Molybdenum Concentrate Prices - July 24, 2024

The domestic Chinese molybdenum market overall maintained a sideways consolidation. Amid fierce price negotiations between buyers and sellers, market trading activity was moderate, with product prices fluctuating within a narrow range and differing views on the market outlook among industry participants.

In the molybdenum concentrate market, prices remained firm overall. Although the international molybdenum market showed weakness and steel companies offered lower prices, causing some suppliers' confidence in stable pricing to waver, the strong support from production costs and limited market supply kept most holders reluctant to lower prices. The ferromolybdenum market, on the other hand, was under noticeable pressure, mainly due to the low bid prices from steel tenders (around 235,000 yuan) and the difficulty in obtaining low-priced sources. However, there have been many recent inquiries in the market. In the molybdenum chemical and product markets, there was a strong wait-and-see atmosphere. Suppliers generally maintained rational pricing amid stable raw material prices and basic just-in-time procurement by end customers.

In terms of news, in mid-July 2024, the social inventory of five major steel products in 21 cities totaled 10.41 million tons, down 1.0% month-on-month, up 42.8% from the beginning of the year, and up 11.7% year-on-year. Regionally, inventories in East China decreased by 90,000 tons (down 3.0%), South China decreased by 70,000 tons (down 2.7%), Northwest decreased by 20,000 tons (down 3.2%), Southwest decreased by 20,000 tons (down 1.6%), North China increased by 50,000 tons (up 4.9%), Central China increased by 50,000 tons (up 3.7%), and Northeast inventories remained flat.

Prices of molybdenum products on July 24, 2024

Picture of TZM rods

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