Market Trends in the Chinese Molybdenum Market on October 9, 2023

Details: Category: Tungsten's News; Published on Monday, 09 October 2023 17:09

At the beginning of the week, the domestic molybdenum market in China continued its relatively weak performance, as the sentiments of both buyers and sellers remained subdued following the end of the National Day holiday.

Consequently, market trading activity was lackluster, and actual transaction volumes were limited. It's worth noting that during the National Day holiday, international molybdenum prices experienced fluctuations and declines, coupled with limited recent market inquiries. As a result, suppliers have generally lowered their quotations in exchange for higher order volumes.

Currently, the prices for molybdenum concentrate and molybdenum oxide are approximately CNY 3,820 per ton Mo and CNY 3,930 per ton Mo, respectively, while the price of molybdenum iron has fallen below the CNY 250,000 per ton threshold. However, when compared to international molybdenum oxide prices of approximately CNY 4,000 per ton Mo and European ferro molybdenum prices of approximately CNY 260,000 per ton, the prices of molybdenum oxide and molybdenum iron in China remain relatively low, which is advantageous for holders in terms of pricing.

In terms of news, data from the China Iron and Steel Industry Association shows that from January to August 2023, China imported 5.058 million tons of steel, a decrease of 32.11% compared to the same period last year. The average import price was USD 1,695.8 per ton, an increase of 6.6% compared to the same period last year. Imports of steel billets amounted to 1.666 million tons, a decrease of 65.5% compared to the same period last year. In August, imports of steel amounted to 640,000 tons, a decrease of 38,000 tons compared to July and a decrease of 253,000 tons compared to the same period last year. The average import price in August was USD 1,669.2 per ton, an increase of 4.2% compared to July and a decrease of 0.9% compared to the same period last year.

Prices of molybdenum products on October 9, 2023

Chinese molybdenum prices image