SHANGHAI, Apr 28 (SMM) - The mainstream transaction prices of molybdenum concentrate (45% Mo) stood at 2,810-2,820 yuan/mt today, flat from yesterday; the domestic 60% ferromolybdenum prices stood at 181,000-184,000 yuan/mt, flat from yesterday.
Molybdenum prices today remained stable. Opinions of participants diverged due to the dropping molybdenum prices in China in recent days. Besides, the shipping of goods aroused by the risk aversion sentiment and the purchasing on dips coexisted, and the leading companies were unwilling to lower their prices, therefore, the prices were stable for the time being.
SMM believes that the bullish and bearish factors are interweaving in the market. On one hand, the tight supply of raw materials and the high volume of bidding of steel mills support the current domestic molybdenum prices. On the other hand, the pandemic outbreaks, the dropping domestic commodities, and the lower prices offered by steel mills suppress the molybdenum prices. Therefore, molybdenum prices will be stable in the short term.
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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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