Ferromolybdenum Prices - July 29, 2024

At the beginning of the week, Chinese molybdenum prices slightly declined. Specifically, molybdenum concentrate and ferromolybdenum prices dropped by approximately 20 yuan/ton and 1,000 yuan/ton, respectively. 

This decline was mainly due to strong price suppression by steel companies, end customers maintaining basic demand purchases, and a weaker international molybdenum market. However, due to limited on-hand stock of raw materials and reasonable downstream inquiries, as well as to avoid the risk of cost-benefit inversion, suppliers had limited room for price concessions.

According to data from the China Iron and Steel Association (CISA), in June 2024, the total output of sheet and strip products from key surveyed enterprises slightly increased year-on-year. Medium plate mills produced 6.43 million tons, a year-on-year increase of 0.9%, with production turning from a decrease to an increase. Hot rolling mills produced 16.18 million tons, a year-on-year decrease of 1.5%, with production turning from an increase to a decrease. Cold rolling mills produced 6.58 million tons, a year-on-year increase of 4.5%, with production continuously rising slightly.

Prices of molybdenum products on July 29, 2024

Picture of black TZM rods 

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