Chinese Molybdenum Prices - July 3, 2024

Chinese molybdenum prices have fluctuated within a narrow range on July 3, 2024. With the supply and demand relatively balanced, traders' willingness to engage has been moderate, resulting in low market activity and few new orders. Most industry players believe that the market will maintain a sideways consolidation trend in the short term.

In the molybdenum concentrate market, the situation remains weak. The conflict between suppliers holding onto their products in anticipation of price increases and the low number of inquiries from downstream users makes it difficult for prices to rise or fall, leading to limited transactions. In the ferromolybdenum market, the ongoing low bidding prices from steel companies and the scarcity of low-cost sources have created significant cost-revenue inversion risks for intermediate smelting enterprises, with some suppliers suspending their quotations. On July 1st, Baosteel's bid price for ferromolybdenum was 228,500 CNY/ton. In the molybdenum chemical and product market, the overall sentiment is one of cautious observation. With strong price maintenance sentiment in the upstream market and end customers generally adhering to just-in-time purchasing, most suppliers have temporarily stabilized their prices.

According to the China Iron and Steel Association, from January to May 2024, key steel enterprises' water consumption was 38.9 billion cubic meters, an increase of 713 million cubic meters year-on-year, representing a 1.87% growth. Of this, water intake decreased by 23.91 million cubic meters year-on-year, a decline of 3.48%, while the amount of water reused increased by 737 million cubic meters year-on-year, growing by 1.97%. The reuse rate was 98.29%, up 0.09 percentage points year-on-year; the water intake per ton of steel was 2.21 cubic meters/ton, down 2.81% year-on-year.

Prices of molybdenum products on July 3, 2024

Picture of MoSi2 heating elements 

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