Ammonium Molybdate Prices - February 21, 2024

Chinese molybdenum market operates good on February 21, 2024, with sellers holding a significant advantage in the market amid the interweaving of bullish and bearish factors, mainly reflected in the upward trend of many molybdenum product prices and reasonable transaction volumes. 

According to CTIA GROUP LTD, today, the quotations for molybdenum concentrate, molybdenum ferro, and ammonium molybdate have been raised by about 30 yuan/mtu, 2,000 yuan/ton, and 1,000 yuan/ton, respectively.

Bullish factors include: First, some molybdenum manufacturers have reduced their production this month due to the impact of the Spring Festival holiday. Second, driven by the continuous slight increase in international molybdenum prices during the Spring Festival period and after the holiday, the current international molybdenum oxide price is about $20.4 per pound of molybdenum. Third, after the holiday, many steel companies have actively stocked up. On February 20th, steel companies such as Shanxi Taigang, Pohang (Zhangjiagang), Dalian Special Steel, and Fushun Special Steel participated in the bidding for molybdenum iron.

Bearish factors include: First, as molybdenum prices continue to rise, downstream users have become more cautious about high prices, resulting in reduced market transactions in the later period. Second, as one of the important downstream products of molybdenum, the decline in steel prices will to some extent hinder the rise in molybdenum prices. Currently, the prices of thread steel, hot-rolled coil, and 304/2B stainless steel coil have decreased by about 13 yuan/ton, 41 yuan/ton, and 100 yuan/ton, respectively.

In terms of news: Baosteel achieved revenue of 346.926 billion yuan in 2023, a year-on-year decrease of 6%; net profit attributable to shareholders was 12.007 billion yuan, a year-on-year decrease of 1.48%; non-net profit was 10.692 billion yuan, a year-on-year increase of 2.51%; basic earnings per share was 0.54 yuan.

Prices of molybdenum products on February 21, 2024

Picture of TZM piercing plugs 

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