Chinese Molybdenum Prices - August 21, 2024

Chinese molybdenum prices have shown no significant changes recently, with molybdenum concentrate, ferromolybdenum, and ammonium heptamolybdate prices stabilizing around 3,660 CNY/ton degree, 239,000 CNY/ton, and 231,000 CNY/ton, respectively. 

However, the market activity remains high, with substantial transaction volumes, driven by decent purchasing enthusiasm from downstream users.

On the supply side:

Due to high temperatures, increased rainfall, higher production costs, and stricter environmental policies, some molybdenum mining companies have reduced their output. In July, China's molybdenum concentrate production decreased by 10.56% month-on-month.

Ferromolybdenum production has also seen a decline, with a 10.01% month-on-month reduction in July, largely due to steel companies pressing prices and the difficulty in finding low-cost sources.

China's molybdenum raw material imports in July were limited, totaling 4,324.88 tons, down 4.65% month-on-month and 28.21% year-on-year.

On the demand side:

Despite a weak steel market affecting steel companies' pricing, the concentrated bidding for ferromolybdenum by steel companies has largely supported confidence in holding molybdenum prices.

China's molybdenum product exports in July were relatively optimistic, totaling 3,463.64 tons, up 0.32% month-on-month and 25.30% year-on-year.

Additionally, customs data shows that in July 2024, China exported 5.18 million tons of steel plates, up 11.8% year-on-year, and 900,000 tons of steel rods, up 3.0% year-on-year. From January to July 2024, China exported a total of 41.63 million tons of steel plates, up 28.4% year-on-year, and 7.01 million tons of steel rods, up 10.3% year-on-year.

Prices of molybdenum products on August 21, 2024

Picture of customized molybdenum sheets 

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