Chinese Molybdenum Market - July 17, 2023

At the beginning of the week, Chinese molybdenum market maintained a stable operation, which was mainly due to the fact that the suppliers generally had a strong willingness to hold up prices, the demand of downstream users was acceptable, and the sentiment of lowering prices was strong. 

Currently, the prices of molybdenum concentrate, ferromolybdenum and molybdenum powder are temporarily stable at around 3,930 yuan/ton Mo, 255,000 yuan/ton and 485 yuan/kg respectively.

According to Chinatungsten Online, many steel companies are willing to enter the market to bid for ferromolybdenum, the international molybdenum price has risen slightly, the current market spot inventory is not much, and the production cost is relatively high, all of which are important sources of energy to support suppliers' firm quotations.

In terms of news: According to data from the China Iron and Steel Industry Association, in early July 2023, the social inventory of five major varieties of steel in 21 cities was 9.37 million tons, an increase of 1.3% from the previous month, an increase of 24.6% from the beginning of the year, and a decrease of 22.1% from the same period last year. In terms of regions: East China increased by 3.6%, Southwest increased by 3.6%, North China increased by 2.4%, Northeast increased by 2.3%, South China’s inventory was flat, Northwest China’s inventory decreased by 6.2%, and Central China decreased by 0.9%.

Prices of molybdenum products on July 17, 2023

Picture of molybdenum sheet 

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