Chinese Molybdenum Price - May 17, 2024

Chinese molybdenum price is generally showing a pattern of stability with a slight weakness in the week ended on Friday, May 17, 2024. As the favorable factors gradually diminish, the consumption market is slowly transitioning from a seller's market to a buyer's market. 

This is mainly reflected in the various degrees of decline in prices of numerous molybdenum products and the relatively low market trading volume. Today, the price of molybdenum concentrate has dropped by approximately 80 yuan per ton, molybdenum iron by approximately 4,000 yuan per ton, molybdenum salts by approximately 2,000 yuan per ton, and molybdenum powder by approximately 5 yuan per kilogram.

According to Chinatungsten Online, besides the influence of the still relatively high selling prices of molybdenum products and limited downstream demand, a slight decrease in international molybdenum prices has also been an important factor causing the recent weakening of confidence among molybdenum mining companies to hold prices firm. Currently, industry participants have slightly insufficient confidence in the future market conditions.

In terms of news: According to data from the China Iron and Steel Industry Association, in early May 2024, key statistics from steel companies showed a total production of crude steel of 21.9149 million tons, pig iron of 19.3649 million tons, and steel of 20.239 million tons. Among them, crude steel production per day was 2.1915 million tons, a decrease of 0.36% compared to the previous period, and a decrease of 2.63% compared to the same period last year on the same basis; pig iron production per day was 1.9365 million tons, an increase of 0.64% compared to the previous period, and a decrease of 3.45% compared to the same period last year on the same basis; steel production per day was 2.0239 million tons, a decrease of 5.87% compared to the previous period, and a decrease of 3.02% compared to the same period last year on the same basis.

Prices of molybdenum products on May 17, 2024

Picture of MoSi2 heating elements 

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