Chinese Molybdenum Prices - December 27, 2023

Details: Category: Tungsten's News; Published on Wednesday, 27 December 2023 16:19

Chinese molybdenum prices have slightly shifted downward, primarily attributed to the slowdown in downstream user consumption and an increase in price pressure. Specifically, prices for molybdenum concentrate, ferro molybdenum, and molybdenum powder have decreased by approximately 20 RMB per ton, 2,000 RMB per ton Mo, and 2 RMB per kilogram, respectively.

According to information obtained by Chinatungsten Online, despite limited overseas molybdenum raw material imports due to the arrival of Christmas and the continued relatively low purchasing power of the Chinese yuan, the domestic molybdenum manufacturers are generally maintaining normal production, and the downstream demand is gradually decreasing. As a result, the spot supply in the market remains relatively sufficient. Molybdenum-rich countries like the United States observe Christmas holidays from December 22nd to January 5th, and Chile's holiday period is from December 25th to January 4th.

Factors contributing to the reduction in market demand include the completion of monthly procurement plans by many downstream users before Christmas. As of now, the total volume of molybdenum iron tendered in December has exceeded 11,500 tons. Another reason is that the current high prices of molybdenum products, compared to the early and mid-December, are not conducive to an increase in consumer purchasing enthusiasm.

In terms of news, recent further attacks on vessels in the Red Sea have raised concerns in the market about shipping disruptions. In addition to container shipping, the Suez Canal is also a crucial route for oil transportation in the Middle East. This directly impacts the prices of gasoline and related products, indirectly leading to an increase in shipping costs. International crude oil prices rose on Tuesday, reaching their highest level so far this month.

Prices of molybdenum products on December 27, 2023

Chinese molybdenum prices image