Molybdenum News Center

Chinese Molybdenum Market - September 20, 2024

Chinese molybdenum market continues to operate in a consolidation phase. While downstream demand remains strong, downward pricing pressure persists, with suppliers generally maintaining firm price quotes.

 Today's prices for molybdenum concentrate, ferromolybdenum, and molybdenum powder are approximately 3,730 yuan/ton unit, 241,000 yuan/ton, and 445 yuan/kg, respectively.

On the positive side:

With molybdenum prices stable, many buyers are still entering the market for inquiries and purchases. For instance, Anshan Iron and Steel in Liaoning recently tendered for 60 tons of ferromolybdenum, and Changshu Longteng Special Steel tendered for 30 tons.

Slow release of mine production, coupled with a healthy backlog of supplier orders and limited imports of molybdenum raw materials into China, has slowed the growth of market inventories.

The U.S. Federal Reserve announced a 50 basis point cut to the benchmark interest rate, a positive sign for the global economy, which may support China’s molybdenum exports.

On the downside:

The steel market remains weak, with low steel prices leading steel companies to offer lower bids for ferromolybdenum, limiting the upward potential for other molybdenum products.

The international molybdenum market is lackluster, failing to boost the domestic market sentiment.

Given the complex global economic environment, downstream companies have limited cash flow and are maintaining cautious consumption.

On the news front, data from the China Iron and Steel Association (CISA) show that in early September 2024, key steel enterprises produced a total of 19.36 million tons of crude steel, with an average daily output of 1.936 million tons, a 2.7% increase from the previous period. Pig iron production totaled 17.83 million tons, with an average daily output of 1.783 million tons, up 1.6%. Steel production reached 18.65 million tons, with an average daily output of 1.865 million tons, down 4.6%. It is estimated that China’s national daily crude steel output during this period was 2.63 million tons, up 2.0%, with daily pig iron output at 2.24 million tons, up 1.2%, and daily steel output at 3.78 million tons, down 1.4%.

Prices of molybdenum products on September 20, 2024

Picture of TZM rods 

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