Chinese Molybdenum Market - January 4, 2024

The domestic Chinese molybdenum market is relatively favorable, influenced by news of reduced production or shutdowns in some northern mines on January 4, 2024. This has led to an increase in downstream user inquiries and purchasing enthusiasm, subsequently prompting molybdenum concentrate suppliers to adopt a firm pricing stance. 

On January 3rd, a molybdenum concentrate transaction occurred at a price of 3,268 yuan/ton (45-50% basic pricing) from a mine in Hunan, involving a quantity of 200 tons. In terms of steel procurement, steel companies recently engaged in bidding for molybdenum iron include Xianggang Steel in Hunan for 120 tons at a bidding price of 212,000-213,000 yuan/ton; Qingshan Group with a bidding price of 209,800 yuan/ton; Shougang Group for 30 tons at a price of 211,500 yuan/ton; Magang in Anhui for 90 tons at a price of 209,000 yuan/ton; and Angang Steel for 275 tons at a price of 208,000 yuan/ton.

In terms of news, data from the China Iron and Steel Industry Association indicates that in late December 2023, social inventories of five major types of steel in 21 cities amounted to 7.29 million tons, representing a 1.4% increase compared to the previous month but a 3.4% decrease compared to late November. Regionally, inventories increased by 11.8% in North China, 1.9% in East China, 5.4% in Northeast and 3.8% in Northwest, while Central China decreased by 3.9%, Southwest by 2.7%, and South China by 1.3%.

Prices of molybdenum products on January 4, 2024

Picture of molybdenum wire 

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