China Ferromolybdenum Output Plunged in March

SMM data shows that in March 2023, China's ferromolybdenum output was 15,700 mt, a decline of 8% from the previous month.

In March, affected by the high prices of domestic molybdenum, the purchases by steel mills for ferromolybdenum dropped sharply in the first half of the month, limiting new orders of ferromolybdenum smelters. This drove them to lower operating rates to reduce output. In addition, weakened support from demand caused prices of molybdenum to drop rapidly. Some ferromolybdenum smelters that were still working through the molybdenum raw materials purchased previously at a high level suffered losses, dampening their production enthusiasm.