Chinese Molybdenum Prices - February 2, 2024

Chinese molybdenum prices continue to maintain overall stability, with a somewhat stagnant atmosphere in negotiations between supply and demand. 

The market's trading activity is relatively low, and there are limited new orders. Currently, industry participants are closely monitoring the release of production capacity in molybdenum mines and the performance of steel demand and prices.

Chinatungsten Online believes that the recent firm quotations from holders are mainly due to the difficulty in increasing spot supply, the willingness of some downstream users such as Fushun Special Steel to continue consuming, and the possession of a considerable number of orders. The slowdown in market demand is mainly attributed to the approaching Chinese New Year holiday and the relatively complex global economic situation, leading to the postponement of purchasing plans by many consumers.

In terms of news, data from the Stainless Steel Branch of the China Iron and Steel Industry Association shows that in 2023, China's total stainless steel imports were 2.07 million tons, a year-on-year decrease of 36.96%. Among them, China imported a total of 1.6947 million tons of stainless steel from Indonesia, a year-on-year decrease of 38.6%. In 2023, China's total stainless steel exports were 4.1373 million tons, a decrease of 414,000 tons compared to the previous year, with a decline of 9.10%.

Prices of molybdenum products on February 2, 2024

Picture of sodium molybdate

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