Chinese Molybdenum Market - August 28, 2023

At the beginning of the week, Chinese molybdenum market maintained stable and robust operations. With relatively low inventory levels in the spot market and downstream users mainly engaged in essential procurement, suppliers exhibited slightly restrained confidence in raising prices, while the willingness to lower prices was also limited. 

According to information from Zhongtung Online, as of now, the total volume of ferro molybdenum procured in the steel tender market in August has exceeded 8,000 tons. Steel companies such as Hengyang Hualing Steel Tube, Nanjing Iron and Steel, Maanshan Iron and Steel, and China First Heavy Industries have recently entered the bidding for ferro molybdenum.

In terms of news, data from the China Iron and Steel Industry Association shows that in mid-August 2023, social inventories of 5 major steel varieties in 21 cities totaled 9.63 million tons, with a slight decrease of 0.1% compared to the previous period and an increase of 28.1% compared to the beginning of the year. On a year-on-year basis, inventories decreased by 1.1%. Looking at different regions, the southwest region increased by 4.1% compared to the previous period, the north region increased by 2.0%, the northeast and east regions remained steady, the central region decreased by 5.4%, the south region decreased by 0.9%, and the northwest region decreased by 1.9%.

Prices of molybdenum products on August 28, 2023

Picture of TZC piercing plug 

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