Ferromolybdenum Price - September 11, 2024

The domestic molybdenum market continues to operate under weak conditions, with a growing stalemate between buyers and sellers due to conflicting market factors. This has resulted in resistance to price increases and a slowdown in order growth.

In the molybdenum concentrate market, a cautious sentiment is becoming more prevalent, leading to a slight decrease in transaction prices to around RMB 3,750 per metric ton unit. This price drop is primarily due to reduced downstream demand and weak international molybdenum market performance, shaking many suppliers' confidence in maintaining stable prices.

In the ferromolybdenum market, prices remain stable despite ongoing bids from steel companies. However, ferromolybdenum producers are still facing significant pressure due to the low bid prices from steel companies and the relatively high prices of molybdenum concentrates. Currently, ferromolybdenum is quoted at around RMB 242,000 per ton.

In the molybdenum chemical and product market, prices have remained stable, largely influenced by supply and demand. End customers are continuing to purchase based on essential needs, while suppliers are reluctant to lower prices due to high raw material costs.

According to data from the China Iron and Steel Association (CISA), in late August 2024, key steel companies produced 20.73 million tons of crude steel, 19.31 million tons of pig iron, and 21.50 million tons of steel products. Daily crude steel production was 1.89 million tons, down 5.42% from the previous period and 7.83% year-on-year. Daily pig iron production was 1.76 million tons, down 3.68% from the previous period and 6.41% year-on-year. Daily steel product output increased by 4.07% to 1.96 million tons but was down 10.82% compared to the same period last year.

Prices of molybdenum products on September 11, 2024

Picture of MoSi2 heating elements 

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