Domestic Molybdenum Market - November 11, 2024

At the beginning of the week, the domestic molybdenum market continued to display a stalemate, with neither a clear upward nor downward trend. 

Under the complex and volatile global economic conditions, the supply and demand balance remains relatively steady. As a result, the atmosphere among traders is somewhat stuck, with suppliers reluctant to lower prices and buyers pushing hard for price reductions. This has led to a slow pace of market orders.

Currently, the focus for industry participants is on the number of bids and pricing in the steel mill tenders for ferro-molybdenum. Recently, steel companies involved in the bidding for ferro-molybdenum include Pangang, Erzhong Equipment, Shijiazhuang Steel, CITIC Pacific, and Xinxing Ductile Iron. As of now, prices for molybdenum concentrate, ferro-molybdenum, and sodium molybdate are quoted at around 3,750 yuan per ton unit, 242,000 yuan per ton, and 169,000 yuan per ton, respectively.

Market Data:

According to customs data, in October 2024, China imported 536,000 tons of steel, a decrease of 3.2% month-on-month. The country imported 103.84 million tons of iron ore, a slight drop of 0.3% month-on-month. Steel exports, however, increased by 10.1% month-on-month, totaling 11.18 million tons. From January to October 2024, China imported 5.72 million tons of steel, a year-on-year decrease of 10.1%; iron ore imports totaled 102.25 million tons, an increase of 4.9%; and steel exports reached 91.89 million tons, a year-on-year increase of 23.3%.

These figures reflect a steady demand for steel and raw materials, though the slow decline in steel imports and a slight decrease in iron ore imports suggest some caution in the domestic market.

Prices of molybdenum products on November 11, 2024

Picture of TZC piercing plugs 

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