China Molybdenum Market - August 18, 2023

China molybdenum market has shown an overall high-level oscillation trend in the week ended on Friday August 18, 2023. Due to reduced downstream demand and the continuous decline in international molybdenum oxide and European ferromolybdenum prices, many raw material suppliers have shown an increased willingness to lower prices and make shipments. 

It is worth mentioning that, supported by production costs and influenced by the slower pace of price increases compared to raw material price hikes in the earlier period, quotations from intermediate smelting companies and molybdenum chemical enterprises have remained relatively firm.

According to information from China Tungsten Online, this week's ferromolybdenum price has decreased by about CNY 3,000 per ton compared to the previous week, a decrease of 1.05%; molybdenum concentrate price has decreased by about CNY 80 per ton Mo, a decrease of 1.82%; sodium molybdate price has decreased by about CNY 2,000 per ton, a decrease of 1.04%; ammonium heptamolybdate price has decreased by about CNY 2,000 per ton, a decrease of 0.72%; molybdenum powder price has decreased by about CNY 3 per kilogram, a decrease of 0.57%; molybdenum oxide price has decreased by about CNY 70 per ton Mo, a decrease of 1.57%.

In the molybdenum concentrate market, supply and demand are relatively weak, with many holders prioritizing shipments to realize funds due to less optimistic short-term price expectations. In the ferromolybdenum market, the simultaneous decrease in steel procurement prices and the current relatively high raw material selling prices have led to the main reason for ferromolybdenum manufacturers facing the risk of higher cost inversion. In the molybdenum chemical and its products market, there is an overall strong atmosphere of observation, with general transactions. Currently, holders are particularly focused on the performance of the upstream market.

In terms of news: Data from the China Iron and Steel Industry Association shows that in early August 2023, the steel inventory of key steel companies amounted to 16.05 million tons, an increase of 1.5646 million tons or 10.8% compared to the previous ten-day period (late July). It increased by 0.1534 million tons or 0.96% compared to the same period of the previous month, increased by 2.9773 million tons or 22.77% compared to the end of last year, decreased by 0.9986 million tons or 5.86% compared to the same period last year, and increased by 1.4297 million tons or 9.78% compared to the same period two years ago.

Prices of molybdenum products on August 18, 2023

Picture of TZM rod 

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