Chinese Molybdenum Price - April 24, 2024

Chinese molybdenum price is showing a strong upward trend, primarily characterized by significant price increases in many molybdenum products, active inquiries and purchases from downstream customers, and suppliers holding onto their stocks in anticipation of higher prices. 

Today, the price of molybdenum concentrates has surged to around 3,800 yuan per ton, equivalent to a production cost of about 245,000 yuan per ton of ferro molybdenum.

In the molybdenum concentrate market, there is a strong speculative atmosphere. On April 24th, driven by the transaction price of 810 tons of molybdenum concentrates from Luoyang Shenglong Mining rising to 3,750-3,805 yuan per ton, other holders also raised their offers, leading to a tightening of low-priced supply in the market.

In the ferro molybdenum market, it is caught in a dilemma. With the skyrocketing price of molybdenum raw materials, the price of molybdenum iron is passively adjusted. This is mainly due to the limited consumption capacity of many steel mills under the weak steel market. Currently, the prices of rebar and 304/2B stainless steel coils have decreased by about 16 yuan per ton and 215 yuan per ton, respectively.

In the molybdenum chemical and its products market, the situation is average, mainly because both buyers and sellers are maintaining rigid demand transactions. With the leading rise in molybdenum concentrate prices, quotations from molybdenum chemical and its product companies have also been moderately adjusted upward. Today, the prices of ammonium molybdate, molybdenum powder, and molybdenum bars have increased by about 20,000 yuan per ton, 40 yuan per kilogram, and 30 yuan per kilogram, respectively.

In terms of news, according to People's Daily, in the first quarter, the value-added of industrial enterprises above designated size increased by 6.1% year-on-year, an increase of 1.5 percentage points from the whole year of 2023, reaching the highest level in eight quarters. Industrial investment increased by 13.4% year-on-year, and the value-added of industrial enterprises above designated size in small and medium-sized enterprises increased by 7.4% year-on-year. In the first quarter, the market share of new energy vehicles exceeded 31%, and the energy consumption of industrial enterprises above designated size in traditional industries such as steel and non-ferrous metals continued to decline.

Prices of molybdenum products on April 24, 2024

Picture of molybdenum sheets 

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