Ammonium Tetramolybdate Price – August 28, 2024

The Chinese molybdenum market is generally showing a stable to slightly stronger trend. This is due to the simultaneous rise in both volume and price in steel tenders, as well as molybdenum mining companies not being in a hurry to sell. Market activity is relatively good, and many suppliers have tentatively raised their prices again. 

Today, the prices of molybdenum oxide, ammonium tetramolybdate, and molybdenum concentrate have increased by approximately 20 CNY/ton degree, 1,000 CNY/ton, and 20 CNY/ton degree, respectively.

From the perspective of positive factors: First, due to the previous high temperatures and frequent rainfall, high energy prices, and generally modest molybdenum product prices, many molybdenum manufacturers have reduced their production, leading to a recent decrease in the supply of spot goods in the market. Second, the increased enthusiasm for inquiry and purchasing from steel companies, coupled with a rise in steel tender prices, has significantly bolstered the confidence of suppliers to raise prices.

On the downside, first, the international molybdenum market is generally stable, which is not conducive to a rapid heating up of the domestic molybdenum market. Second, the increase in steel tender prices is relatively small, limiting the ability of ferromolybdenum prices to lead the market upward. Third, with a slight increase in product prices, most suppliers are more willing to sell.

In terms of news, according to data from the China Iron and Steel Association, in mid-August 2024, key steel companies produced a total of 19.9337 million tons of crude steel, 18.2307 million tons of pig iron, and 18.7876 million tons of steel products. Among these, the daily production of crude steel was 1.9934 million tons, down 0.50% month-on-month and 10.01% year-on-year; the daily production of pig iron was 1.8231 million tons, down 1.02% month-on-month and 8.71% year-on-year; the daily production of steel products was 1.8788 million tons, up 2.16% month-on-month but down 12.82% year-on-year. Based on these figures, it is estimated that the national daily output of crude steel during this period was 2.6919 million tons, down 0.33% month-on-month; the daily output of pig iron was 2.2828 million tons, down 0.78% month-on-month; and the daily output of steel products was 3.8753 million tons, up 1.04% month-on-month.

Prices of molybdenum products on August 28, 2024

Picture of TZC piercing plugs 

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