China’s Domestic Molybdenum Price – Aug. 6, 2021

China’s Domestic Molybdenum Price – Aug. 6, 2021

China’s domestic molybdenum price maintained a strong upward trend in the week ended on Friday, August 06, 2021. Under the continuous stimulation of many favorable factors, buyers and sellers entered the market with high operating sentiment. At present, most industry players believe that the probability of a short-term decline in molybdenum prices is unlikely.

In the molybdenum concentrate market, the overall bullish sentiment is strong. The tight spot supply of molybdenum concentrate and the increase in the volume and price of the downstream steel recruitment market have greatly enhanced the confidence of molybdenum mining companies in raising prices. 

In the ferro-molybdenum market, on-site purchases and sales are active. The strong raw material prices and the strong willingness of downstream steel companies to take over are the main reasons that prompt the intermediate smelting companies to have no obvious sales pressure. 

In the molybdenum chemical industry and its products market, the fundamentals are relatively optimistic. In addition to the positive sentiment in the upstream market and the rise in international molybdenum prices, end customers generally maintain rigid demand, which is also a source of energy for holders to reluctantly sell and increase prices.

The latest data from the China Iron and Steel Association show that in late July 2021, key statistical steel companies produced a total of 23.171 million tons of crude steel, 20.710 million tons of pig iron, and 23,276,500 tons of steel. Among them, crude steel production was 2.1665 million tons per day, down 3.97% month-on-month and 3.03% year-on-year; pig iron production was 1,882,800 tons per day, down 1.37% month-on-month, and down 2.43% year-on-year; steel daily production was 2.116 million tons, down 0.51% month-on-month and 2.93% year-on-year . As of the end of this ten-day period, the steel inventory of key enterprises was 13,813,600 tons, a decrease of 1,104,100 tons from the previous ten-day period, a decrease of 7.40%.

Prices of molybdenum products on Aug. 6, 2021

Picture of molybdenum powder

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