The Price of Molybdenum Products - June 24, 2024

At the beginning of the week, Chinese molybdenum price still showed a slight decline, mainly due to the low downstream demand and the weakening confidence of molybdenum mining companies in stabilizing prices. 

At present, the prices of molybdenum concentrate and ferromolybdenum have dropped by about 10 yuan/ton and 1,000 yuan/ton, respectively. According to Chinatungsten Online, the high price of molybdenum products and the low price of steel products have recently led to a decline in the consumption sentiment of downstream users, which is one of the important reasons that hinder the price of molybdenum products from rising again. However, supported by the strong support of production costs and the high international molybdenum prices, suppliers have limited room for profit.

In terms of news, data from the National Bureau of Statistics showed that in May 2024, China's crude steel output was 92.86 million tons, a year-on-year increase of 2.7%; pig iron output was 76.13 million tons, a year-on-year decrease of 1.2%; steel output was 122.70 million tons, a year-on-year increase of 3.4%. From January to May, China's crude steel output was 438.61 million tons, down 1.4% year on year; pig iron output was 361.13 million tons, down 3.7% year on year; and steel output was 574.05 million tons, up 2.9% year on year.

Prices of molybdenum products on June 24, 2024

Picture of MoSi2 heating elements 

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