Chinese Molybdenum Prices - July 12, 2024

Chinese molybdenum prices show initial stability followed by an upward trend in the week ended on Friday, July 12, 2024. 

At the beginning of the week, domestic molybdenum prices remained stable due to steady steel bid volumes and prices, high international molybdenum prices, and strong production cost support, leading suppliers to maintain firm quotes. However, by the weekend, increased bidding activity and higher offers from steel companies boosted supplier optimism, especially among molybdenum concentrate and ferromolybdenum holders. 

This week, molybdenum concentrate prices rose from approximately 3,660 yuan/ton to around 3,750 yuan/ton, and ferromolybdenum prices increased from about 235,000 yuan/ton to 243,000 yuan/ton. It's worth noting that the recent difficulty in raising international molybdenum prices may negatively impact the domestic molybdenum market.

According to statistics from Chinatungsten Online, current ferromolybdenum prices have increased by about 8,000 yuan/ton from last week, a rise of 3.40%; molybdenum concentrate prices have risen by approximately 90 yuan/ton, an increase of 2.46%; molybdenum oxide prices have increased by about 80 yuan/ton, a rise of 2.13%; sodium molybdate prices have risen by about 1,000 yuan/ton, an increase of 0.60%; ammonium heptamolybdate prices have increased by about 1,000 yuan/ton, a rise of 0.43%; and molybdenum powder prices have risen by about 3 yuan/kg, an increase of 0.68%. This data indicates that the price increase for molybdenum raw materials this week is greater than that for molybdenum chemical products.

In related news, according to the Baotou Industry and Information Technology Bureau, prices for 10 out of 14 monitored steel products, including pig iron, rebar, and high-speed wire rod, decreased in June. High-speed wire rod saw the largest drop, with an average price of 3,832 yuan/ton, down by 155 yuan/ton, a decline of 3.9%. Rebar averaged 3,690 yuan/ton, down by 135 yuan/ton. Year-over-year, the largest drop was in cold-rolled coil (2mm), with an average price of 4,312 yuan/ton, down by 258 yuan/ton, a decrease of 5.6%, while channel steel saw the smallest drop, with an average price of 3,900 yuan/ton, down by 43 yuan/ton, a decline of 1.1%.

Prices of molybdenum products on July 12, 2024

Picture of black molybdenum wires 

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