Molybdenum News Center

Molybdenum Powder Prices - August 16, 2024

This week, Chinese molybdenum prices fluctuated within a reasonable range. The prices of molybdenum concentrate and molybdenum oxide both increased by approximately 0.27%, while molybdenum powder prices decreased by about 1.14%. Given this situation, industry insiders believe that the molybdenum market is likely to remain stable in the short term.

On the positive side, three key factors have bolstered market confidence:

1.The sales price of molybdenum concentrate from a mining company in Henan this week was relatively strong, significantly boosting confidence in holding prices firm.

2.Due to the high difficulty in mining and production, some molybdenum manufacturers have reduced their output. Coupled with the limited import volume of molybdenum raw materials into China, it is challenging to increase the market's spot inventory.

3.Steel companies have shown a high level of enthusiasm in inquiring and purchasing.

On the downside:

1.The continued decline in steel prices and tightening financial conditions have led to heightened price suppression sentiment among steel companies and end customers.

2.The weak international molybdenum market is unfavorable for the domestic molybdenum market's recovery.

In terms of market news, according to data from the China Iron and Steel Association, in early August 2024, the daily crude steel output nationwide was 2.7007 million tons, up 1.27% from the previous period. Daily pig iron output was 2.3009 million tons, up 2.41% from the previous period. Daily steel output was 3.8354 million tons, down 0.71% from the previous period. By the end of early August 2024, the steel inventory of key steel enterprises was 15.9006 million tons, a decrease of 149,900 tons (or 0.93%) compared to the previous period. However, this represents an increase of 498,000 tons (or 3.23%) compared to the same period last month, a decrease of 151,200 tons (or 0.94%) compared to the same period last year, and a decrease of 1.1498 million tons (or 6.74%) compared to the same period two years ago.

Prices of molybdenum products on August 16, 2024

Picture of molybdenum round sheets 

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