Chinese Molybdenum Market - October 25, 2024

Chinese molybdenum market has shown a generally weak trend in the week ended on Friday October 25, 2024, reflected in varying degrees of price declines for mainstream molybdenum products, an increase in traders' wait-and-see sentiment, and a slowdown in the growth rate of orders compared to previous periods.

On the positive side, many suppliers currently have a substantial number of orders and are not in a hurry to ship; there are still many downstream users willing to inquire about purchases; and production costs provide strong support. On the downside, the fluctuation and decline in steel prices have led steel companies to offer lower prices for molybdenum products; the current prices of molybdenum products are relatively high, and limited liquidity has led downstream users to maintain rational consumption; furthermore, recent declines in international molybdenum prices are unfavorable for the domestic market.

According to statistics from CTIA GROUP LTD, the current price of molybdenum concentrate has decreased by approximately 60 yuan/ton, a decline of 1.57% compared to last week; the price of ferromolybdenum has decreased by approximately 3,000 yuan/ton, a decline of 1.22%; the price of molybdenum oxide has decreased by approximately 40 yuan/ton, a decline of 1.03%; prices for sodium molybdate, ammonium heptamolybdate, and molybdenum powder have remained stable compared to last week. This indicates that the decline in raw material prices for molybdenum is greater than the decline in prices for molybdenum chemical products, mainly due to the earlier price increases of molybdenum raw materials being larger than those of molybdenum chemical products.

In news, data from the China Iron and Steel Association shows that in mid-October 2024, key statistics indicate that steel companies produced a total of 20.72 million tons of crude steel, with an average daily output of 2.072 million tons, reflecting a month-on-month increase of 1.1%; 18.62 million tons of pig iron, with an average daily output of 1.862 million tons, reflecting a month-on-month increase of 0.4%; and 20.07 million tons of steel, with an average daily output of 2.007 million tons, reflecting a month-on-month increase of 3.8%. Regionally, the daily output of crude steel in North China increased by 0.02 million tons; in East China, it increased by 0.17 million tons; in Northwest China, it increased by 0.02 million tons; in Southwest China, it increased by 0.02 million tons; in Central South China, it increased by 0.02 million tons; while Northeast China saw a decrease of 0.02 million tons.

Prices of molybdenum products on October 25, 2024

Picture of TZM rods 

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