Ferro Molybdenum Price - August 23, 2023
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- Category: Molybdenum's News
- Published on 23 August 2023
- Written by Shuxia
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China’s domestic molybdenum market is maintaining a generally high and strong operation on August 23, 2023. As positive factors gradually increase, many raw material suppliers have once again raised their quotations. However, due to the continuing presence of bearish factors in the market, the price increase is relatively modest.
In the molybdenum concentrate market, overall bullish sentiment is strong. This is mainly attributed to recent international molybdenum price increases and higher demand for steel procurement. While the sales price for molybdenum concentrate remains considerable, some suppliers are motivated to lock in profits, leading to reasonable transaction activity.
In the molybdenum iron market, there is significant pressure. Although many steel companies are willing to engage in molybdenum iron bidding, the low bid prices and scarcity of low-priced supply sources have left smelters in a dilemma. The current price for ferro molybdenum is around CNY 284,000 per ton, while steel procurement prices range from CNY 277,000 to CNY 278,000 per ton.
In the molybdenum chemicals and products market, there are no significant changes in the situation. With end customers maintaining a demand-driven procurement approach and stability in the upstream market operations, suppliers' quotations remain generally stable, with a preference for a wait-and-see approach.
In terms of news: In the first half of 2023, Baosteel Group focused closely on its "Ten Billion" strategic goal. By using projects as the focal point, the company enhanced the synergy between production, sales, and research and development. Notable results were achieved in structural adjustments, channel expansion, R&D design, and production optimization. The sales of high-end and high-efficiency products continued to rise. From January to June 2023, the company's "Ten Billion" target products achieved sales of 2.1768 million tons, surpassing the plan by 0.1649 million tons.
Prices of molybdenum products on August 23, 2023
Picture of molybdenum boat
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