Chinese Molybdenum Prices - September 27, 2024

Chinese molybdenum prices exhibited a general trend of fluctuation and decline in the week ended on Friday September 27, 2024.

 This can be primarily attributed to the intensified pressure from steel companies on raw material prices, a reduction in market demand compared to earlier periods, a weak international molybdenum market, and a slight decrease in the supporting role of production costs. 

Notably, this week, the prices of molybdenum concentrate and molybdenum iron fell below 3,700 yuan per ton and 240,000 yuan per ton, respectively. As molybdenum raw material prices continue to decline, the confidence of some molybdenum chemical companies in maintaining prices has also started to waver.

According to statistics from China Tungsten Intelligence, the current price of molybdenum concentrate has decreased by approximately 40 yuan per ton, a decline of 1.07% compared to last week; molybdenum iron prices have dropped by about 2,000 yuan per ton, down 0.83%; sodium molybdate prices have decreased by around 1,000 yuan per ton, a drop of 0.60%; ammonium heptamolybdate prices have fallen by about 3,000 yuan per ton, down 1.28%; molybdenum powder prices have decreased by about 10 yuan per ton, a decline of 2.25%; and molybdenum oxide prices have dropped by approximately 40 yuan per ton, a decrease of 1.05%.

Data from the China Iron and Steel Association indicates that by mid-September 2024, the inventory of steel products among key surveyed steel enterprises was 15.65 million tons, an increase of 4.5% compared to the previous period and up 26.6% since the beginning of the year. However, it was down 4.9% compared to the same period last month, 0.7% lower than the same period last year, and 11.4% lower than two years ago. Regionally, the Northwest saw a decrease of 10,000 tons in inventory; the Northeast had an increase of 200,000 tons; the Central and Southern regions increased by 280,000 tons; the North China region saw an increase of 120,000 tons; East China added 50,000 tons; and Southwest China increased by 30,000 tons.

Prices of molybdenum products on September 27, 2024

Picture of black TZM rods 

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