Chinese Molybdenum Prices - June 26, 2024

Chinese molybdenum prices are generally showing a persistent downward trend. The prices of molybdenum concentrate, ferromolybdenum, and ammonium heptamolybdate have dropped by approximately 90 RMB/ton degree, 2,000 RMB/ton, and 2,000 RMB/ton respectively. Currently, industry players are focusing on the performance of steel bidding volumes and prices.

In the molybdenum concentrate market, transaction prices have fallen below 3,750 RMB/ton degree. This decline is mainly due to the continuous drop in international molybdenum prices, the gradual increase in spot market inventory, and the lower bids from steel companies. However, due to the increasing difficulty of production, the space for future supplier concessions may gradually narrow. In the ferromolybdenum market, overall pressure remains evident. Although the recent significant drop in molybdenum concentrate prices and increased inquiries from steel companies have occurred, it is still difficult to offset the damage caused by the declining steel bid prices to ferromolybdenum manufacturers. In the molybdenum chemicals and products market, there is a strong wait-and-see sentiment, with few transactions. The prices of molybdenum chemicals and products have decreased along with the decline in raw material prices.

According to information from the China Iron and Steel Association, in May 2024, the output of plate and strip products from key statistics enterprises increased year-on-year. Among them, the production of medium and thick plate mills was 6.5 million tons, a year-on-year decrease of 0.6%; the production of hot rolling mills was 16.97 million tons, a year-on-year increase of 2.9%; and the production of cold rolling mills was 6.89 million tons, a year-on-year increase of 8.7%.

Prices of molybdenum products on June 26, 2024

Picture of molybdenum boats

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