Chinese Molybdenum Prices - June 3, 2024

At the beginning of the week, Chinese molybdenum prices fluctuated within a narrow range. This was mainly attributed to the strong sentiment among molybdenum mining companies to hold onto stocks in anticipation of price increases, as downstream demand remained relatively stable and spot inventories in the market were low. 

Additionally, steel companies were offering lower prices. Recently, steel companies participating in the bidding for ferro molybdenum included Jiangsu Yonggang, Hengyang Steel Pipe, Lingyuan Iron and Steel, Jiangsu Nangang, Fushun Special Steel, China Erzhong, Baosteel, and Hualing Xianggang, among others. Among them, Jiangsu Yonggang tendered for 30 tons, while Hengyang Steel Pipe and Lingyuan Iron and Steel tendered for 60 tons each.

In terms of news, according to data from the China Iron and Steel Industry Association, in April 2024, China imported 658,000 tons of steel, an increase of 41,000 tons compared to the previous month and an increase of 73,000 tons compared to the same period last year. Steel exports amounted to 9.224 million tons, a decrease of 664,000 tons compared to the previous month but an increase of 1.292 million tons compared to the same period last year. From January to April, steel imports totaled 2.405 million tons, a decrease of 3.7% year-on-year, while steel exports amounted to 35.024 million tons, an increase of 27.0% year-on-year.

Prices of molybdenum products on June 3, 2024

Picture of MoSi2 heating elements 

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