Chinese Molybdenum Prices - November 1, 2024

This week, Chinese molybdenum prices have shown no significant changes, with prices for molybdenum concentrate, ferromolybdenum, and ammonium heptamolybdate remaining steady at around 3,750 yuan per ton, 242,000 yuan per ton, and 234,000 yuan per ton, respectively. 

In the molybdenum concentrate market, transactions have been moderate, with traders primarily maintaining just-in-time purchasing. Recently, a mine in Inner Mongolia sold molybdenum concentrate at a price of 3,730 yuan per ton.

In the ferromolybdenum market, the overall situation appears to be a stalemate, primarily due to average demand and pricing from steel mills and the difficulty in finding low-priced supplies. Recent bidding for ferromolybdenum has been reported from steel companies such as Maanshan Iron & Steel, Dongfang Special Steel, and Nanjing Steel.

In the molybdenum chemical and product markets, there is a strong atmosphere of cautious observation. With the upstream market remaining stable and end customers mainly engaging in just-in-time purchasing, suppliers have been relatively firm in their pricing.

On the news front, data from the China Iron and Steel Association indicates that the output of key statistical enterprises in September 2024 saw an overall decline in the production of plate and strip steel. Specifically, production from medium and heavy plate mills reached 6.3 million tons, an increase of 1.4% year-on-year, continuing a slight upward trend; hot-rolled mills produced 15.18 million tons, a decrease of 4.6%, but the rate of decline has narrowed; and cold-rolled mills produced 6.41 million tons, a decrease of 2.4%, reversing from growth to decline.

Prices of molybdenum products on November 1, 2024

Picture of MoSi2 heater 

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