Molybdenum News Center

Molybdenum Prices - May 29, 2024

The domestic Chinese molybdenum market is overall maintaining stable operations, with intense price negotiations between buyers and sellers due to a relatively balanced supply-demand relationship. 

Suppliers have a strong inclination to hold prices, while buyers continue to press for lower prices, resulting in slow market turnover. In this situation, there are divergent views among industry insiders regarding the outlook: some believe that molybdenum prices may continue to undergo narrow consolidation, while others anticipate a rational decline.

From the supply side, firstly, the current market has relatively low inventories of molybdenum raw materials, and the later molybdenum mining output may be reduced due to high temperatures and increased rainfall, which to a large extent supports suppliers' confidence in price stability. Secondly, factors such as not low international molybdenum prices, high transportation costs, and weak purchasing power of the Renminbi (the USD to RMB exchange rate was approximately 7.25 at 9:00 a.m. today) are unfavorable for increasing China's imports of molybdenum raw materials.

From the demand side, firstly, under the influence of not low molybdenum product prices, slow global economic development, and limited liquidity, downstream users primarily purchase on demand. Secondly, downstream industries such as national defense and military industry, and chemical industry are developing well, resulting in a large usage of molybdenum iron.

In terms of news, according to the China Iron and Steel Industry Association, from January to April 2024, the main steel industry showed a differentiated trend, with the construction industry continuing to decline, manufacturing industry growing steadily, and overall steel demand decreasing year-on-year. Among them, the main indicators of the real estate sector continued to decline year-on-year; infrastructure construction investment maintained stable growth; the machinery industry's industrial value added remained positive; the export value of electromechanical products slightly expanded; automobile production maintained rapid growth; the output of three major household appliances increased; and container production and exports continued to increase significantly.

Prices of molybdenum products on May 29, 2024

Picture of TZM rods 

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