International Molybdenum Oxide Price - November 6, 2024

The domestic Chinese molybdenum market is generally maintaining a stalemate, with prices and transaction volumes remaining relatively stable due to the interplay of both positive and negative factors. 

On the positive side, one factor is that a molybdenum concentrate deal at a certain molybdenum mine in Henan recently had an attractive price, which has boosted suppliers' confidence in maintaining firm quotes. Additionally, with the rebound in steel prices, steelmakers' enthusiasm for bidding on molybdenum ferroalloy remains relatively strong, which contributes to a slight market uptick. Lastly, the international molybdenum market has seen some improvement, with the international molybdenum oxide price today at about $22.20/lb Mo.

On the negative side, the main issue is that downstream and end-users are still hesitant due to high prices.

In terms of news, data from the China Iron and Steel Association (CISA) shows that in late October 2024, the social inventory of the five major steel products has declined to varying degrees compared to the previous month. Among them, hot-rolled coils had the largest reduction. Specifically, the inventory of hot-rolled coils was 1.89 million tons, down 180,000 tons, a decrease of 8.7%; cold-rolled coils inventory was 1.05 million tons, down 60,000 tons, a decrease of 5.4%; medium and heavy plate inventory was 1.02 million tons, down 20,000 tons, a decrease of 1.9%; wire rod inventory was 620,000 tons, down 30,000 tons, a decrease of 4.6%; and rebar inventory was 2.42 million tons, down 20,000 tons, a decrease of 0.8%.

Prices of molybdenum products on November 6, 2024

Picture of molybdenum boats 

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