Chinese Molybdenum Price - January 29, 2024

Chinese molybdenum price remained stable at the beginning of the week. Amid conflicting factors such as a low willingness of molybdenum concentrate holders to reduce prices and high pressure from downstream users such as steel companies to lower prices, the market trading atmosphere was subdued, and there were limited new orders. 

According to the information gathered by Chinatungsten Online, the transaction prices for molybdenum concentrate, ferro molybdenum, and molybdenum powder are currently around RMB 32,800 per mtu, RMB 217,000 per ton, and RMB 430 per kilogram, respectively. It is worth noting that with the approaching Chinese New Year, some molybdenum manufacturers and downstream enterprises have started to take holidays. Therefore, it is expected that molybdenum prices may continue to consolidate within a narrow range in the short term.

In terms of news, data from the China Iron and Steel Industry Association shows that in mid-January 2024, the steel inventory of key steel enterprises was 15.35 million tons, an increase of 960,000 tons compared to the previous decade (early January), a growth of 6.67%. Compared to the same period last month, it increased by 338,000 tons, up 2.25%. Compared to the end of last year, it increased by 2.995 million tons, up 24.23%. Compared to the same period last year, it decreased by 714,300 tons, down 4.45%. Compared to the same period two years ago, it increased by 2.2044 million tons, up 16.76%.

Prices of molybdenum products on January 29, 2024

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