of most molybdenum products, the faster transaction speed and the stronger sentiment of traders entering the market. 

According to Chinatungsten Online, the current prices of molybdenum concentrate, sodium molybdate, molybdenum powder and ferromolybdenum have increased by about RMB 150/ton Mo, RMB 3,000/ton, RMB 10/kg and RMB 8,000/ton respectively.

However, this does not mean that the molybdenum market will be good for a long time, because the negative factors in the market have not completely dissipated. Price rise is unfavorable, and it is not conducive to quotations from other molybdenum manufacturers through the transmission of the industrial chain. At present, the prices of rebar, hot-rolled coils and 316/2B stainless steel coils have dropped by about RMB 16/ton, RMB 38/ton and RMB 200/ton respectively.

Recently, the main reason for the rise in temperature in the molybdenum market is that the price of molybdenum has declined in the early stage, which has prompted downstream users to increase their awareness of bargain hunting. In addition, as the Dragon Boat Festival is approaching, some consumers are more enthusiastic about making inquiries and purchasing, so as to ensure Their respective companies can operate normally around the Dragon Boat Festival; supported by the recent rise in international molybdenum prices, domestic traders have also slightly increased their initiative to enter the market.

In terms of news: According to data from the China Iron and Steel Industry Association, from January to May 2023, the operation of the main steel-consuming industries is generally stable. Among them, the real estate development investment decreased by 7.2% year-on-year, the construction area decreased by 6.2%, the newly started area decreased by 22.6%, and the sales area of commercial housing decreased by 0.9%; the investment in infrastructure construction increased by 7.5% year-on-year; the total export of mechanical and electrical products was 810.6 billion US dollars, a year-on-year increase of 1.6%; my country produced 10.69 million vehicles, a year-on-year increase of 11.1%.

Prices of molybdenum products on June 21, 2023

Picture of molybdenum boat 

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