Chinese Molybdenum Market - April 19, 2024

This week, Chinese molybdenum market showed a pattern of initial suppression followed by a rebound. At the beginning of the week, influenced by the significant increase in molybdenum prices mid-last week, steel companies generally turned to price suppression, leading to a slight decrease in molybdenum product prices. 

Specifically, the prices of molybdenum concentrate and ferro molybdenum decreased by approximately 30 yuan per ton and 3,000 yuan per ton, respectively. However, as the prices of many steel products continued to rise towards the end of the week and the space for price concessions from raw material suppliers gradually narrowed, downstream users increased their bids, thereby driving up molybdenum prices. Specifically, the prices of molybdenum concentrate and ferro molybdenum increased by approximately 80 yuan per ton and 4,000 yuan per ton, respectively.

According to data from Chinatungsten Online, as of April 18th, the price of molybdenum iron has increased by approximately 1,000 yuan per ton compared to last week, with a rise of 0.46%; the price of molybdenum concentrate has increased by approximately 50 yuan per ton, with a rise of 1.51%; the prices of sodium molybdate and ammonium heptamolybdate remain unchanged compared to last week; the price of molybdenum powder has increased by approximately 1 yuan per kilogram, with a rise of 0.24%; and the price of molybdenum oxide has increased by approximately 50 yuan per ton, with a rise of 1.47%. It can be seen that the fluctuation range of molybdenum raw material prices is larger than that of molybdenum chemical product prices.

On April 18th, steel companies participating in the bidding for molybdenum iron included Shandong Juneng with 20 tons, Panchang Special Steel with 60 tons, Changshu Longteng with 60 tons, Jiangsu Nangang with 90 tons, Eastern Special Steel, Fushun Special Steel, Huai Steel Special Steel, Wuhan Iron and Steel, etc. The bidding prices were generally around 218,000 yuan per ton.

In terms of news, according to data from the China Iron and Steel Association, at the end of the first half of April 2024, the inventory of steel materials in key steel companies was approximately 18.2538 million tons, a decrease of 173,600 tons or 0.94% compared to the previous half month (i.e., the end of March), a decrease of 1.2702 million tons or 6.51% compared to the same period last month, and a decrease of approximately 66,200 tons or 0.36% compared to the same period last year.

Prices of molybdenum products on April 19, 2024

Picture of molybdenum sheets 

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