the molybdenum market has seen a strong upward trend in China

At the start of the new year, the domestic molybdenum market has seen a strong upward trend. Driven by both domestic demand and synchronised price rises in international markets, molybdenum prices have shown strong momentum from the outset of the new year, with molybdenum powder prices climbing sharply within just one month.

According to industry data, the price of molybdenum powder, which stood at approximately 515 yuan per kilogram at the beginning of last month, has rapidly risen to the current level of around 680 yuan per kilogram. This represents a monthly increase of over 30 per cent, marking a monthly rise rarely seen in recent years. During the same period, the price of molybdenum concentrate also reached a 17-year high, clearly demonstrating the market’s vigour.

This round of price increases has been driven primarily by the following factors: sustained robust demand for molybdenum from downstream sectors such as special steel, defence and new energy, coupled with limited expansion of mining capacity on the supply side. This, combined with a concentrated surge in downstream stockpiling demand ahead of the Spring Festival, has exacerbated the tight supply-demand balance in the short term. On the international front, international molybdenum prices rose sharply and continuously during the Spring Festival holiday, which also provided a direct boost to domestic prices upon the market’s reopening after the holiday.