Chinese Molybdenum Market - October 18, 2024

Chinese molybdenum market has shown overall positive performance, evident in the slight price increases of various products, heightened trading sentiment among merchants, and substantial trading volume. 

At the beginning of the week, supported by robust downstream demand and strong production cost support, suppliers generally maintained firm pricing. As the weekend approached, with an increase in steel tender volumes and rising transaction prices for molybdenum concentrate from the Luoyang mine, raw material suppliers also raised their quotes, leading to a subsequent increase in the prices of molybdenum chemical products.

According to statistics from CTIA GROUP LTD, the current price of molybdenum concentrate has risen by about 80 yuan/ton compared to last week, an increase of 2.14%; the price of molybdenum iron has increased by about 3,000 yuan/ton, or 1.24%; sodium molybdate prices have risen by about 1,000 yuan/ton, an increase of 0.60%; ammonium molybdate prices have increased by about 1,000 yuan/ton, or 0.43%; molybdenum powder prices have remained stable; and molybdenum oxide prices have risen by about 70 yuan/ton, an increase of 1.84%. This indicates that the increase in molybdenum raw material prices is greater than that of molybdenum chemical product prices this week.

In terms of news, data from the China Iron and Steel Association shows that in early October 2024, the inventory of steel held by key steel enterprises was 14.73 million tons, a 3.2% increase from the previous period, up 19.2% from the beginning of the year, down 1.6% from the same period last month, down 10.0% from the same period last year, and down 9.7% from the same period two years ago. Regionally, steel inventories increased by 60,000 tons in North China, 210,000 tons in East China, 20,000 tons in Southwest China, 170,000 tons in Central South China, and decreased by 10,000 tons in Northwest China.

Prices of molybdenum products on October 18, 2024

Picture of molybdenum ribbons 

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