Chinese Domestic Molybdenum Price - November 29, 2023

The overall Chinese domestic molybdenum price is showing a pattern of bottoming out and rebounding on November 29, 2023. 

Specifically, the prices of molybdenum concentrate, molybdenum oxide, and ferro molybdenum have once again surpassed the thresholds of 3,000 yuan per ton MO, 3,100 yuan per ton Mo, and 200,000 yuan per ton, respectively. Under the influence of the significant increase in the price of molybdenum raw materials, the prices of molybdenum chemical products have also risen.

From the supply side, first, molybdenum mining and molybdenum chemical enterprises are generally maintaining normal production. In the slow-following downstream demand situation, the market's spot inventory growth rate is relatively fast. Second, since November, the purchasing power of the Chinese yuan has gradually increased (as of 10:00 today, the exchange rate is about 7.15 yuan to the US dollar), contributing to an increase in China's molybdenum raw material imports. It is worth noting that the international molybdenum price has been at a relatively low level recently.

From the demand side, factors such as the shortage of raw materials in downstream production enterprises, the current low selling prices of molybdenum products, and the approach of the month-end have all contributed to an increase in market demand. According to information from China Tungsten Online, on November 28, steel companies participating in the tender for ferro molybdenum included Zhongnan Holdings, Guangdong Shaogang, Shougang Group, Baosteel Baoshan Base, and others. Among them, Zhongnan Holdings tendered 60 tons, and Baosteel Baoshan Base tendered 150 tons.

In terms of news, data from the China Iron and Steel Industry Association shows that from January to October 2023, key statistics for water consumption by iron and steel enterprises totaled 77.776 billion cubic meters, an increase of 1.879 billion cubic meters compared to the same period last year, representing a 2.48% increase. Specifically: the total volume of new water taken decreased by 32.5456 million cubic meters compared to the same period last year, a decrease of 2.37%; the volume of repeated water use increased by 1.912 billion cubic meters compared to the same period last year, an increase of 2.57%. The water reuse rate is 98.28%, up 0.09 percentage points from the same period last year; water consumption per ton of steel is 2.43 cubic meters, down 1.98% from the same period last year.

Prices of molybdenum products on November 29, 2023

Picture of MHC discs  

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