Chinese Molybdenum Prices - May 13, 2024

At the start of the week, Chinese molybdenum prices showed a slight weakness at high levels. This is due to decreasing downstream demand and a reduction in the strength of supportive news. 

The market saw a bit of chaos in quotations, with some suppliers maintaining strong price resistance while others slightly lowered their quotes. Currently, the prices of molybdenum concentrate and ferromolybdenum have decreased slightly to around 3,780 RMB/ton and 248,000 RMB/ton, respectively. Notably, a mining company in Luoyang, Henan, recently sold molybdenum concentrate at prices ranging from 3,751 RMB/ton to 3,820 RMB/ton.

According to information from Chinatungsten Online, the main reasons for the recent decrease in market demand are twofold. First, the high raw material prices and lack of liquidity have made many buyers more cautious in their purchasing. Second, although many regions have lifted housing purchase restrictions and the state is actively promoting the accelerated development of new productive capacities, which should benefit steel consumption, the current unsatisfactory steel prices have had a negative impact on ferromolybdenum prices.

Market News

According to data from the China Iron and Steel Association, in late April 2024, key steel enterprises produced a total of 21.99 million tons of crude steel, 19.24 million tons of pig iron, and 21.50 million tons of steel products. Daily production figures were 2.199 million tons of crude steel (a 3.80% increase month-on-month, a 0.33% decrease year-on-year), 1.924 million tons of pig iron (a 1.49% increase month-on-month, a 5.17% decrease year-on-year), and 2.150 million tons of steel products (a 4.94% increase month-on-month, a 5.10% decrease year-on-year).

Prices of molybdenum products on May 13, 2024

Picture of molybdenum boats 

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