Ammonium Heptamolybdate Prices – July 8, 2024

At the beginning of the week, the domestic Chinese molybdenum market maintained stable operations. The conflict between suppliers' reluctance to lower prices and buyers' cautiousness about high prices has led to a stalemate where mainstream molybdenum product prices neither rise nor fall significantly, and transaction volumes remain low. 

Currently, there is a slight lack of confidence in the market outlook. Notably, the scarcity of low-priced goods and weak demand from steel tenders pose significant cost-benefit inversion risks for intermediate smelting enterprises. Today, the prices of molybdenum concentrate, ferromolybdenum, and ammonium heptamolybdate are approximately 3,660 RMB/metric ton unit, 235,000 RMB/ton, and 232,000 RMB/ton, respectively.

According to the China Iron and Steel Association, in late June 2024, key steel enterprises produced a total of 21.6765 million tons of crude steel, 19.3730 million tons of pig iron, and 22.8399 million tons of steel products. The average daily production of crude steel was 2.1676 million tons, down 0.80% month-on-month and 3.49% year-on-year. The average daily production of pig iron was 1.9373 million tons, down 1.17% month-on-month and 4.50% year-on-year. The average daily production of steel products was 2.2840 million tons, up 8.86% month-on-month but down 0.97% year-on-year.

Prices of molybdenum products on July 8, 2024

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