Molybdenum market trends on April 9, 2024
The overall domestic molybdenum market has shown an oversold rebound pattern, mainly due to the increased enthusiasm of downstream users for bargain hunting, which in turn has prompted suppliers to increase their awareness of raising quotations. According to Chinatungsten Online, in late March 2024, key steel companies produced a total of 23.3402 million tons of crude steel and 23.2947 million tons of steel products, an increase of 21.76% and 25.34% respectively compared with late February. In addition, many steel mills remained unchanged in April. Actively producing molybdenum-containing steel products has boosted the confidence of the molybdenum market to a great extent.
According to statistics, compared with mid-to-early March, the current price of molybdenum concentrate has dropped by approximately 300 yuan/ton, or 8.67%; the price of ferromolybdenum has dropped by approximately 21,000 yuan/ton, or 9.21%; and the price of molybdenum oxide has dropped by approximately 290 yuan. / ton, a decrease of 8.17%; the price of sodium molybdate dropped by approximately 10,000 yuan/ton, a decrease of 6.06%; the price of ammonium tetramolybdate dropped by approximately 16,000 yuan/ton, a decrease of 7.14%; the price of ammonium heptamolybdate dropped by approximately 16,000 yuan/ton Yuan/ton, a decrease of 7.05%; the price of molybdenum powder dropped by approximately 31 yuan/kg, a decrease of 7.06%; the price of molybdenum bars dropped by approximately 31 yuan/kg, a decrease of 6.61%. It can be seen that the price of ferromolybdenum has dropped the most, and affected by this, the selling prices of other molybdenum products have also been reduced. In addition, in this short period of time, the price of molybdenum products has dropped significantly, which is also the main reason for the recent increase in profitability awareness of holders.
News: According to data from the China Iron and Steel Association, data from the Stainless Steel Branch of the China Iron and Steel Association show that from January to February 2024, my country's stainless steel imports totaled 455,500 tons, a year-on-year increase of 34.89%; stainless steel exports totaled 675,400 tons, a year-on-year increase 9.32%. Among them, in February, stainless steel import volume was 222,400 tons, a month-on-month decrease of 4.55%, and a year-on-year increase of 18.78%; stainless steel export volume was 258,300 tons, a month-on-month decrease of 38.08%, a year-on-year increase of 2.12%.