China Molybdenum Prices Show a Pattern of Initial Rise and Subsequent Decline

This week, China molybdenum prices exhibited a pattern of initial increase followed by a decline. At the beginning of the week, influenced by the reasonable prices for steel purchases and a strong willingness among suppliers to maintain prices, molybdenum prices continued the slight upward trend from the previous week. 

However, as the weekend approached, molybdenum prices began to decline due to reduced enthusiasm from downstream users in purchasing inquiries, increased awareness among suppliers to secure profits, and consecutive declines in international molybdenum oxide and European ferro molybdenum prices. As of now, the total amount of molybdenum iron procured for steelmaking in January is approximately 4,000 tons.

According to statistics from Chinatungsten Online, the current prices of molybdenum-related products compared to the previous week have increased by approximately CNY 2,000 per ton for molybdenum iron, a rise of 0.91%; CNY 50 per ton for molybdenum concentrates, a rise of 2.52%; CNY 5,000 per ton for sodium molybdate, a rise of 3.21%; CNY 2,000 per ton for ammonium heptamolybdate, a rise of 1.83%; CNY 7 per kilogram for molybdenum powder, a rise of 1.65%; and CNY 60 per ton for molybdenum oxide, a rise of 1.98%. It can be observed that the price increase in molybdenum chemical products this week is larger than that of raw material prices. This is mainly attributed to the fact that the price increase in molybdenum chemical products last week did not keep up with the rise in raw material prices, and the increase in molybdenum raw material prices has narrowed compared to last week.

In terms of news, data from the China Iron and Steel Industry Association shows that China's steel exports rebounded to over 8 million tons in November 2023. Among them, exported plates amounted to 5.458 million tons, a slight decrease of 0.1% compared to the previous month, accounting for 68.2% of the total export; exported stainless steel reached 357,000 tons, an increase of 6.2% month-on-month, accounting for 4.5% of the total export; and exported special steel was 767,000 tons, a decrease of 2.1% month-on-month, accounting for 9.6% of the total export. In November 2023, China's steel imports fell month-on-month, maintaining a low level. Among them, imported plates were 511,000 tons, a decrease of 10.6% month-on-month, accounting for 83.2% of the total import; imported stainless steel was 133,000 tons, a decrease of 53.3% month-on-month, accounting for 21.6% of the total import; and imported special steel was 224,000 tons, a decrease of 15.1% month-on-month, accounting for 36.5% of the total import.

Prices of molybdenum products on January 12, 2024

Picture of molybdenum wire

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