Ferro Molybdenum Price – January 26, 2024

This week, the overall focus of the Chinese molybdenum price has not shown significant changes. 

The prices of molybdenum concentrate, molybdenum oxide, molybdate, molybdenum powder, and molybdenum bars are all relatively stable compared to last Friday. However, the price of ferro molybdenum has decreased by approximately CNY 1,000 per ton, representing a decrease of 0.46%.

In the molybdenum concentrate market, the trend this week has been rising initially, stabilizing, and then declining. At the beginning of the week, supported by the reasonable selling price of molybdenum concentrate from certain molybdenum mines in Jilin, Hunan, and Heilongjiang, suppliers slightly raised their quotations. Although there was an increase in market inquiries in the middle of the week, consumers' price pressure increased, making it difficult for molybdenum concentrate prices to rise again. Approaching the weekend, due to the slowdown in market trading, suppliers reasonably offered some discounts.

In the ferro molybdenum market, this week, the increase in steel procurement prices and the difficulty in obtaining low-cost sources have made it challenging for molybdenum iron prices to rise or fall. The current transaction price is approximately CNY 217,000 per ton. As of now, the quantity of molybdenum iron procured by the steel industry this month has exceeded 10,000 tons.

In the molybdenum chemical and its products market, there is an overall atmosphere of observation this week. Influenced by the maintenance of rigid demand by end customers and the strong willingness of raw material suppliers to support prices, molybdenum chemical companies have relatively stable quotations. Prices of sodium molybdate and molybdenum powder are holding steady at around CNY 159,000 per ton and CNY 430 per kilogram, respectively.

In terms of news, data from the China Iron and Steel Industry Association shows that in mid-January 2024, key steel companies produced a total of 20.9388 million tons of crude steel, 18.9339 million tons of pig iron, and 20.2633 million tons of steel. Among them, the daily production of crude steel was 2.0939 million tons, an increase of 3.70% compared to the previous period and an 8.12% increase compared to the same period last year on a comparable basis. The daily production of pig iron was 1.8934 million tons, an increase of 4.95% compared to the previous period and a 6.20% increase compared to the same period last year on a comparable basis. The daily production of steel was 2.0263 million tons, an increase of 6.54% compared to the previous period and an 11.90% increase compared to the same period last year on a comparable basis.

Prices of molybdenum products on January 26, 2024

Picture of TZM rods

Follow our WeChat to know the latest molybdenum price, information and market analysis.

• < Prev
• Next >