China Molybdenum Prices - September 18, 2023

At the beginning of the week, China molybdenum prices have slightly shifted downwards. This is primarily attributed to increased profit-taking by some suppliers, relatively low steel procurement prices, and persistent challenges in improving rigid demand from end customers. 

Currently, industry participants are closely monitoring the inquiry and procurement activities of downstream users as the Mid-Autumn Festival and National Day holidays approach.

According to information from China Tungsten Online, steel companies that recently participated in ferro molybdenum tenders include Baosteel Group, Xinyu Iron & Steel, HBIS Group, Baowu Steel Group, CITIC Pacific Special Steel, Delong Holdings, and Maanshan Iron & Steel, among others. Among these, Baosteel Group tendered 180 tons at a price of 277,000 CNY per metric ton, Xinyu Iron & Steel tendered 66 tons at a price of 278,000 CNY per metric ton, and HBIS Group tendered 63 tons at a price of 279,000 CNY per metric ton.

In terms of news, data from the National Bureau of Statistics indicates that China's crude steel production reached 864.1 million metric tons, representing a year-on-year increase of 3.2%. Pig iron production amounted to 746.2 million metric tons, up 4.8% year-on-year, and steel production stood at 1,165.2 million metric tons, reflecting an 11.4% year-on-year increase. Daily average production figures included 2.787 million metric tons for crude steel (a 4.8% decrease compared to the previous month), 2.407 million metric tons for pig iron (a 3.8% decrease compared to the previous month), and 3.759 million metric tons for steel (holding steady month-on-month).

Prices of molybdenum products on September 18, 2023

Picture of TZM rod 

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