Ferromolybdenum Prices - November 25, 2024

Details: Category: Tungsten's News; Published on Monday, 25 November 2024 17:38

At the start of the week, the domestic molybdenum market remained weak but stable overall. Transaction prices for molybdenum concentrate and ferromolybdenum were consolidated at approximately 3,710 CNY/ton unit and 240,000 CNY/ton, respectively.

Notably, despite heightened pressure from steel companies to lower prices recently, most molybdenum mining enterprises have maintained relatively stable quotations. However, a slight increase in international molybdenum prices and rising inquiry activity from ferromolybdenum traders have led to an uptick in molybdenum raw material transaction volumes.

Recently, several steel enterprises have entered the market to bid for ferromolybdenum, including Huaigang Special Steel, Shougang Qian’an Steel, Baosteel Baoshan, Zhongnan Steel, and Deyang Erzhong.

Industry News

According to data from the China Iron and Steel Association (CISA), in mid-November 2024, key steel enterprises produced a total of 20.80 million tons of crude steel, with an average daily output of 2.08 million tons, marking a 0.8% decrease compared to the previous reporting period.

From a regional perspective:

Increases were observed in Northeast (daily crude steel output up by 14,000 tons) and Northwest regions (up by 1,000 tons).

Output in East China remained stable compared to the previous period.

Declines occurred in North China (down 11,000 tons), Southwest (down 12,000 tons), and Central-South China (down 8,000 tons).

Prices of molybdenum products on November 25, 2024

ferromolybdenum price image