Molybdenum Oxide Price - October 28, 2024

At the beginning of the week, Chinese molybdenum market maintained a weak and stable performance. With strong price pressure from downstream users and a rapid increase in market spot inventory, many suppliers lacked confidence in raising prices. 

However, supported by strong production cost support, reasonable downstream inquiries, and a rebound in international molybdenum prices, the probability of a price decline for molybdenum products is relatively low. Currently, the prices for molybdenum concentrate, molybdenum iron, and molybdenum oxide are stable at approximately 3,750 yuan/ton, 242,000 yuan/ton, and 3,840 yuan/ton, respectively.

In terms of news, data from the World Steel Association indicates that in September 2024, the crude steel production of 71 countries or regions included in the World Steel Association's statistics was 143.6 million tons, a year-on-year decrease of 4.7%. By region, crude steel production in Asia and Oceania was 105.3 million tons, a year-on-year decrease of 5.0%; the EU (27 countries) produced 10.5 million tons, a year-on-year increase of 0.3%; the Middle East produced 3.5 million tons, a year-on-year decrease of 23.0%; North America produced 8.6 million tons, a year-on-year decrease of 3.4%; and South America produced 3.5 million tons, a year-on-year increase of 3.3%.

Prices of molybdenum products on October 28, 2024

Picture of black TZM rods 

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