International Molybdenum Prices - November 8, 2023

Chinese molybdenum market is relatively favorable on November 8, 2023. This is primarily due to the continuous rise in international molybdenum prices, the increase in steel mill bidding prices, and the strong willingness of molybdenum mining companies to withhold sales.

It's worth noting that with the recent sustained increase in molybdenum prices both domestically and internationally, downstream users have become more cautious, leading to a slight slowdown in order growth.

Steel companies that have recently entered molybdenum and iron bidding include Baosteel, Anhui Magang, Hualing Xianggang, and Shanxi Taigang, among others. Specifically, Baosteel conducted a tender for 30 tons at a price of 21,000 yuan per ton, Anhui Magang tendered for 90 tons at a price of 20,900 yuan per ton, and Hualing Xianggang tendered for 30 tons at a price of 21,200 yuan per ton.

In terms of news, data from the China Iron and Steel Industry Association shows that from January to September 2023, the total water consumption of key statistical iron and steel enterprises was 71.194 billion cubic meters, an increase of 1.612 billion cubic meters compared to the same period last year, representing a growth of 2.32%. Among these, the total amount of fresh water intake decreased by 41.9562 million cubic meters compared to the same period last year, a decrease of 3.24%, while the amount of recycled water increased by 1.654 billion cubic meters compared to the same period last year, a growth of 2.42%. The water reuse rate was 98.24%, an increase of 0.10 percentage points from the same period last year, and water consumption per ton of steel was 2.39 cubic meters per ton, a decrease of 2.0% compared to the same period last year.

Prices of molybdenum products on November 8, 2023

Picture of TZM rods 

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