Chinese Molybdenum Price - March 8, 2024

This week, Chinese molybdenum price continued the trend of fluctuating upward since late February. This is mainly due to several factors including a decrease in molybdenum production in certain regions domestically and internationally in January, stable international molybdenum market conditions, multiple oil price increases, and frequent extreme weather conditions. 

These factors prompted price increases for molybdenum concentrates in mines in regions such as Heilongjiang and Jilin. With the rise in molybdenum raw material prices, the prices of steel invitation and molybdenum chemical products have also slightly increased. Currently, the steel invitation price is around 226,000 RMB per ton.

According to statistics from CTIA GROUP LTD, the current molybdenum ferro alloy price has increased by approximately 6,000 RMB per ton compared to last week, with an increase of 2.70%; the molybdenum concentrate price has increased by approximately 110 RMB per mtu, with an increase of 3.28% compared to last week; the sodium molybdate price has increased by approximately 5,000 RMB per ton, with an increase of 3.13% compared to last week; the ammonium heptamolybdate price has increased by approximately 5,000 RMB per ton, with an increase of 2.25% compared to last week; the molybdenum powder price has increased by approximately 7 RMB per kilogram, with an increase of 1.62% compared to last week; and the molybdenum oxide price has increased by approximately 90 RMB per mtu, with an increase of 2.60% compared to last week. It is worth mentioning that this week, the price of molybdenum concentrate has risen from around 3,350 RMB per ton-degree to around 3,460 RMB per ton-degree, while the price of molybdenum oxide has risen from around 3,460 RMB per ton-degree to around 3,550 RMB per ton-degree.

In terms of news, according to data from the China Iron and Steel Industry Association, in late February 2024, key steel companies produced a total of 19.1696 million tons of crude steel, 16.9009 million tons of pig iron, and 18.5848 million tons of steel. Among them, the daily output of crude steel was 2.130 million tons, an increase of 1.38% compared to the previous period, and a decrease of 4.06% compared to the same period last year; the daily output of pig iron was 1.8779 million tons, a decrease of 1.42% compared to the previous period, and a decrease of 6.23% compared to the same period last year; the daily output of steel was 2.065 million tons, an increase of 4.03% compared to the previous period, and a decrease of 8.62% compared to the same period last year.

Prices of molybdenum products on March 8, 2024

Picture of MoSi2 heating elements 

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