Molybdenum News Center

Chinese Molybdenum Price - March 15, 2024

Chinese molybdenum price showed a pattern of stability followed by a decline in the week ended on Friday March 15, 2024.

 At the beginning of the week, supported by relatively low market spot inventory, active inquiries and purchases from downstream users, and relatively stable international molybdenum prices, suppliers maintained firm quotations. 

However, nearing the weekend, due to the continued decline in international molybdenum prices, weakening market demand, and increased pressure from buyers to lower prices, holders rationalized their price adjustments.

According to statistics from Chinatungsten Online, compared to last week, the prices of various molybdenum products have decreased this week: the price of molybdenum iron decreased by about 4,000 yuan per ton, a decrease of 1.75%; the price of molybdenum concentrate decreased by about 30 yuan per mtu, a decrease of 0.87%; the price of sodium molybdate decreased by about 2,000 yuan per ton, a decrease of 1.21%; the price of ammonium heptamolybdate decreased by about 2,000 yuan per ton, a decrease of 0.88%; the price of molybdenum powder decreased by about 4 yuan per kilogram, a decrease of 0.91%; and the price of molybdenum oxide decreased by about 30 yuan per mtu, a decrease of 0.85%. It is worth mentioning that the transaction price of molybdenum concentrate from a few mines was below 3,400 yuan per mtu.

As the weekend approaches, the main reasons for the gradual decrease in market demand are as follows: firstly, the continuous decline in steel prices has led to operational difficulties for many steel mills, thereby reducing their purchases of molybdenum iron; secondly, affected by limited liquidity and the relatively high prices of molybdenum products, downstream and terminal users are mainly cautious in their consumption. Today, the prices of rebar, hot-rolled coils, and 316/2B stainless steel coils decreased by about 42 yuan per ton, 40 yuan per ton, and 195 yuan per ton, respectively.

In terms of news, data from the China Iron and Steel Industry Association shows that in early March 2024, key steel companies produced 20.5798 million tons of crude steel, 18.4376 million tons of pig iron, and 19.2762 million tons of steel products. Among them, the daily output of crude steel was 2.058 million tons, a decrease of 3.38% compared to the previous period, and a decrease of 4.36% year-on-year; the daily output of pig iron was 1.8438 million tons, a decrease of 1.82% compared to the previous period, and a decrease of 3.97% year-on-year; and the daily output of steel products was 1.9276 million tons, a decrease of 6.65% compared to the previous period, and a decrease of 4.81% year-on-year.

Prices of molybdenum products on March 15, 2024

Picture of TZC piercing plugs 

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