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China’s Yichun Luming Set Sales Pricing for Molybdenum Concentrates

China’s domestic molybdenum market continues to show a downward trend on October 11, 2023. In addition to the accelerated decline in international molybdenum oxide and European ferromolybdenum prices, as well as poor performance in the steel procurement market, a major reason for the declining confidence of many holders is the price reduction by the large molybdenum mine, Yichun Luming.

On October 10, 2023, Yichun Luming set the sales pricing for Mo50-55% molybdenum concentrates at RMB 3,700/ton Mo in case or RMB 3,710 in acceptance.

In the molybdenum concentrate market, prices are relatively weak. Given the limited availability of spot inventory in the market and weak downstream demand, suppliers have offered prices in a wide range, ranging from RMB 3,650/ton Mo to RMB 3,730/ton Mo. In the ferro molybdenum market, the overall situation is under pressure. Although molybdenum concentrate prices have fallen significantly, they still remain relatively high for intermediate smelters, especially in the context of low steel procurement prices. In the molybdenum chemical and its products market, there is a strong atmosphere of caution within the market, with few new orders, and product prices are mainly influenced by supply and demand.

In terms of news, in late September 2023, key statistics showed that steel companies produced a total of 20.6636 million tons of crude steel, 18.9017 million tons of pig iron, and 22.1591 million tons of steel products. Among them, daily crude steel production was 2.0664 million tons, a decrease of 3.15% compared to the previous month and a 3.05% decrease compared to the same period last year on a comparable basis. Daily pig iron production was 1.8902 million tons, a decrease of 3.31% compared to the previous month and a 3.26% decrease compared to the same period last year on a comparable basis. Daily steel production was 2.2159 million tons, an increase of 5.21% compared to the previous month and a 0.24% decrease compared to the same period last year on a comparable basis.

Prices of molybdenum products on October 11, 2023

Picture of molybdenum boats 

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