Chinese Molybdenum Prices - September 8, 2023

This week, Chinese molybdenum prices have remained relatively stable with no significant fluctuations. Amid the interplay of various factors affecting the market, there has been intense price bargaining between buyers and sellers. As a result, market trading activity remains subdued, with relatively low actual transaction volumes.

According to information obtained by Chinatungsten Online, this week saw ferro molybdenum prices drop by approximately CNY 1,000 per ton compared to the previous week, marking a decrease of 0.35%. Additionally, molybdenum concentrate prices saw a drop of about CNY 20 per ton-degree, a decrease of 0.46%, and molybdenum oxide prices also decreased by approximately CNY 20 per ton-degree, marking a decrease of 0.45%. However, prices for molybdate, ammonium heptamolybdate, and molybdenum powder remained stable compared to the previous week.

Positive factors include, firstly, that at the beginning of the month, several steel companies are still willing to enter the bidding for molybdenum iron, such as Maanshan Iron and Steel, Shandong Iron and Steel, Shougang Group, China First Heavy Industries, and Fushun Special Steel, among others. Secondly, despite the relatively low current spot market inventory and high existing orders, the capacity of some molybdenum manufacturers has not accelerated. Instead, it has slowed down due to factors such as frequent rainy weather and stricter environmental regulations. Negative factors mainly stem from the current high molybdenum prices and the generally mediocre international molybdenum market, which has led downstream users to maintain a cautious attitude towards consumption.

In terms of news, customs data shows that in August 2023, China imported 640,000 tons of steel, a decrease of 5.6% compared to the previous month. On the other hand, steel exports reached 8.282 million tons, a month-on-month increase of 13.3%. Additionally, iron ore imports reached 106.415 million tons, marking a month-on-month increase of 13.8%. From January to August 2023, China's cumulative steel imports amounted to 5.058 million tons, a year-on-year decrease of 32.1%, while steel exports reached 58.785 million tons, representing a year-on-year increase of 28.4%. Iron ore imports for the same period amounted to 775.658 million tons, indicating a year-on-year increase of 7.4%.

Prices of molybdenum products on September 8, 2023

Chinese molybdenum prices image

Picture of molybdenum sheets

molybdenum sheets image

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