Molybdenum Product Prices - January 31, 2024

The Chinese molybdenum market is generally stable, with product prices mainly influenced by supply and demand dynamics. With suppliers not in a hurry to sell and buyers maintaining basic demand consumption, the market activity is moderate, and molybdenum product prices have shown no significant changes.

On the supply side, unfavorable recent weather, stricter environmental policies, an increase in oil prices, the upcoming Spring Festival, and a slowdown in downstream demand have all to some extent affected the production speed of molybdenum manufacturers. Additionally, the limited purchasing power of the Renminbi (the exchange rate is approximately 7.18 RMB per USD as of 9:00 today) and the current international molybdenum prices not being low have resulted in limited imports of molybdenum raw materials into China.

From the demand side, many downstream users have essentially completed their procurement plans ahead of schedule, leading to relatively low recent market demand. Furthermore, with the arrival of the year-end, the release rate of production capacity for many downstream molybdenum manufacturing enterprises has slowed down. The steel market situation is lukewarm, significantly affecting the enthusiasm of steel companies to tender for molybdenum iron. On January 30, Baosteel Corporation invited tenders for 300 tons, with prices ranging from 212,800 to 213,500 RMB per ton.

In terms of news, World Steel Association data shows that in December 2023, crude steel production in Africa was 1.9 million tons, a year-on-year increase of 17.7%; Asia and Oceania's crude steel production was 964 million tons, a year-on-year decrease of 9.7%; the European Union (27 countries) had crude steel production of 91 million tons, a year-on-year increase of 2.7%; other European countries had crude steel production of 39 million tons, a year-on-year increase of 19.4%; the Middle East had crude steel production of 49 million tons, a year-on-year increase of 9.6%; North America had crude steel production of 93 million tons, a year-on-year increase of 5.3%; Russia and other CIS countries + Ukraine had crude steel production of 71 million tons, a year-on-year increase of 11.8%; and South America had crude steel production of 32 million tons, a year-on-year decrease of 3.2%.

Prices of molybdenum products on January 31, 2024

Picture of TZM rods 

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