Ammonium Molybdate Price – May 8, 2024

The overall center of Chinese molybdenum prices continues to shift slightly upward, with the price of molybdenum concentrates rising by about 50 yuan per ton, the price of ferro molybdenum rising by about 2,000 yuan per ton, and the price of ammonium molybdate rising by about 2,000 yuan per ton.

Looking at the bullish factors, firstly, the recent warming of the international molybdenum market is conducive to the continuous upward adjustment of molybdenum prices in China. Secondly, the comprehensive launch of the third round of the second batch of central ecological and environmental protection inspections may have a certain negative impact on molybdenum manufacturers' production, leading to a reduction in molybdenum output. Thirdly, many steel companies are still willing to participate in molybdenum iron bidding.

From the bearish perspective, firstly, under the recent continuous rise in molybdenum product prices, purchasers are becoming more cautious in consumption. Secondly, in the situation where liquidity is limited and the rigid demand of terminal customers is difficult to improve, intermediate smelting enterprises are facing passive cost increases and finding it difficult to pass on the costs downstream.

Regarding news, Luoyang Molybdenum Industry achieved operating income of 46.121 billion yuan in the first quarter of 2024, a year-on-year increase of 4.15%; net profit attributable to shareholders was 2.072 billion yuan, a year-on-year increase of 553.28%; non-recurring net profit was 2.091 billion yuan, a year-on-year increase of 3082.87%; net cash flow from operating activities was 5.478 billion yuan, a year-on-year increase of 17.98%; basic earnings per share were 0.1 yuan; at the end of the reporting period, the company's total assets were 177.595 billion yuan, a year-on-year increase of 2.67%.

Prices of molybdenum products on May 8, 2024

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