Chinese Molybdenum Market - August 7, 2023

Molybdenum market market on August 7, 2023: At the beginning of the week, the overall Chinese molybdenum market maintained a relatively strong operation, mainly due to the support of the fair steel bidding price, the small market spot supply and the warming up of the international molybdenum market. 

Driven by the sharp rise in raw material prices, the quotations of molybdenum chemical companies have also been raised to avoid the risk of cost inversion. The current prices of ammonium heptamolybdate and molybdenum powder have exceeded 270,000 yuan/ton and 500 yuan/kg respectively. In the short term, industry players will focus on the bidding situation of steel companies and the production of molybdenum mining companies.

In terms of news: According to data from the China Iron and Steel Industry Association, in late July 2023, the social inventory of five major varieties of steel in 21 cities was 9.41 million tons, an increase of 1.0% from the previous month, an increase of 1.7% from the end of June, and an increase of 25.1% from the beginning of the year. It was down 12.3% year-over-year. In terms of regions, East China increased by 3.4% month-on-month, which was the largest increase area; Northeast China increased by 4.3%, which was the largest increase area; North China increased by 2.2%; Southwest increased by 0.7%; South China decreased by 1.8% month-on-month; Central China decreased by 0.9%; Regional inventories were flat month-on-month.

Prices of molybdenum products on August 7, 2023

Picture of TZM screw 

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