Chinese Molybdenum Price - February 19, 2024

Chinese molybdenum price maintains stable operation overall on February 19, 2024, mainly attributed to the recent end of the Spring Festival holiday, during which market circulation has not fully recovered. 

However, supported by slight increases in international molybdenum prices during the Spring Festival period and the reduction in production from some molybdenum manufacturers, most suppliers are holding onto their stocks with bullish sentiment. Currently, the prices for molybdenum oxide and molybdenum powder are approximately 3,390 yuan per ton and 430 yuan per kilogram, respectively.

In terms of news, data from the China Iron and Steel Association shows that in early February 2024, social inventories of five major steel varieties in 21 cities amounted to 9.56 million tons, representing a 10.4% increase compared to the previous period and a 31.1% increase compared to the beginning of the year, while decreasing by 28.7% compared to the same period last year. Regionally, inventory levels increased in all seven major regions, with specific changes as follows: inventory in South China increased by 13.5%, marking the largest increment; Northeast China increased by 35.0%, showing the highest growth rate; North China increased by 7.9%; Northwest China increased by 15.7%; East China increased by 5.1%; Central China increased by 8.2%; and Southwest China increased by 9.0%.

Prices of molybdenum products on February 19, 2024

Picture of molybdenum powder

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