European Ferro Molybdenum Prices - January, 2024

At the beginning of the week, the overall situation in the domestic molybdenum market remained positive. 

This is mainly attributed to the limited capacity release of some molybdenum mines at present, with steel companies successively entering the market to bid for ferro molybdenum, and the bidding prices are still acceptable, which has greatly boosted the confidence of suppliers to raise their quotes again. 

According to information from Chinatungsten Online, the current prices are approximately 3,300 yuan per mtu for molybdenum concentrate, 220,000 yuan per ton for ferro molybdenum, and 425 yuan per kilogram for molybdenum powder. It is worth mentioning that the recent decline in European ferro molybdenum prices may have a certain negative impact on the continued warming of the domestic molybdenum market, but international molybdenum oxide prices continue to rise.

In terms of news, data from the China Iron and Steel Industry Association shows that in late December 2023, key steel enterprises produced a total of 18.327 million tons of crude steel, 17.5392 million tons of pig iron, and 21.1483 million tons of steel. Among them, the daily production of crude steel was 1.6661 million tons, a month-on-month decrease of 13.63%, and a year-on-year decrease of 13.04% when compared to the same period last year; the daily production of pig iron was 1.5945 million tons, a month-on-month decrease of 12.13%, and a year-on-year decrease of 9.77% when compared to the same period last year; the daily production of steel was 1.9226 million tons, a month-on-month decrease of 1.98%, and a year-on-year decrease of 2.83% when compared to the same period last year.

Prices of molybdenum products on January 8, 2024

Picture of molybdenum blocks 

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