China Molybdenum Price - January 17, 2024

China molybdenum price is currently consolidating within a narrow range, influenced by a relative balance in supply and demand. The difficulty in raising raw material prices for suppliers and limited bargaining space for purchasers have contributed to a slowdown in market transactions compared to the early days of this month.

On the supply side, molybdenum mining enterprises, intermediate smelters, and other molybdenum manufacturers are maintaining normal production operations, resulting in a reasonable supply of spot goods in the market. However, limited imports of molybdenum raw materials are observed due to factors such as the ongoing tension in the Red Sea region and the not-so-low international molybdenum prices.

In terms of demand, the market shows relatively low demand, primarily because many downstream users made bulk purchases in the previous period, and current molybdenum product prices are not low. As of now, the total quantity of molybdenum iron requested by steel mills in January is approximately 6,100 tons. Recently, steel companies participating in the tender for molybdenum iron include CITIC Tafu, Shougang Group, Baosteel, Xinjiang Baogang, Hualing Xiangtan Steel, and Anhui Magang, with CITIC Tafu setting the tender price at 216,800 yuan per ton.

In other news, according to information from the Baotou Industry and Information Technology Bureau, in the first ten days of January 2024, key statistics show that steel enterprises collectively produced 20.19 million tons of crude steel, 18.04 million tons of pig iron, and 19.02 million tons of steel. Among them, daily crude steel production reached 2.01 million tons, showing a MoM growth of 21.19% and a YoY growth of 4.86%. Daily pig iron production was 1.80 million tons, with a MoM growth of 13.15% and a YoY growth of 2.51%. Daily steel production was 1.90 million tons, indicating a MoM decrease of 1.07% but a YoY growth of 5.26%.

Prices of molybdenum products on January 17, 2024

Picture of molybdenum boats 

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