Chinese Molybdenum Prices - September 6, 2024

Chinese molybdenum prices continued to rise steadily in the week ended on Friday, September 6, 2024. This upward trend was mainly driven by high bidding activity from steel companies for ferromolybdenum, rising steel bid prices, and limited supply of molybdenum raw materials. 

However, this does not imply that bearish factors have entirely disappeared, as reflected by the relatively modest price increase and many suppliers' profit-taking behavior. Negative factors include a decline in international molybdenum oxide and European ferromolybdenum prices, as well as weak performance in the steel market. Today, hot-rolled coil and rebar prices fell to around 3,110 CNY/ton and 3,187 CNY/ton, respectively.

According to China Tungsten Manufacturing, current molybdenum concentrate prices increased by about 90 CNY/tonne compared to last week, a rise of 2.43%. Ferromolybdenum prices increased by about 4,000 CNY/ton, up 1.67%. Sodium molybdate prices rose by around 1,000 CNY/ton, an increase of 0.60%. Ammonium heptamolybdate prices went up by about 4,000 CNY/ton, a rise of 1.72%. Molybdenum powder prices increased by about 5 CNY/kg, up 1.14%. Molybdenum oxide prices climbed by approximately 80 CNY/tonne, a 2.11% increase compared to last week.

In terms of news, the China Iron and Steel Association reported that at the beginning of September 2024, seven steel companies publicized their progress in ultra-low emission transformation and assessment monitoring. These companies are Tangshan Ganglu Iron and Steel Co., Ltd., Tianjin Ironworks Co., Ltd., Inner Mongolia Baotou Steel Union Co., Ltd., Angang Group Xinyang Iron and Steel Co., Ltd., Huzhou Sentron Metal Products Co., Ltd., Wu'an Yuhua Iron and Steel Co., Ltd., and Jiangsu Delong Nickel Industry Co., Ltd. As of September 3, 2024, 146 steel enterprises had published their updates on the China Iron and Steel Association's website.

Prices of molybdenum products on September 6, 2024

Picture of black TZM rods 

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