Chinese Molybdenum Prices - March 22, 2024

Chinese molybdenum prices continued the trend of slight downward fluctuations in the week ended on Friday March 22, 2024. 

Influenced by various uncertainties, the atmosphere of negotiation between supply and demand sides appears somewhat tense, resulting in limited bargaining space for products and moderate market trading activity. This is mainly attributed to the low bidding prices from steel companies, strong reluctance from mining enterprises to sell at low prices, and limited inventory in the market.

According to statistics from CTIA GROUP LTD, the current prices of molybdenum products have decreased compared to last week: ferromolybdenum prices have dropped by approximately 3,000 yuan per ton, a decrease of 1.34%; molybdenum concentrate prices have decreased by approximately 60 yuan per ton, a decrease of 1.75%; sodium molybdate prices have decreased by approximately 2,000 yuan per ton, a decrease of 1.23%; ammonium heptamolybdate prices have decreased by approximately 2,000 yuan per ton, a decrease of 0.89%; molybdenum powder prices have decreased by approximately 7 yuan per kilogram, a decrease of 1.61%; and molybdenum oxide prices have decreased by approximately 50 yuan per ton, a decrease of 1.42%. It can be seen that the magnitude of the price decline for molybdenum products this week is similar to that of last week.

Recently, steel companies that have entered bids for ferromolybdenum include Qingshan Group, Nanjing Iron and Steel, Jiangsu Yonggang, Ansteel, Xiangtan Iron and Steel, Huai Steel Special Steel, and Jiangsu Yonggang, with bid prices generally around 219,000 yuan per ton. As of now, the total amount of ferromolybdenum tendered in March has exceeded 7,800 tons, indicating that the total amount of steel tendered this month is expected to exceed 10,000 tons.

In terms of news, due to lower-than-expected steel prices, steel mills have started to shut down for maintenance, including Dasteel, Shasteel, Zhoukou Iron and Steel, Weisteel, Juneng Special Steel, Liansteel, Kunsteel, Shougang Shuigang, and Quanzhou Mingguang. Among them, Dazhou Iron and Steel plans to rotate maintenance of production lines before March 31, 2024, with an expected reduction in output of more than 28,000 tons. Quanzhou Mingguang plans to carry out rotating maintenance on two bar lines and one wire rod rolling line from March 21 to April 7, affecting production by approximately 85,000 tons.

Prices of molybdenum products on March 22, 2024

Picture of MoSi2 heating elements 

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