China Molybdenum Price - October 27, 2023

This week, China molybdenum price has shown a volatile pattern of rapid rises and falls. At the beginning of the week, steel companies' concentrated bidding for molybdenum iron with slightly higher bid prices, along with the continued warming of the international molybdenum market, led to a strong speculative sentiment among suppliers. 

This was mainly reflected in the price of molybdenum concentrates, which rose from around 3,100 CNY per ton Mo to about 3,380 CNY per ton Mo, with some suppliers quoting prices exceeding 3,400 CNY per ton Mo. Similarly, ferro molybdenum prices rose from around 215,000 CNY per ton to about 233,000 CNY per ton.

As the week neared its end, the rapid decline in international molybdenum prices, coupled with the simultaneous decline in the quantity and price of steel bidding and the strong profit-taking awareness of many suppliers, caused molybdenum raw material prices to plummet rapidly. This resulted in many holders being unable to sell their stock. Currently, the mainstream transaction prices for molybdenum concentrates, ferro molybdenum, and molybdenum oxide are all below 3,200 CNY per ton Mo, 220,000 CNY per ton, and 3,300 CNY per ton, respectively.

According to data from China Iron and Steel Industry Association, as of October 27, in the middle of October, the steel companies that entered into molybdenum iron bidding included Shanxi Taiyuan Iron and Steel, Hengyang Hualing Steel Tube, Hebei Iron and Steel Technology, and Tianjin Steel Tube. Among them, Shanxi Taiyuan Iron and Steel invited bids for 30 tons of molybdenum iron at a price of 210,000 CNY per ton, with delivery scheduled before November 10.

In summary, although molybdenum prices have experienced rapid fluctuations this week, the average price has still seen a slight increase compared to the previous week. Overall, in the short term, industry participants appear to have somewhat limited confidence in the future market.

In terms of news, data from the China Iron and Steel Industry Association shows that in mid-October 2023, key statistics of steel companies' steel inventory amounted to 16.51 million tons, an increase of 152,100 tons, or 0.93%, compared to early October. Compared to the same period last month, there was an increase of 756,400 tons, or 4.80%. Compared to the end of last year, there was an increase of 3.44 million tons, or 26.30%. Compared to the same period last year, there was a decrease of 1.21 million tons, or 6.80%. Compared to the same period two years ago, there was an increase of 3.67 million tons, or 28.54%.

Prices of molybdenum products on October 27, 2023

Picture of molybdenum foil 

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