Molybdenum Product Prices - September 13, 2024

This week, Chinese molybdenum market has shown a generally weak trend, mainly reflected in the varying degrees of price declines for mainstream molybdenum products and a growing atmosphere of market hesitation. 

In August, while molybdenum product prices experienced a volatile rise, downstream users' reluctance to buy at high prices intensified. Coupled with the current high molybdenum prices and the fact that some downstream users have already completed their purchasing tasks, this has further hindered any price increase. 

Additionally, the weak performance of the steel market, with steel prices fluctuating downward, has led steel companies to offer lower prices for ferromolybdenum, making it difficult for molybdenum prices to rise. However, thanks to strong production cost support, the continued demand for ferromolybdenum from certain steel companies, and signs of a rebound in international molybdenum prices, the downward adjustment in molybdenum product prices this week has been relatively limited.

According to data from Chinatungsten Online, current molybdenum concentrate prices have dropped by approximately 60 RMB/tonne-degree from last week, a decrease of 1.58%. Ferromolybdenum prices have fallen by about 3,000 RMB/tonne, a decrease of 1.23%. Sodium molybdate prices have remained flat compared to last week, while ammonium heptamolybdate prices have decreased by about 1,000 RMB/tonne, a drop of 0.42%. Molybdenum powder prices have stayed flat, and molybdenum oxide prices have dropped by about 50 RMB/tonne-degree, a decline of 1.29%. This shows that the price reduction of molybdenum raw materials this week has been greater than that of molybdenum chemical products, mainly because the previous price increases for molybdenum chemical products were smaller.

According to customs data, in August 2024, China imported 509,000 tonnes of steel, an increase of 0.8% month-on-month. Steel exports reached 9.495 million tonnes, a month-on-month increase of 21.3%. Iron ore imports totaled 101.39 million tonnes, a decrease of 1.4% month-on-month. From January to August, China’s cumulative steel imports were 4.631 million tonnes, down 8.4% year-on-year. Steel exports totaled 70.575 million tonnes, up 20.6% year-on-year. Iron ore imports amounted to 814.952 million tonnes, up 5.2% year-on-year.

Prices of molybdenum products on September 13, 2024

Picture of MoSi2 heating elements 

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