Chinese Molybdenum Price - June 17, 2024

At the beginning of the week, Chinese molybdenum price remained strong as a whole. 

Although the price of molybdenum products is difficult to rise again due to the high level of cautious consumption of downstream and end customers, the suppliers are less willing to make concessions, supported by factors such as the accelerated rise in international molybdenum prices, the small amount of spot supply in the market, and the good outlook for the future. 

At present, the industry focuses on the bidding of steel companies. Recently, factors such as the high price of molybdenum and the weak steel market are the main reasons for the slow pace of steel companies' consumption.

News: According to data from the China Iron and Steel Industry Association, in early June 2024, key statistical steel companies produced a total of 22.4826 million tons of crude steel, 19.8928 million tons of pig iron, and 21.1965 million tons of steel. Among them, crude steel produced 2.2483 million tons per day, a month-on-month increase of 3.30% and a year-on-year increase of 0.77%; pig iron produced 1.9893 million tons per day, a month-on-month increase of 3.03% and a year-on-year decrease of 0.71%.

Prices of molybdenum products on June 17, 2024

Picture of molybdenum sheets

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