Ferro Molybdenum Price - July 24, 2023

Molybdenum market on July 24, 2023: At the beginning of the week, Chinese overall molybdenum price keeps firm mainly reflected in the acceptable downstream demand and the slight increase in the price of molybdenum raw materials. 

Led by the rise in the price of molybdenum concentrate, the quotations of ferromolybdenum manufacturers have also increased. The current ferro molybdenum price has exceeded 260,000 yuan/ton. In order to avoid the risk of cost inversion and supported by the low steel inventory, many steel manufacturers have continuously raised their quotations, that is, steel prices continue to rise. The current prices of 304/2B stainless steel coils and 316/2B stainless steel coils have exceeded 15,000 yuan/ton and 27,000 yuan/ton respectively.

In terms of news: According to data from the China Iron and Steel Industry Association, in mid-July 2023, the social inventory of five major varieties of steel in 21 cities was 9.32 million tons, a decrease of 0.5% from the previous month, an increase of 23.9% from the beginning of the year, and a decrease of 19.5% from the same period of the previous year. In terms of regions, East China increased by 2.3%, North China increased by 5.8%, and Northeast China increased by 2.2%, while inventory in Northwest China decreased by 11.5%, South China decreased by 2.6%, Southwest decreased by 2.1%, and Central China decreased by 0.9%.

Prices of molybdenum products on July 24, 2023

Picture of molybdenum rod 

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