Chinese Molybdenum Market - July 17, 2024

The domestic Chinese molybdenum market has been relatively stable overall, with subdued trading activity and difficulty in updating product prices. This is mainly due to a decrease in downstream user consumption and a reluctance from suppliers to reduce prices. 

Currently, the prices of molybdenum concentrate, molybdenum oxide, and ferromolybdenum are stable at around 3,750 CNY/metric ton unit, 3,840 CNY/metric ton unit, and 243,000 CNY/ton, respectively.

In the molybdenum concentrate market, due to slight improvements in the international molybdenum market and limited spot supply, suppliers are maintaining firm quotations, although some suppliers are selling at reduced prices. On July 16, two molybdenum mining companies in Henan sold molybdenum concentrate at transaction prices between 3,720 CNY/metric ton unit and 3,750 CNY/metric ton unit.

In the ferromolybdenum market, the relatively high prices of molybdenum concentrate and uncertain future market trends have slowed the pace of steel company tenders. Recently, companies such as Changshu Longteng, Shandong Steel Laiwu, and Hengyang Hualing Steel Pipe have entered the market to tender for ferromolybdenum.

The molybdenum chemical and products market has remained generally stable. With end customers maintaining rigid demand and upstream markets holding firm on prices, product prices are adjusting within a reasonable range.

According to data from the China Iron and Steel Association, in early July 2024, key steel enterprises produced a total of 21.52 million tons of crude steel, 19.25 million tons of pig iron, and 19.79 million tons of steel products. Daily production of crude steel was 2.15 million tons, a decrease of 0.73% compared to the previous period and 3.96% lower compared to the same period last year. Daily production of pig iron was 1.93 million tons, down 0.62% from the previous period and 4.67% from the same period last year. Daily production of steel products was 1.98 million tons, a decrease of 13.35% from the previous period and 5.72% from the same period last year.

Prices of molybdenum products on July 17, 2024

Picture of molybdenum boats 

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