China’s Domestic Molybdenum Market - November 3, 2023

China’s domestic molybdenum market demonstrated a fluctuating trend in the week ended on Friday, November 3, 2023. 

At the beginning of the week, prices were influenced by factors such as a decrease in demand and prices in the steel industry, continuous international molybdenum price declines, and a high level of market anxiety. Additionally, the end of October saw downstream users completing their procurement plans. However, towards the end of the week, with the transition to November and molybdenum prices at relatively low levels, many consumers showed increased enthusiasm for purchasing. The rebound in international molybdenum prices also bolstered domestic suppliers' confidence in raising prices.

According to data from China Tungsten Online, the prices of various molybdenum products this week showed a decrease compared to the previous week: molybdenum iron prices decreased by approximately 8,000 CNY/ton, a decrease of 3.67%; molybdenum concentrate prices decreased by around 100 CNY/ton, a decrease of 3.13%; sodium molybdate prices decreased by about 4,000 CNY/ton, a decrease of 2.67%; ammonium heptamolybdate prices decreased by about 8,000 CNY/ton, a decrease of 3.64%; molybdenum powder prices decreased by around 15 CNY/kg, a decrease of 3.49%; molybdenum oxide prices decreased by approximately 100 CNY/ton, a decrease of 3.03%. This week's lower average molybdenum product prices compared to the previous week are mainly attributed to the fact that the increase in molybdenum product prices towards the end of the week was smaller than the decrease at the beginning of the week.

It's worth noting that several steel companies, such as Huaheng Henggang, Shougang Group, Shangang Group, Zhongxin Taifu, Fushun Special Steel, Dalian Special Steel, and Henan Fengbao Special Steel, held tenders for molybdenum iron this week. At the beginning of the week, Huaheng Henggang tendered for 30 tons at a price of 195,000 CNY/ton; Shougang Group tendered for 60 tons at a price of 195,000 CNY/ton; Shangang Group tendered for 90 tons at a price of 193,000 CNY/ton.

In terms of news, data from the World Steel Association showed that in September 2023, China's crude steel production was 82.11 million tons, a decrease of 5.6% compared to the same period last year. Other countries' crude steel production figures are also mentioned in the report for comparative context.

Prices of molybdenum products on November 3, 2023

Picture of molybdenum wire

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