Ferro Molybdenum Price - January 22, 2024

At the beginning of the week, the domestic molybdenum market showed relatively positive performance. 

Apart from downstream users maintaining essential procurement and strong support from current production costs, the transaction price of molybdenum concentrate at a certain mine in Jilin was 3,300 yuan/mtu, significantly boosting the confidence of holders in maintaining firm quotations. 

According to Chinatungsten Online, today's prices for molybdenum concentrate and ferro molybdenum have increased by approximately 20 yuan/mtu and 1,000 yuan/ton, respectively. On January 19, steel companies participating in the bidding for ferro molybdenum included Jiangsu Nangang, Shougang Group (Jingtang), Jiangsu Yonggang, Huai Steel Special Steel, Wuhan Iron and Steel, among others. Among them, Jiangsu Yonggang bid for 30 tons at a price of 213,000 yuan/ton; Shougang Group (Jingtang) bid for 30 tons at a price of 215,000 yuan/ton; and Jiangsu Nangang bid for 60 tons at a price of 216,000 yuan/ton.

In terms of news, according to data from the National Bureau of Statistics, China's GDP reached 12605.82 billion yuan in 2023, with a year-on-year growth of 5.2% at constant prices. By industry, the value added of the primary industry was 8.98 trillion yuan, an increase of 4.1% over the previous year; the value added of the secondary industry was 48.26 trillion yuan, an increase of 4.7%; and the value added of the tertiary industry was 68.82 trillion yuan, an increase of 5.8%. Looking at the quarterly performance, GDP grew by 4.5% year-on-year in the first quarter, 6.3% in the second quarter, 4.9% in the third quarter, and 5.2% in the fourth quarter.

Prices of molybdenum products on January 22, 2024

Picture of MoSi2 heating element 

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