Chinese Molybdenum Market - November 4, 2024

Details: Category: Tungsten's News; Published on Monday, 04 November 2024 16:56

At the start of the week, Chinese molybdenum market remained stable, with a relatively balanced supply-demand relationship keeping trade volumes limited and market activity subdued. Traders are mainly focused on the performance of new steel bidding quantities and prices.

On the supply side, the market currently has ample spot supply, mainly due to slightly reduced downstream demand compared to previous levels, and molybdenum mining companies maintaining normal production. On the demand side, due to high prior purchases, fluctuating steel prices, and relatively high raw material prices, most buyers are primarily purchasing based on immediate needs.

In terms of market news, according to the China Federation of Logistics & Purchasing’s Steel Logistics Professional Committee, the steel industry PMI rose to 54.6% in October 2024, an increase of 5.6 percentage points from the previous month. This marks the second consecutive monthly increase, with the index returning to expansion territory after 19 months, signaling a short-term recovery in the steel industry. The sub-indexes indicate continued demand recovery in the steel market, increased production by steel mills, raw material prices stabilizing and rebounding, and steel prices rising and then slightly falling. For November, it is expected that market demand will continue to be released steadily, steel production will remain stable in the short term, raw material prices may see a slight decrease, and steel prices are likely to be stable with a slight increase.

Prices of molybdenum products on November 4, 2024

Chinese molybdenum price image