Chinese Molybdenum Price - August 9, 2024

Chinese molybdenum price remained relatively stable in the week ended on Friday, August 9, 2024, with prices of major products showing little change and traders primarily maintaining transactions based on just-in-time needs. 

According to information from Chinatungsten Online, the prices of molybdenum concentrate, ferromolybdenum, and molybdenum oxide all increased this week by approximately 10 yuan per ton degree, 3,000 yuan per ton, and 10 yuan per ton degree, respectively, with the increases being around 0.27%, 1.27%, and 0.27%.

On the supply side, several factors contributed to the price stability: frequent high temperatures, high production costs, and continued environmental crackdowns have slowed the release of production capacity in many molybdenum mining enterprises. Coupled with the already low inventory of spot goods in the market, suppliers have been more inclined to maintain higher prices. Additionally, some intermediate smelting enterprises have chosen to reduce production in response to low steel bidding prices and tightened supply of low-cost materials.

On the demand side, downstream and end customers have shown moderate enthusiasm for purchasing, resulting in limited market transactions. Recently, steel companies such as Pangang Group, China Erzhong, Dalian Special Steel, China First Heavy Industries, and Tsingshan Holding Group have entered the market to tender for ferromolybdenum.

In terms of news, data released by the National Bureau of Statistics shows that in the first half of this year, China's crude steel production reached 531 million tons, down 1.1% year-on-year; pig iron production reached 436 million tons, down 3.6% year-on-year; and steel production reached 701 million tons, up 2.8% year-on-year. During the same period, the apparent consumption of crude steel nationwide was 479 million tons, down 3.3% year-on-year.

Prices of molybdenum products on August 9, 2024

Picture of molybdenum sheets

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