Molybdenum Oxide Price - September 2, 2024

At the beginning of the week, the domestic molybdenum market continued to operate on a strong note. Prices for molybdenum concentrate, ferromolybdenum, and molybdenum oxide each increased by approximately 10 CNY/metric ton unit, 1,000 CNY/ton, and 10 CNY/metric ton unit, respectively.

This upward trend is primarily driven by several factors: the willingness of many steel companies to participate in ferromolybdenum tenders, the rising prices in these tenders, a relatively tight supply of some raw materials, and favorable international molybdenum market conditions. Recently, steel companies like Ansteel Powder, Xinyu Iron & Steel, Baosteel Shanghai, Baowu Egang, and Baosteel Co., Ltd. have been active in bidding for ferromolybdenum, with tender prices around 238,000 CNY/ton.

Market News: According to data from the China Iron and Steel Association, from January to July 2024, China exported 61.227 million tons of steel, an increase of 21.8% year-on-year. The average export price was $780.2/ton, down 24.8% year-on-year. Steel billet exports were 1.824 million tons, a decrease of 5.6% year-on-year. Net crude steel exports were 59.596 million tons, an increase of 10.788 million tons or 22.1% year-on-year. During the same period, China imported 4.122 million tons of steel, a decrease of 6.7% year-on-year. The average import price was $1,664.9/ton, down 2.0% year-on-year. Steel billet imports were 1.459 million tons, an increase of 7.5% year-on-year.

Prices of molybdenum products on September 2, 2024

Picture of TZM rods 

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