China Molybdenum Market - October 17, 2023

At the beginning of the week, China molybdenum market remained weak, with a variety of uncertainties affecting pricing behaviors among traders, leading to a certain level of price confusion. Some traders were holding strong price expectations, while others were willing to trade price for quantity. Against this backdrop, actual transaction volumes remained relatively low.

According to information from China Tungsten Online, the positive factors in the market mainly include the fact that it is currently in the traditional peak consumption season, the relatively high production costs, and limited spot inventory held by traders. On the negative side, factors include the simultaneous decline in steel procurement volumes and prices, the continuous drop in international molybdenum prices, and a noticeable psychological tendency among traders to "buy high and not buy low."

Recently, steel companies participating in the bidding for molybdenum iron include Hualing Xiangtan Iron and Steel, Shouguang Juneng Special Steel, and Xining Special Steel. Among them, Hualing Xiangtan Iron and Steel tendered for 30 tons of molybdenum iron at a price of 217,000 CNY per ton. In addition, Hunan Molybdenum Mine tendered for the sale of 160 tons of Mo45-50% molybdenum concentrate, with transaction prices ranging from 2,960 CNY per ton to 3,000 CNY per ton.

In terms of news, customs data showed that in September 2023, China imported 640,000 tons of steel, remaining flat compared to the previous month. The average price was $1,633.3 per ton, a decrease of $35.9 per ton, or 2.2%. During the same period, China exported 8.063 million tons of steel, a decrease of 219,000 tons compared to the previous month, with a drop of 2.6%. The average price was $814.2 per ton, an increase of $3.5 per ton, or 0.4%.

Prices of molybdenum products on October 16, 2023

Picture of TZC piercing plug

Follow our WeChat to know the latest molybdenum price, information and market analysis.

• < Prev
• Next >