SHANGHAI, May 9 (SMM) - In recent days, the domestic molybdenum market price has continued to rise, and the quotations of molybdenum raw materials have continued to rise; but the overall transaction has turned weaker due to market concerns.
Domestic market
On May 8, the price of mainstream grade molybdenum concentrate exceeded 3,700 yuan/mtu. Due to the strong bullish sentiment of sellers, low-priced supplies are hard to find in the market; some quotations have risen to 3,800 yuan/mtu. Downstream enterprises purchased on demand.
As of the afternoon, most ferromolybdenum quotations were above 240,000 yuan/ton, and inquiries were calm; the price range of ferromolybdenum of steel mills extended to the range of 240,000-247,500 yuan/ton. Mainstream steel mills have not entered the market yet, and the transaction was quiet.
According to SMM, the market demand for molybdenum-containing stainless steel is stable. The cost increase brought about by the rising molybdenum price makes stainless steel mills cautious in entering the market. The demand for special steel has shown a steady increase.
International market
In the recent two days, the international molybdenum price has changed its stable trend and started to rise. It is reported that the demand for molybdenum in the European market has picked up, reducing existing molybdenum market inventory. Therefore, overseas traders have plans to replenish inventory recently. The active transactions have driven the molybdenum price to rise; domestic molybdenum prices have also been bolstered.
The molybdenum price is expected to start a new round of upward trend. It should be noted that stainless steel, the main downstream market of molybdenum, is likely to push for lower price of molybdenum in the short term due to lower profit margins.
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