SHANGHAI, May 6 (SMM) - On May 6, a large mine in Heilongjiang province, which has been "silent for a long time", suddenly offered concentrate available for sale, and its 50-55% molybdenum concentrate was as low as 2,780-2,800 yuan/mtu, 40-60 yuan/mtu lower than the current market price. In this scenario, market sentiment took a sharp turn to the gloomy side, fearing that this action would drive prices down in the future.
It is understood that the mine shipments reached more than 2,000 mt this time with prices of 2,780 yuan/mtu (by cash), and 2,800 yuan/mt (by acceptance). It not only greatly ramps up market supplies, but also arouses extensive panics over potential price drops in the future.
Prior to this, domestic molybdenum prices show strong tendency of falling after hitting high. Currently, steel mills are trying hard to force down the prices, the overall market is wait-and-see. The price reduction led by the mine in Heilongjiang has undoubtedly brought obvious "impact" to the current molybdenum market. On the one hand, the shortage of molybdenum concentrate in the market has been significantly alleviated. On the other hand, the current market confidence has also been dented. This is why SMM believes that the market prices will drop more significantly in the future.
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