China Molybdenum Price - October 30, 2020

China molybdenum price kept stable in the week ended tungsten carbide strips on Friday October 30, 2020 as traders held negative sentiment and insiders had different views for the outlook.

In the molybdenum concentrate market, the price of molybdenum concentrate has stabilized at 1,400 yuan/ton due to low initiative of downstream users to replenish warehouses. The transactions are mostly based on long orders. Coupled with the impact of production costs and the "Golden September Silver October" season, molybdenum mining companies have generally higher awareness of reluctance to sell.

In the ferromolybdenum market, the overall performance is not good. Although steel mills are willing to enter the market for bidding, they have a strong psychology to keep prices down. The current steel bidding price is around 93,500 yuan/ton, which is largely related to the supplier’s psychological Cemented Carbide Drill Bits price. The gap resulted in fewer transactions in the bulk market.

In the molybdenum chemical industry and its products market, the overall wait-and-see atmosphere is strong. There is no major good news on the market and the lack of upstream market strength is the reason for the slowing down of the purchase speed of end customers, which in turn leads to slightly increased raw material supply.

China’s stainless steel exports were about 263,000 tons in September, down 2.1% from the previous month and 21.8% from the same period last year; in the first three quarters of this year, the export was about 2.405 million tons, down 11.1% from the same period last year. In September, the export to South Korea was approximately 36,000 tons, an increase of 9,000 tons from the previous month, and a decrease of 9,000 tons year-on-year; the volume to Vietnam was approximately 27,000 tons, an increase of 3,000 tons from the previous month, and a decrease of 9,000 tons year-on-year; the volume to Taiwan about 20,000 tons, a month-on-month and year-on-year decrease of 5,000 tons and 29,000 tons. From January to September, the export to South Korea was approximately 369,000 tons, an increase of 27,000 tons compared to the same period last year; the volume to Vietnam was approximately 259,000 tons, an increase of 11,000 tons year-on-year; the volume to Taiwan was approximately 291,000 tons, a year-on-year decrease of 48,000 tons. .

Prices of molybdenum products on October 30, 2020

Picture of molybdenum sheet

Follow our WeChat to know the latest molybdenum price, information and market analysis.