Chinese Molybdenum Market Welcomes a Positive Start in the First Week of 2024

In the first week after the New Year's Day in 2024, the Chinese molybdenum market performed well. Besides a significant increase in the prices of mainstream molybdenum products, the market trading atmosphere was relatively active. 

This is mainly due to the recent low temperatures, leading to a decrease in production or shutdown of some molybdenum mines in the northern regions due to tailings pond freezing. This phenomenon triggered an increase in purchasing enthusiasm from downstream users, prompting many suppliers to hold back sales and maintain higher prices. 

On January 4th, steel companies participating in the bidding for ferro molybdenum included Shougang Group, Fushun Special Steel, Dalian Special Steel, Shougang Qian'an Steel, Baosteel (Zhanjiang Base), Hengyang Huali Steel Pipe, Hebei Puyang Iron and Steel, and Shangang Rizhao, among others. Shougang Group bid for 50 tons at a price of 16,000 yuan per ton.

According to Chinatungsten Online statistics, the current price of ferro molybdenum has increased by about 2,000 yuan/ton compared to the end of 2023, with a growth rate of 0.92%. The price of molybdenum concentrate has increased by about 70 yuan/ton-month compared to the end of last year, with a growth rate of 2.17%. The price of sodium molybdate has increased by about 3,000 yuan/ton compared to the end of last year, with a growth rate of 1.96%. The price of ammonium heptamolybdate has increased by about 2,000 yuan/ton compared to the end of last year, with a growth rate of 0.92%. The price of molybdenum powder has increased by about 5 yuan/kg compared to the end of last year, with a growth rate of 1.19%. The price of molybdenum oxide has increased by about 60 yuan/ton-month compared to the end of last year, with a growth rate of 1.81%. It can be seen that the molybdenum concentrate had the largest increase this week.

In terms of news, according to data from the China Iron and Steel Industry Association, in November 2023, China imported 614,000 tons of steel, a decrease of 54,000 tons from the previous month and a decrease of 138,000 tons compared to the same period last year. The average import unit price was $1628.2 per ton, a 7.3% increase month-on-month but a 6.4% decrease year-on-year. During the same period, China exported 8.005 million tons of steel, an increase of 66,000 tons month-on-month and an increase of 2.415 million tons year-on-year. The average export unit price was $810.9 per ton, a 2.4% increase month-on-month but a 38.4% decrease year-on-year.

Prices of molybdenum products on January 5, 2024

Picture of molybdenum rhenium cubes

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