Chinese Molybdenum Market Update - December 25, 2023

At the beginning of the week, the domestic Chinese molybdenum market showed an overall pattern of high-level retracement. 

As the support from favorable factors gradually weakened, the consumer market has slowly transitioned from a seller's market to a buyer's market. However, trading activity within the market remains relatively high, and there are still new orders coming in.

According to information obtained from China Tungsten Online, the bearish factors include: a slowdown in steel companies participating in tenders and an increase in price pressure; a rebound and subsequent fall in international molybdenum prices; enhanced profit-taking awareness among suppliers; and concerns among industry players about the future market trends. It is noteworthy that as of now, the total quantity of molybdenum iron tendered in December has exceeded 11,200 tons.

In terms of news, data from the China Iron and Steel Industry Association indicates that by mid-December 2023, the social inventory of five major steel varieties in 21 cities was 7.19 million tons, a 2.4% decrease compared to the previous month, a 4.4% decrease from the beginning of the year, and a 2.3% decrease from the same period last year. Regionally, the inventory in North China increased by 4.9%, showing the largest increase in quantity and percentage, while South China had the most significant reduction by 12.8%.

Prices of molybdenum products on December 25, 2023

Picture of TZC piercing plug

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