Chinese Molybdenum Price - July 22, 2024

At the beginning of the week, Chinese molybdenum price exhibited a generally stable but slightly weak trend. This was mainly due to high price pressure from downstream users and poor performance in the international molybdenum market. 

However, because of decent downstream inquiries, limited production capacity release from molybdenum mines, and strong production cost support, the room for suppliers to reduce prices was minimal. Recently, several steel companies have entered the market for molybdenum iron tenders, including Shagang Group with 60 tons, Zhejiang Dongte with 90 tons, and Shougang Jingtang with 30 tons, with tender prices around 236,000 RMB per ton.

In terms of news, data from the National Bureau of Statistics shows that in June 2024, China's rebar production was 18.24 million tons, a year-on-year decrease of 10.1%. Medium and wide steel strip production was 19.02 million tons, a year-on-year increase of 3.4%. Wire rod (coil) production was 12.47 million tons, a year-on-year increase of 2.4%. From January to June, China's cumulative rebar production was 102.35 million tons, a year-on-year decrease of 11.7%. Medium and wide steel strip production was 109.13 million tons, a year-on-year increase of 5.5%. Wire rod (coil) production was 67.34 million tons, a year-on-year decrease of 2.8%.

Prices of molybdenum products on July 22, 2024

Picture of TZM rods

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