Molybdenum News Center

Chinese Molybdenum Orice - February 23, 2024

After the first week following the holiday, Chinese molybdenum price overall presented a pattern of stability followed by an increase. This is mainly attributed to the high bullish sentiment among molybdenum mining companies, the concentrated procurement of ferro molybdenum by steel companies, and the fluctuation in international molybdenum prices. 

As of now, the total amount of ferro molybdenum procured this month is about 7,600 tons; on February 22nd, Shandong Iron and Steel Group (Laiwu) procured 180 tons of molybdenum iron at a price of 221,000 yuan per ton.

According to statistics from CTIA GROUP LTD, the current price of FERRO molybdenum has increased by about 3,000 yuan per ton since before the Spring Festival, with an increase of 3.23%; the price of molybdenum concentrate has increased by about 120 yuan per ton since before the Spring Festival, with an increase of 3.35%; the price of sodium molybdate has increased by about 2,000 yuan per ton since before the Spring Festival, with an increase of 1.26%; the price of ammonium heptamolybdate has increased by about 2,000 yuan per ton since before the Spring Festival, with an increase of 1.36%; the price of molybdenum powder has increased by about 2 yuan per kilogram since before the Spring Festival, with an increase of 0.93%; and the price of molybdenum oxide has increased by about 100 yuan per ton since before the Spring Festival, with an increase of 2.95%. It can be seen that the increase in the prices of molybdenum raw materials this week is greater than that of molybdenum chemical products, with the prices of molybdenum concentrate and molybdenum oxide expected to break through the thresholds of 3,400 yuan per ton and 3,500 yuan per ton, respectively.

In terms of news: According to data from the China Iron and Steel Industry Association, in the first half of February 2024, the inventory of steel products in key steel companies reached 15.1002 million tons, an increase of 2.901 million tons or 23.78% from the previous ten-day period; an increase of 705,700 tons or 4.9% from the same period last month; a decrease of 2.9293 million tons or 16.25% from the same period last year; and a decrease of 1.7538 million tons or 10.41% from the same period two years ago.

Prices of molybdenum products on February 23, 2024

Picture of ammonium molybdate

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