China Molybdenum Prices - July 26, 2023

The overall domestic molybdenum market maintains a high level of stable operation, mainly reflected in the difficulty in updating molybdenum prices, traders basically maintaining rigid demand, and the transaction volume is average. 

On the supply side, affected by factors such as the recent high temperature, frequent rainstorms, high unit production costs, and unabated efforts to crack down on environmental protection, many molybdenum mining companies have been slow to release production capacity. In addition, current suppliers hold more orders. Therefore, the growth rate of market spot inventory is even slower.

In terms of demand, although it is currently in the off-season of traditional consumption, due to factors such as the approaching change of the month, the gradual approach of Typhoon "Du Su Rui" and the general rise in steel prices, many downstream users want to complete the purchase plan ahead of schedule, so the market demand for molybdenum is still good.

According to Chinatungsten Online, steel companies that recently entered the market to bid for ferromolybdenum include Shougang Group with 30 tons, Jiangsu Yonggang with 90 tons, and Taiyuan Iron and Steel with 60 tons. The main reasons for the general rise in steel prices are: the long-term decline in steel prices in the early stage, the low steel inventory in the near future, and the expected development of real estate, infrastructure and other fields in the second half of the year.

In terms of news: According to the China Iron and Steel Association, in mid-July 2023, the steel inventory of key steel enterprises was 15.6684 million tons, a decrease of 229,900 tons or 1.45% from the previous ten-day; 3.41%; an increase of 2.594 million tons or 19.84% over the end of last year; a decrease of 3.3629 million tons or 17.67% over the same ten days of last year; an increase of 750,600 tons or 5.03% over the same ten days of the previous year.

Prices of molybdenum products on July 26, 2023

Picture of MoSi2 heating element 

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