Molybdenum News Center

Chinese Molybdenum Market Shows Overall Stability with a Slight Strength Bias

At the beginning of the week, Chinese molybdenum market presented a stable but slightly stronger pattern, primarily attributed to the optimistic sentiment of mining companies towards holding sales. 

Currently, the transaction prices for molybdenum concentrate are generally above 3400 yuan per mtu. It is worth noting that due to the weak and fluctuating steel prices, as well as reduced downstream demand, many steel companies have experienced losses and reduced production, thereby partially inhibiting the rise in front-end raw material prices. Previously, the price of ferro molybdenum rose by approximately 2,000 yuan per ton.

In terms of news: According to data from the China Iron and Steel Industry Association, in January 2024, the output of key statistical enterprises for plate and strip increased year-on-year. Among them, the production of medium and thick plates reached 5.98 million tons, an increase of 1.9% year-on-year; the production of hot-rolled coils reached 15.81 million tons, an increase of 0.9% year-on-year; and the production of cold-rolled coils reached 6.88 million tons, an increase of 6.0% year-on-year. In January, the daily production of medium and thick plates reached 193,000 tons, an increase of 9.8% compared to the previous month; the daily production of hot-rolled coils was 510,000 tons, a decrease of 4.2% compared to the previous month; and the daily production of cold-rolled coils was 222,000 tons, an increase of 0.8% compared to the previous month.

Prices of molybdenum products on March 4, 2024

Picture of molybdenum sheets 

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