Ferromolybdenum Prices – September 6, 2023

China’s overall domestic molybdenum market is in a dilemma on September 6, 2023 mainly due to the general demand from downstream users and the low spot inventory in the market. 

Under the influence of factors such as excessive rainfall in some areas, stricter environmental protection, and high energy prices, the output of some molybdenum mining enterprises has shrunk. The prices of molybdenum concentrate and ferromolybdenum are temporarily stable at around 4,370 yuan/ton Mo and 284,000 yuan/ton respectively.

Recently, the steel companies that entered the bidding for ferromolybdenum include Jiangsu Yonggang, Zhongtian Iron and Steel, Tsingshan Holding Group, Hengyang Valin Steel Pipe and Zhongnan Co., Ltd., among which Jiangsu Yonggang invited bids for 60 tons, and the bidding price was 281,000 yuan/ton; Zhongtian 30 tons of steel are invited for bidding, and the bidding price is 280,000 yuan/ton. It can be seen that the price of steel bidding is on the low side, causing ferromolybdenum merchants to face a greater risk of cost inversion.

In terms of news: According to data from the China Iron and Steel Industry Association, in late August, the social inventory of five major varieties of steel in 21 cities was 9.62 million tons, a decrease of 0.1% from the previous month, an increase of 2.2% from the end of July, an increase of 27.9% from the beginning of the year, and a year-on-year increase of 27.9%. rose 4.7%. In terms of regions, South China rose by 3.6%, Southwest by 2.0%, North China by 1.9%; Northwest by 9.6%, East by 1.8%, Northeast by 5.9%, and Central China by 1.0%. 

Prices of molybdenum products on September 6, 2023

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Picture of molybdenum sheets 

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