Chinese Molybdenum Market – June 5, 2024

The Chinese molybdenum market overall remains in a consolidating operation. With both weak supply and demand, there's intense price bargaining between buyers and sellers. Material suppliers have a relatively low willingness to reduce prices, while buyers are cautious in their consumption, resulting in subdued market trading activity and limited new orders.

In the molybdenum concentrate market, the situation is generally stable. Although factors like limited spot market supply and anticipated difficulties in future molybdenum mining operations influence the market, many holders still maintain a strong reluctance to sell at low prices. However, there are still some enterprises with high shipment enthusiasm due to their need for liquidity.

In the molybdenum iron market, the overall pressure situation has not improved. Despite recent reductions in molybdenum concentrate selling prices, it's still difficult to offset the damage caused to intermediate smelting enterprises by low bidding prices from steel companies, resulting in a cost-profit inversion. Recently, steel companies such as Delong Nickel Industry, Dalian Special Steel, Fushun Special Steel, Hengyang Hualing Steel Tube, and Baosteel have entered the bidding for molybdenum iron.

In the molybdenum chemical and its products market, the atmosphere of buying and selling remains stable. Product prices are mainly influenced by supply and demand. With terminal customers primarily purchasing on demand and a strong price support sentiment in the upstream market, supplier quotations remain relatively stable. Currently, the prices of sodium molybdate and molybdenum powder are stable at around 174,000 yuan per ton and 463 yuan per kilogram, respectively.

Regarding news, data from the China Iron and Steel Industry Association shows that from January to April 2024, China imported 2.405 million tons of steel, a year-on-year decrease of 3.7%; imported 1.008 million tons of steel billets, a year-on-year increase of 9.9%. During the same period, exports of steel amounted to 35.024 million tons, an increase of 27.0% year-on-year; exports of steel billets were 854,000 tons, a decrease of 13.5% year-on-year; net exports of crude steel were 33.668 million tons, an increase of 7.141 million tons year-on-year, with a growth rate of 26.9%.

Prices of molybdenum products on June 5, 2024

Picture of TZM blocks 

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