Molybdenum Concentrate Prices - March 13, 2024

The domestic molybdenum market remains in a state of stalemate, with various factors from both bulls and bears intertwined. 

This has led to a slightly tense atmosphere in negotiations between buyers and sellers, resulting in low market activity and limited transactions, as well as difficulty in raising product prices. Today, there was a slight downward adjustment in the prices for molybdenum concentrate and ferro molybdenum, with decreases of approximately 10 yuan per mtu and 1,000 yuan per ton, respectively.

Looking at the bullish factors, firstly, the recent low production of molybdenum concentrates in some domestic and foreign regions has led to limited spot inventory in the market, thereby largely supporting the confidence of suppliers in holding prices firm. Secondly, downstream and end customers are mainly making essential purchases, maintaining basic demand.

On the bearish side, firstly, the impact of unfavorable steel market conditions, continuous decline in steel prices, reduced production capacity of many steel mills, and limited bargaining space for ferro molybdenum negotiations have slowed down the pace of steel companies' bidding for ferro molybdenum. Secondly, the rise in international prices of molybdenum oxide and European ferro molybdenum has been hindered, which to some extent is unfavorable for the warming up of China's molybdenum market.

In terms of news, data from the Molybdenum Industry Branch shows that from January to February 2024, the national output of molybdenum concentrate was 48,095 tons, an increase of 9.7% year-on-year; ferro molybdenum output was 33,735 tons, an increase of 1.5% year-on-year; ammonium molybdate output was 12,240 tons, an increase of 46.7% year-on-year; and molybdenum powder output was 3,161 tons, an increase of 6.6% year-on-year.

Prices of molybdenum products on March 13, 2024

Picture of TZM rods 

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