SHANGHAI, May 23 (SMM) - According to customs data, China's molybdenum concentrate imports stood at 2,497.66 mt in April 2022, up 297% month-on-month. The sharp increase in imports in April is contributed by the lower molybdenum prices in the overseas market.
According to SMM statistics, in the first half of April, due to the tight supply and demand of molybdenum concentrates in China and the rising buying interest in the market, the molybdenum prices in China rose sharply, reaching a record high of 2,910 yuan/dmt on April 13. Although the prices declined due to shipments from mines and the market's fear of high prices, the overall molybdenum prices in China were still high in April. According to statistics, the average price of molybdenum concentrates in April in China was 2,825 yuan/dmt. In the overseas market, due to the market's fear of high prices and the easing of the war, the prices dropped in April, with the average price standing at 2,705 yuan/mt. Therefore, the import volume of molybdenum concentrates in April soared.
In May, domestic molybdenum prices fluctuated and fell due to factors such as lower prices of mines and downstream enterprises, and the price spread between domestic and overseas markets kept narrowing. By the end of the month, the spread between domestic and overseas markets was flat. The import window may have already been closed due to the high ocean freight. Therefore, SMM predicts that the import volume of molybdenum concentrate will decrease significantly in May.
Disclaimer:
The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.
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