Ferromolybdenum |China Market Review

On 8th June, the mainstream quotation of ferromolybdenum in batches is 247,000-252,000 yuan/ton. Due to the continuous decline of international molybdenum prices, the bidding of some domestic steel mills is unsatisfactory, the bulk cargo inquiries are light, and the quotations of some enterprises are slightly negative. Hainan West Asia Group learns.

The largest application of ferromolybdenum is in the steel industry. More than 80% of molybdenum terminal demand comes from the steel industry, including alloy steel, stainless steel, molybdenum metal, nickel alloy and other products. In addition, alloy steel and stainless steel account for 39% and 24% respectively.

A number of representative steel mills entered the market to invite bids on 7th June, but most of them have not yet opened bids. However, the overall terminal demand is relatively stable. Up to now, the steel volume in June has been around 1500-1600 tons, and some of them have not yet been priced. The special steel market is still not good. It is reported that Stainless steel 316 still maintains a certain profit margin.

Molybdenum ore is another crucial issue for the price index. As a non-renewable natural resource, molybdenum resources have limited reserves. The output has been cut due to the slow demand and environmental protection concerns. 

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