Ferromolybdenum Price - October 10, 2024

The domestic molybdenum market continues to maintain a strong performance, with market activity remaining high due to the interplay of both bullish and bearish factors, leading to decent transaction volumes. Currently, industry participants are closely monitoring the output from molybdenum mining companies and the pricing and volume of steel tenders.

In the molybdenum concentrate market, trading activity is positive, as numerous suppliers are willing to sell their products given the high number of downstream inquiries and optimistic selling prices. On October 9, a major molybdenum mine in Heilongjiang priced its 50-55% molybdenum concentrate at 3,700-3,720 RMB/ton, while the pricing for molybdenum concentrate above 55% was set at 3,720-3,740 RMB/ton.

In the ferromolybdenum market, operations are generally under pressure. Despite the willingness of several steel companies to purchase, actual transaction volumes remain limited due to the high price of ferromolybdenum and the recent fluctuation in steel prices. Recently, steel companies such as Tsingshan Holding Group, Hunan Valin Xiangtan Iron and Steel, Shougang Qian'an Iron & Steel, Nanjing Iron & Steel, and Ansteel Rolling Rolls have entered the market to tender for ferromolybdenum.

In the molybdenum chemicals and products market, prices are stable as end customers continue to make essential purchases. However, holding companies have adjusted their quotations in line with fluctuations in raw material prices. Currently, the prices of sodium molybdate and ammonium heptamolybdate are around 168,000 RMB/ton and 233,000 RMB/ton, respectively.

According to data from the China Iron and Steel Association (CISA), social inventories of five major steel products declined to varying degrees by the end of September. Among them, the inventory of hot-rolled coils decreased by 150,000 tons to 2.23 million tons, down 6.3%; cold-rolled coil inventory decreased by 50,000 tons to 1.12 million tons, down 4.3%; medium and thick plate inventory decreased by 90,000 tons to 1.04 million tons, down 8.0%; wire rod inventory fell by 100,000 tons to 650,000 tons, down 13.3%; and rebar inventory decreased by 250,000 tons to 2.44 million tons, down 9.3%.

Prices of molybdenum products on October 10, 2024

Picture of molybdenum boats 

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