China Molybdenum Price - July 14, 2023

China molybdenum price remained weak adjustment in the week ended on Friday, July 14, 2023. Under the interweaving of positive and negative factors, the price game between buyers and sellers was fierce. Some products, such as molybdenum concentrates, traded in a wide range of prices. 

In the short term, industry players will focus on the release of production capacity of molybdenum mining enterprises and the situation of steel bidding prices.

According to Chinatungsten Online, the price of ferromolybdenum this week dropped by about 3,000 yuan/ton Mo compared with last week, a drop of 1.16%; the price of molybdenum concentrate dropped by about 10 yuan/ton Mo, a drop of 0.25% compared with last week; the price of sodium molybdate dropped by about 1,000 yuan/ton, or 0.57%, from last week; the price of ammonium heptamolybdate dropped by about 1,000 yuan/ton, or 0.21% from last week; the price of molybdenum powder dropped by about 1 yuan/kg from last week, A decrease of 0.21%; the price of molybdenum oxide decreased by about 10 yuan/ton degree compared with last week, a decrease of 0.25%. It can be seen that the quotations of molybdenum raw materials and molybdenum chemical products are relatively stable this week.

At present, the main favorable factors in the molybdenum market are as follows: First, many steel companies are still willing to enter the market to bid for ferromolybdenum, and the bidding price is relatively considerable: on July 13, 2023, CITIC Pacific Group invited bids for 300 tons, Shandong Iron and Steel Co., Ltd. 120 tons, Valin Hunan Iron and Steel 60 tons; second, due to the gradual rise in temperature, increased production costs and unabated efforts to crack down on environmental protection, some molybdenum manufacturers have reduced their output; third, due to the considerable sales prices of molybdenum concentrates from Yichun Molybdenum Mine and a certain mine in Henan support.

The increase in electricity price and oil price is one of the reasons for the increase in the production cost of molybdenum products. According to the news from the National Development and Reform Commission, according to the recent changes in oil prices in the international market and in accordance with the current formation mechanism of refined oil prices, starting from 24:00 on July 12, domestic gasoline and diesel prices (standard products) will increase by 155 yuan and 150 yuan per ton respectively.

Negative factors include: first, with the current molybdenum price at a relatively high level, many downstream users are more fearful of heights; second, due to the current off-season of traditional consumption and the fact that some consumers have completed their purchase plans, there is not much market demand; Third, the current global economic situation is complex and changeable.

News: According to data from the General Administration of Customs, China exported 7.508 million tons of steel in June 2023, a month-on-month decrease of 848,000 tons, or 10.1%; China imported 612,000 tons of steel, a month-on-month decrease of 19,000 tons, or 3.0%. From January to June 2023, China exported a total of 43.583 million tons of steel, a year-on-year increase of 31.3%; and imported a total of 3.741 million tons of steel, a year-on-year decrease of 35.2%.

Prices of molybdenum products on July 14, 2023

Picture of molybdenum wire

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