Chinese Molybdenum Market - January 8, 2025

Details: Category: Tungsten's News; Published on Wednesday, 08 January 2025 16:09

The domestic Chinese molybdenum market continues to operate steadily, with prices showing no significant fluctuations.

This stability is due to the conflicting dynamics of downstream users' reluctance to accept high-priced supplies and molybdenum mining enterprises' strong stance on holding back sales to support prices. Transaction volumes, however, remain moderate. As of now, the total January steel procurement for ferromolybdenum amounts to approximately 3,100 tons.

Ferromolybdenum Market

The ferromolybdenum market is under pressure, as steel enterprises maintain a strong stance on price suppression while low-cost supplies remain scarce. This has created significant cost-to-revenue risks for intermediate smelting enterprises. Recent bidders for ferromolybdenum include Bengang Hengtong, Deyang Erzhong, China First Heavy Industries, Guangdong Shaogang, Hunan Valin Xiangtan Steel, Hunan Valin Hengyang Steel, and Shanxi Taigang.

Meanwhile, the steel market remains relatively stable, with mainstream steel product prices fluctuating within a reasonable range. Currently, rebar, hot-rolled coils, and 316/2B stainless steel coil prices are steady at approximately 3,406 RMB/ton, 3,575 RMB/ton, and 23,855 RMB/ton, respectively.

Market News

According to data from the China Iron and Steel Association, in November 2024, China's exports of primary products (including steel billets, pig iron, direct reduced iron, and recycled steel materials) amounted to 933,000 tons, a month-on-month decrease of 24.1%. Imports of primary products stood at 158,000 tons, a decrease of 2.4% month-on-month. From January to November, cumulative exports of primary products reached 5.698 million tons, an increase of 83.4% year-on-year, while cumulative imports also grew by 83.4% year-on-year to 5.698 million tons.

Prices of molybdenum products on December 8, 2024

Chinese molybdenum price image