Group 1: Market Overview - The domestic molybdenum market remains stable, primarily due to the recent end of the Spring Festival holiday, with many traders not fully resuming normal trading activities [6][8] - In the molybdenum concentrate market, prices are stable around 4,250 yuan per ton due to limited downstream demand and suppliers' strong price support awareness, resulting in limited actual transaction volumes [2][7] - The international molybdenum price is higher than the domestic price, which suppresses the increase in imports of molybdenum products in China and supports the maintenance of prices by stockholders [2][7] Group 2: Molybdenum and Steel Pricing - Molybdenum iron prices are under pressure, with quotations around 276,000 yuan per ton, influenced by average steel procurement performance and the difficulty in reducing molybdenum concentrate prices [3][7] - The steel production data from the China Iron and Steel Association indicates that in early February 2026, key steel enterprises produced 17.5 million tons of steel, with an average daily output of 1.75 million tons, reflecting a 9.6% decrease in daily output compared to the previous period [8] - Regional analysis shows that steel production decreased in several areas, including Northeast China (35,000 tons), North China (66,000 tons), East China (49,000 tons), Southwest China (9,000 tons), and Central South China (38,000 tons), while Northwest China saw an increase of 12,000 tons [8]

Group 1: Molybdenum Market Overview - The domestic molybdenum market experienced a positive start after the holiday, with most product prices significantly increasing. Molybdenum concentrate prices rose by approximately 80 yuan/ton, molybdenum iron prices increased by about 5,000 yuan/ton, and molybdenum powder prices went up by around 5 yuan/kg [1][4]. - Key factors influencing the molybdenum market include a reduction in molybdenum product imports during the Spring Festival and a decrease in production from domestic manufacturers, both contributing to rising prices. Additionally, international molybdenum prices fluctuated significantly during the holiday period [1][4]. Group 2: Steel Inventory Data - According to the China Iron and Steel Association, the steel inventory of key statistical steel enterprises reached 15.11 million tons in early February 2026, an increase of 400,000 tons (2.7%) compared to the previous period, and a rise of 970,000 tons (6.9%) since the beginning of the year [2][5]. - Year-on-year comparisons show a decrease of 1.1 million tons (6.8%) compared to the same period last year, and a reduction of 1.02 million tons (6.3%) compared to two years ago. Regionally, steel inventories increased in Northeast (350,000 tons), Northwest (40,000 tons), Southwest (30,000 tons), and Central South (240,000 tons) regions, while inventories decreased in North China (160,000 tons) and East China (110,000 tons) [2][6].

Group 1: Molybdenum Market Overview - The domestic molybdenum market is maintaining a stable operation, with many traders entering vacation mode as the Spring Festival approaches, leading to reduced market participation and no significant price fluctuations [5][6] - Current prices for molybdenum concentrate, molybdenum iron, and molybdenum oxide are approximately 4,170 yuan/ton, 271,000 yuan/ton, and 4,240 yuan/ton respectively [5][6] Group 2: Steel Production Data - In late January 2026, key steel enterprises produced a total of 21.3 million tons of steel, with an average daily output of 1.936 million tons, reflecting a month-on-month increase of 3.2% [2][6] - Regional production increases include 19,000 tons in Northeast China, 23,000 tons in North China, 19,000 tons in East China, and 6,000 tons in Central South China, while Northwest and Southwest China saw decreases of 5,000 tons and 3,000 tons respectively [2][6]

Core Viewpoint - The domestic molybdenum market is experiencing downward pressure due to declining steel demand and prices, increased profit-taking by suppliers, weak international molybdenum market conditions, and a lack of confidence among industry players regarding future market trends [7]. Molybdenum Market Summary - The overall molybdenum market is under pressure, with prices for molybdenum concentrate dropping to approximately ¥3,990 per ton due to reduced downstream inquiry activity and fluctuating overseas molybdenum prices [2][7]. - Molybdenum iron prices have decreased by about ¥3,000 per ton, influenced by steel companies' price-cutting sentiments and reduced quotes from molybdenum mining companies, although some steel enterprises are still willing to bid for molybdenum iron [3][7]. Steel Market Summary - According to data from the China Iron and Steel Association, as of early January 2026, the social inventory of five major steel products in 21 cities is 7.11 million tons, a decrease of 100,000 tons or 1.4% month-on-month, but an increase of 480,000 tons or 7.2% year-on-year [8]. - The inventory changes vary by region, with East China showing the largest reduction and Central China the largest decline. Among the five major steel products, wire rods saw the largest increase, while rebar experienced the largest decrease in inventory [8].

Core Insights - The overall trend of molybdenum prices in China for November 2025 shows a significant decline, with various molybdenum products experiencing price drops compared to the previous month [3][4] - Despite the recent price decreases, current molybdenum prices remain relatively high compared to the lowest points earlier in the year [4] Price Trends - Molybdenum concentrate price decreased by approximately 14.72%, molybdenum iron by 13.33%, and ammonium molybdate by 10.73% in November 2025 [3] - The average prices for various molybdenum products in November 2025 are as follows: - Molybdenum concentrate: 3,860 CNY/ton, down 12.43% month-on-month, up 3.54% year-on-year - Molybdenum iron: 249,100 CNY/ton, down 10.93% month-on-month, up 3.36% year-on-year - Molybdenum oxide: 3,972 CNY/ton, down 11.95% month-on-month, up 3.87% year-on-year - Sodium molybdate: 176,700 CNY/ton, down 8.97% month-on-month, up 4.85% year-on-year - Ammonium tetrathiomolybdate: 241,300 CNY/ton, down 9.83% month-on-month, up 5.13% year-on-year - Ammonium heptamolybdate: 246,000 CNY/ton, down 9.54% month-on-month, up 5.34% year-on-year - Molybdenum powder: 465 CNY/kg, down 7.19% month-on-month, up 7.14% year-on-year - Molybdenum rods: 471 CNY/kg, down 6.92% month-on-month, up 1.29% year-on-year [6] Market Influences - Short-term price declines are attributed to weak international molybdenum market conditions, fluctuating steel prices, and a lack of effective support from production costs [3] - The trading sentiment among merchants, characterized by a "buy high, sell low" mentality, has further exacerbated the downward price trend [3]