Ammonium Heptamolybdate Price - May 27, 2024

At the beginning of the week, the overall Chinese molybdenum market continued the stable trend observed over the weekend of the previous week. With strong reluctance from suppliers to sell at lower prices and downstream users maintaining basic demand procurement, most molybdenum product prices remained relatively stable, with generally moderate transaction speeds. 

Currently, prices of molybdenum concentrate, ferro molybdenum, and ammonium heptamolybdate are temporarily stable at around 3,910 yuan per mtu, 252,000 yuan per ton, and 238,000 yuan per ton, respectively. Some businesses currently have slightly less confidence in the future market. This is not only because of the unexpected surge in molybdenum product prices at the beginning of last week but also due to the shift from a strong to a weak international molybdenum market and strong price pressure from steel mills, leading to a decline in supplier price stability.

In terms of news, according to customs data, statistics from the China Iron and Steel Industry Association show that in mid-May 2024, key steel companies collectively produced 22.0922 million tons of crude steel, 19.7868 million tons of pig iron, and 21.2007 million tons of steel products. Among them, the daily production of crude steel was 2.2092 million tons, up 0.81% month-on-month but down 1.61% year-on-year; the daily production of pig iron was 1.9787 million tons, up 2.18% month-on-month but down 0.83% year-on-year; and the daily production of steel products was 2.1201 million tons, up 4.75% month-on-month but down 0.92% year-on-year.

Prices of molybdenum products on May 27, 2024

Picture of molybdenum sheets

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