Chinese Molybdenum Prices - April 26, 2024

This week, Chinese molybdenum prices showed a pattern of significant increase followed by a sharp decline. 

At the beginning of the week, influenced by factors such as the reasonable demand and price of steel and the strong speculative sentiment among molybdenum mining enterprises, the price of molybdenum concentrate rose sharply from around 3,360 yuan per ton to about 3,800 yuan per ton, with a single-day increase of up to 11.76% on April 24th. In this situation, prices of other molybdenum products also increased accordingly, with the price of molybdenum iron rising from about 220,000 yuan per ton to about 247,000 yuan per ton.

Approaching the weekend, due to limited consumption capacity of steel companies, a strong atmosphere of price pressure in the market, increased profit-taking by suppliers, and a relatively weak international molybdenum market, the prices of molybdenum products generally decreased. Among them, the prices of molybdenum concentrate, molybdenum oxide, and molybdenum iron decreased to around 3,580 yuan per ton, 3,670 yuan per ton, and 237,000 yuan per ton, respectively.

According to statistics from Chinatungsten Online, compared with last week, the price of molybdenum iron increased by about 17,000 yuan per ton, a rise of 7.73%; the price of molybdenum concentrate increased by about 220 yuan per ton, a rise of 6.55%; the price of sodium molybdate increased by about 13,000 yuan per ton, a rise of 8.07%; the price of ammonium heptamolybdate increased by about 22,000 yuan per ton, a rise of 10.38%; the price of molybdenum powder increased by about 36 yuan per kilogram, a rise of 8.65%; and the price of molybdenum oxide increased by about 210 yuan per ton, a rise of 6.07%. It can be seen that the increase in molybdenum product prices this week far exceeded the decrease.

In terms of news, according to the World Steel Association, in March 2024, the crude steel production of 71 countries or regions included in the statistics of the World Steel Association was 161.2 million tons, a decrease of 4.3% year-on-year. Among them, the crude steel production in Africa was 1.9 million tons, an increase of 1.1% year-on-year; the crude steel production in Asia and Oceania was 118.3 million tons, a decrease of 5.8% year-on-year; the crude steel production in the European Union (27 countries) was 11.6 million tons, a decrease of 4.3% year-on-year; the crude steel production in North America was 9.5 million tons, a decrease of 1.4% year-on-year; and the crude steel production in South America was 3.5 million tons, a decrease of 0.2% year-on-year.

Prices of molybdenum products on April 26, 2024

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