Chinese Molybdenum Prices – August 16, 2023

The overall Chinese molybdenum market presents a pattern of consolidation at a high level, which is a normal phenomenon after the price of molybdenum has risen sharply in a short period of time. 

The short-term surge in molybdenum prices has not only increased the fear of heights among downstream users, but also increased the awareness of profit-taking among most holders. In addition, the recent decline in overseas molybdenum prices has made it more difficult to stabilize Chinese molybdenum prices.

However, supported by the difficulty in increasing production costs and spot supply, suppliers are limited in making profits. In the short term, industry players will focus on the downstream demand, the production of molybdenum mining enterprises and the trend of international molybdenum prices. Recently, the steel companies that have entered the market to bid for ferromolybdenum include Xinyu Iron and Steel, Shandong Iron and Steel Group, Shandong Iron and Steel Co., Ltd., etc.

According to Chinatungsten Online, since the rebound of molybdenum prices in early July to mid-August, ferromolybdenum has increased by about 36,000 yuan/ton, an increase of 14.29%; molybdenum concentrate has increased by about 530 yuan/ton, an increase of 13.73%; sodium molybdate has rised about 19,000 yuan/ton, or 10.92%; ammonium heptamolybdate has risen about 26,000 yuan/ton, or 10.32%; molybdenum powder has rised about 42 yuan/kg, or 8.64%; molybdenum oxide has rised about 500 yuan/ton, an increase of 12.59%.

News: According to the National Bureau of Statistics, from January to July 2023, my country's crude steel output was 626.51 million tons, a year-on-year increase of 2.5%; pig iron output was 528.92 million tons, a year-on-year increase of 3.5%; steel production was 789 million tons, a year-on-year increase of 5.4%. Among them, in July, my country's crude steel output was 90.8 million tons, a year-on-year increase of 11.5%; pig iron output was 77.6 million tons, a year-on-year increase of 10.2%; steel output was 116.53 million tons, a year-on-year increase of 14.5%.

Prices of molybdenum products on August 16, 2023

Picture of MoSi2 heating element 

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