International Molybdenum Price - June 19, 2024

The Chinese molybdenum market is running steadily as a whole. With the supply and demand relationship relatively balanced and no major positive or negative news released on the policy side, buyers and sellers are mostly on the sidelines, so the transaction is average. At present, the industry focuses on the number and bids of molybdenum iron in steel companies' bidding.

On the supply side, first, due to the small amount of molybdenum concentrate spot inventory, the high international molybdenum price and the news of the Korean molybdenum iron plant accident shutdown, the raw material suppliers are generally reluctant to sell and hold prices; second, under the recent high temperature and rainfall weather and stricter environmental protection and anti-black policies, molybdenum mining companies are more difficult to produce, and some suppliers have more orders on hand, so the holders are less willing to reduce prices. On the demand side, first, the current high price of molybdenum products and the poor steel market have led to a low willingness of steel companies to accept goods; second, in the long run, the downstream industries of molybdenum, such as the military industry and petrochemical industry, are developing well, which is beneficial to the increase in market demand.

News: The "Special Action Plan for Energy Conservation and Carbon Reduction in the Steel Industry" shows that by the end of 2025, the energy consumption per unit product of the blast furnace and converter processes in the steel industry will be reduced by more than 1% compared with 2023, the energy consumption per unit product of the arc furnace smelting will be reduced by more than 2% compared with 2023, the comprehensive energy consumption per ton of steel will be reduced by more than 2% compared with 2023, and the self-generation rate of waste heat, waste pressure and waste energy will be increased by more than 3 percentage points compared with 2023. From 2024 to 2025, the energy conservation and carbon reduction transformation and energy-consuming equipment renewal of the steel industry will save about 20 million tons of standard coal and reduce carbon dioxide emissions by about 53 million tons.

Prices of molybdenum products on June 19, 2024

Picture of molybdenum wire

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