Molybdenum Market Trends in China for 2023

Molybdenum Market Trends in China for 2023

The molybdenum market in China for 2023 shows similarities with the international molybdenum market, characterized by significant fluctuations, according to Chinatungsten Online's overall market perception. 

The trend involves an initial rise, followed by a substantial drop, then a fluctuation with an upward movement, subsequent decline, and finally, consolidation within a narrow range.

From January to early February, the molybdenum prices in China continued the trend of significant increases observed in the latter half of 2022. Molybdenum concentrate prices reached a remarkable new high of around CNY 5,600 per mtu, marking the highest in 17 years and gaining coverage on CCTV Finance. Ferro molybdenum prices also peaked at around CNY 400,000 per ton. 

From late February to mid-April, molybdenum prices experienced an unexpected decline, with mainstream molybdenum product prices dropping by more than 45%. This was considered a normal correction following the prolonged surge in molybdenum prices in the previous period.

From late April to the end of August, molybdenum prices showed a fluctuating upward trend with moderate gains, but the increases were not sufficient to fully compensate for the declines observed from late February to mid-April.

From early September to mid-late October, molybdenum prices experienced a significant short-term decline, approximately equaling the percentage increase from late April to the end of August. However, this decline was far less than the drop observed from late February to mid-April.

From late October to the end of December, molybdenum prices can be considered as consolidating within a narrow range. However, on a micro level, the trend during this period could be described as a decline followed by a rise.

Regarding the steel tender market:

In 2023, the total quantity of steel tender ferro molybdenum in China exceeded 10,000 tons in January, April, May, June, July, August, November, and December. The highest total quantity occurred in December, surpassing 15,000 tons.

Notably, in February, influenced by the relatively high molybdenum prices at that time, surplus ferro molybdenum materials at steel plants, and an increasing supply of molybdenum raw materials, market demand was low. The total quantity of steel tender ferro molybdenum in February was approximately 3,500 tons, marking the lowest month of the year.

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