Chinese Molybdenum Price - June 7, 2024

Chinese molybdenum price generally showed a high consolidation situation in the week ended on Friday June 7, 2024, mainly due to the low willingness of molybdenum mining enterprises to reduce sales and the general performance of steel bidding volume and price. 

Supported by the good enthusiasm of downstream users to inquire and purchase, the small amount of spot supply in the market and the high international molybdenum price, raw material suppliers basically held a strong attitude of reluctance to sell, which made it difficult for intermediate smelting enterprises, molybdenum chemicals and their products enterprises to lower their quotations. However, at the beginning of the week, affected by the decline in the transaction price of molybdenum concentrate in a mine in Heilongjiang to about 3,860 yuan/ton, other molybdenum concentrate suppliers also lowered their quotations.

According to statistics from CTIA GROUP LTD, the current price of ferromolybdenum has dropped by about 2,000 yuan/ton compared with last week, a decrease of 0.79%; the price of molybdenum concentrate has dropped by about 40 yuan/ton compared with last week, a decrease of 1.02%; the price of molybdenum oxide has dropped by about 40 yuan/ton compared with last week, a decrease of 1.00%; the prices of sodium molybdate, ammonium heptamolybdate and molybdenum powder have remained the same as last week.

News: According to the data from the National Bureau of Statistics, in May, the manufacturing purchasing managers' index (PMI) was 49.5%, down 0.9 percentage points from the previous month, and the manufacturing boom level has declined. In terms of enterprise size, the PMI of large enterprises was 50.7%, up 0.4 percentage points from the previous month; the PMI of medium and small enterprises was 49.4% and 46.7%, down 1.3 and 3.6 percentage points from the previous month. In terms of sub-indexes, among the five sub-indexes that make up the manufacturing PMI, the production index and supplier delivery time index are above the critical point, while the new order index, raw material inventory index and employee index are below the critical point.

Prices of molybdenum products on June 7, 2024

Picture of molybdenum boats 

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