Molybdenum Market Update on August 26, 2024

At the beginning of the week, the domestic molybdenum market maintained stable operations. The market saw active trading and a rapid increase in orders, driven by high inquiry and procurement enthusiasm from steel companies and the willingness of many molybdenum mining enterprises to sell.

As of now, the total amount of molybdenum iron ordered by steel companies this month has exceeded 11,000 tons. Recently, companies such as Zhongyuan Special Steel, Baosteel Egang, Jiyuan Steel, Shougang Jingtang, and Deyang Erzhong have entered the market to bid for molybdenum iron. It is worth noting that the current international molybdenum market is relatively weak, and the low bids from steel companies are the main reasons why molybdenum product prices are struggling to rise.

In related news, on August 22, the Ministry of Industry and Information Technology issued a notice titled "On the Suspension of Steel Production Capacity Replacement Work," stating that starting from August 23, 2024, all regions must suspend the publication and announcement of new steel production capacity replacement plans. Any region that continues to publicize or announce steel production capacity replacement plans in violation of this notice will be considered as adding new steel capacity illegally and will be publicly reported as a negative example.

Prices of molybdenum products on August 26, 2024

Picture of MoSi2 heating elements

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