China's molybdenum market continues stable ore and iron prices rise

On December 14, China's molybdenum market continued to see stable ore and iron prices rise. Large-scale molybdenum mines exchanged price for volume, and the raw material market saw significant volume transactions. Downstream procurement was active in replenishing supplies. However, the price performance was relatively chaotic, and there were differences between market operations and mentality. Subsequent shipments from other mines remain to be seen; the price of ferromolybdenum rose again by US$707.26/ton, with a cumulative increase of US$1,202.35/ton during the week. The retail price including tax is 28,290.88-28,291.59 US dollars/ton, and the transaction guide price is 28,290.60-28,291.31 US dollars/ton. tons; compared with December 13, the prices of molybdenum raw materials such as molybdenum concentrate and molybdenum oxide continued to remain stable, and shipments from large-scale molybdenum mines were based on price for volume, which temporarily formed certain constraints on ore prices; ferromolybdenum prices rose again by US$495.09 / ton, the cumulative increase this week has reached 1,202.35 US dollars / ton, and the retail quotations of smelting plants are mostly close to 28,291.31-28,291.31 US dollars / ton, but the actual high-price transactions still need to be followed up. Yesterday, the bidding prices of mainstream steel mills further increased to 28291.31-28290.74 US dollars/ton, and the demand for steel bidding was concentrated. The cumulative total of bidding this month is close to 6,000 tons. With the good performance of terminal demand and consumption, smelting plants are reluctant to sell and raise prices. Sentiment, the market is stable and improving in the short term, but there may not be much room for growth.

For more information on ferroalloy price trends and market conditions, please contact Hainan West Asia Group.