China Molybdenum Bar Price – November 25, 2020
- Category: tungsten’s News
- Published on Wednesday, 25 November 2020 18:13
Molybdenum market quotation in China: the ferro molybdenum, molybdenum powder and molybdenum bar prices continue to keep firm in late November with the impact of tight supply of raw materials.
Earlier this year, prices for all forms of molybdenum units slumped across the world on lower demand as energy and automotive sectors suffered from lockdown measures and social distancing rules. Some reports from European car manufacturers illustrate that large production facilities continue to struggle to regain 80pc of their previous operating capacities and new sales remain down by 5.7pc to a rate of 14mn annual vehicles across Europe due largely to Covid-19.
Molybdenum prices are the product of demand and supply from diverse sources, but the energy sector represents close to 40pc of all demanded volumes.
Furthermore, China consumes about 44pc of all world units of molybdenum of about 95,000t per year. Yet the region produces about 93,000t, or 35pc, of the world output, making it heavily reliant on imports.
Despite the weak start to the year, rising dated Brent oil prices, which are correlated with global economic performance, signals that demand recovery is under way. Molybdenum prices are positively correlated with the price of dated Brent oil, but analysis shows that current prices for molybdenum oxide in China are lower than the price of dated Brent would suggest.
Prices of molybdenum products on November 25, 2020
Picture of molybdenum bar
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