Bull Molybdenum Concentrate Market Ahead on Supply Tightness, SMM Reports

According to SMM data, the domestic molybdenum concentrate output in November 2021 was approximately 19,300 mt, an increase of 730 mt or 4.21% from October.

According to customs data, China’s ferromolybdenum and molybdenum oxide exports in October 2021 were 3,178 mt, an increase of 8.35% from September.

The mainstream transaction prices of molybdenum concentrate (45% Mo) stood at 2,160-2,200 yuan/mt today, down 10 yuan/mt from yesterday; the domestic 60% ferromolybdenum prices registered 148,000-150,000 yuan/mt, down 500 yuan/mt from yesterday. 

According to customs data, China imported 2,153 mt of molybdenum concentrate and molybdenum oxide in September 2021, a sharp decrease of 52.7% from September.

Domestic steel bidding suspended during the National Day holiday, and the overall market demand remained low. At the same time, affected by the continuous decline of global molybdenum prices before the holiday, the transactions of small orders were also weak, and traders were inclined to sell off their goods. Currently, the domestic ferromolybdenum prices stood between 150,000-154,000 yuan/mt, down 1,500 yuan/mt from before the holiday.