Chinese Molybdenum Market – May 24, 2024

Chinese molybdenum market presented a pattern of first rising sharply and then stabilizing in the week ended on Friday, May 24, 2024. At the beginning of the week, due to the slight decrease in molybdenum product prices last week, downstream users showed generally high enthusiasm for inquiry and procurement. 

Additionally, driven by the rising prices of other metals such as tungsten and copper, as well as the favorable international molybdenum market conditions at that time, molybdenum mining companies raised their quotations. This was mainly reflected in the molybdenum concentrate price, which increased from around 3,670 yuan per ton to around 3,910 yuan per ton, and other molybdenum product prices also rose accordingly.

As the weekend approached, with molybdenum product prices at relatively high levels and downstream production enterprises still having certain raw material inventories, market demand slightly decreased, leading to difficulties in further price increases for molybdenum products. Currently, industry players are paying close attention to the transaction situation of molybdenum concentrate and the performance of steel tender prices. Today, steel companies participating in molybdenum iron tenders include Baosteel Group (Zhanjiang) with 30 tons, Fushun Iron and Steel with 60 tons, Xiangtan Iron and Steel with 90 tons, and others.

According to data compiled by CTIA GROUP LTD, compared to last week, the prices of molybdenum iron, molybdenum concentrate, sodium molybdate, ammonium heptamolybdate, molybdenum powder, and molybdenum oxide have increased by approximately 11,000 yuan per ton (up 4.56%), 240 yuan per ton (up 6.54%), 2,000 yuan per ton (up 1.16%), 4,000 yuan per ton (up 1.71%), 10 yuan per kilogram (up 2.21%), and 220 yuan per ton (up 5.82%), respectively.

In terms of news, according to customs data, from January to April 2024, China's exports of molybdenum products totaled 13,390.32 tons, a year-on-year increase of 0.02%. The cumulative export amount was 3.03 billion yuan, a year-on-year decrease of 13.93%. Among them, in April, China's exports of molybdenum products were 3,943.58 tons, an increase of 29.4% compared to the previous month.

Prices of molybdenum products on May 24, 2024

Picture of TZM blocks 

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