Chinese Molybdenum Market Report for August 23, 2024

Chinese molybdenum market has remained stable, with fierce price negotiations between buyers and sellers due to a mix of positive and negative factors. As a result, many product prices have shown little change, though transaction volumes have been decent. 

Prices for molybdenum concentrate, ferromolybdenum, and molybdenum powder have remained steady at around 3,660 CNY/ton unit, 239,000 CNY/ton, and 435 CNY/kg, respectively.

On the positive side:

Downstream users have shown strong interest in purchasing, significantly boosting market confidence in holding prices firm. Recently, steel companies like Tsingshan Holding Group, Shanxi Taigang, and Huaigang Special Steel have been actively bidding for ferromolybdenum.

High temperatures, frequent rainfall, stricter environmental policies, and declining ore grades have limited the production capacity of molybdenum mining companies. Additionally, China's limited imports of molybdenum raw materials have further constrained the supply of available spot goods in the market.

On the negative side:

The relatively low steel prices have made it difficult for steel companies to increase their offers for ferromolybdenum, thereby hindering molybdenum suppliers from raising their prices.

There have been no significant favorable policy developments recently.

In related news, the World Steel Association reported that in June 2024, the crude steel output of the 71 countries included in its statistics reached 161.4 million tons, a year-on-year increase of 0.5%. Among them, China's crude steel output was 91.61 million tons, up 0.2% year-on-year; India's output was 12.3 million tons, up 6.0%; Japan's output was 7 million tons, down 4.2%; the United States produced 6.7 million tons, down 1.5%; Russia's estimated output was 6 million tons, down 4.1%; and South Korea produced 5.1 million tons, down 7.2%.

Prices of molybdenum products on August 23, 2024

Picture of molybdenum bars 

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