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Chinese Molybdenum Prices After the National Day holiday

After the National Day holiday, Chinese molybdenum prices have continued their downward trend, with the rate of decline increasing day by day.

Post-holiday, the price of molybdenum concentrate has consecutively fallen below four significant levels: 3800 CNY per ton Mo, 3700 CNY per ton Mo, 3600 CNY per ton Mo, and 3500 CNY per ton Mo. The price of ferro molybdenum has similarly continued to decline, breaking through three significant levels: 250,000 CNY per ton, 240,000 CNY per ton, and 230,000 CNY per ton. Additionally, the price of molybdenum powder has fallen through four significant levels: 490 CNY per kilogram, 480 CNY per kilogram, 470 CNY per kilogram, and 460 CNY per kilogram.

According to information from Chinatungsten Online, the current price of ferromolybdenum has decreased by approximately 32,000 CNY per ton compared to the period before the National Day, resulting in a decrease of 12.45%. The price of molybdenum concentrate has decreased by about 380 CNY per ton, marking a decrease of 9.82%. The price of sodium molybdate has decreased by approximately 16,000 CNY per ton, reflecting a decrease of 9.52%. The price of ammonium heptamolybdate has decreased by about 18,000 CNY per ton, resulting in a decrease of 7.09%. The price of molybdenum powder has decreased by approximately 45 CNY per kilogram, indicating a decrease of 9.09%. The price of molybdenum oxide has decreased by about 380 CNY per ton, marking a decrease of 9.55%.

It is evident that the post-holiday declines in molybdenum raw materials and molybdenum chemical product prices have been significant. However, this has not stimulated consumer desire but instead made buyers more cautious. This is mainly attributed to the recent continuous decline in international molybdenum prices, a simultaneous decrease in steel procurement, and the rapid surge in molybdenum prices in a short period. Nonetheless, due to higher production costs, limited availability of spot market supplies, and the anticipation of a significant molybdenum supply gap in the medium to long term, some industry participants still have certain expectations for the future.

The main reasons for the simultaneous decrease in steel procurement prices are: first, in the current context of a significant molybdenum price decline, buyers have a strong "buy high, don't buy low" mentality. Second, post-holiday stainless steel prices have fallen, which has somewhat squeezed the profit margins of steel companies and subsequently impacted molybdenum iron prices.

In terms of news, data from the Baotou Industry and Information Technology Bureau indicates that in September 2023, of the 14 steel products monitored in Baotou, prices of 8 products including iron ore fines, rebar, and hot-rolled coils increased compared to the previous month. Among them, iron ore fines saw the highest increase, with an average price of 1,080 CNY per ton, an increase of 29 CNY per ton, or 2.8%. Prices of the remaining 6 products decreased compared to the previous month. In terms of year-on-year comparisons, prices of 4 products including iron ore fines, cold-rolled coils (1mm x 1250, 2mm x 1250), and high-carbon chromium iron increased. Among them, iron ore fines saw the highest increase, with a rise of 176 CNY per ton or 19.5%. Prices of the remaining 10 products decreased.

Prices of molybdenum products on October 13, 2023

Picture of molybdenum sheet 

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