Chinese Molybdenum Market - February 18, 2024

Chinese molybdenum market continues its stable trend from before the Spring Festival, mainly because on the first day back after the holiday, both buyers and sellers have not fully resumed normal operations.

Regarding supply, many molybdenum manufacturers have released limited production capacity due to the impact of the Spring Festival holiday, so they are not in a rush to make shipments.

As for demand, due to active stocking by many downstream users before the Spring Festival, market demand has been slow to increase recently.

Looking at the trend of molybdenum prices before and after the Spring Festival in previous years, it is expected that molybdenum prices will remain strong in the near future (after this year's Spring Festival), according to Chinatungsten Online.

Currently, the prices of molybdenum concentrate and ferro molybdenum are approximately 3,280 yuan per ton of concentrate and 217,000 yuan per ton respectively.

In terms of news, according to data from the China Iron and Steel Industry Association, in late January 2024, key steel companies produced a total of 22.1824 million tons of crude steel, 19.5785 million tons of pig iron, and 21.6431 million tons of steel. Among them, the daily production of crude steel was 2.0166 million tons, a decrease of 3.69% compared to the previous period, and an increase of 1.48% compared to the same period last year on the same basis; the daily production of pig iron was 1.7799 million tons, a decrease of 6.00% compared to the previous period, and a decrease of 1.61% compared to the same period last year on the same basis; the daily production of steel was 1.9676 million tons, a decrease of 2.90% compared to the previous period, and an increase of 2.62% compared to the same period last year on the same basis.

Prices of molybdenum products on February 18, 2024

Picture of TZM rods 

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