SHANGHAI, Nov 20 (SMM) – The mainstream transaction prices of molybdenum concentrate (45% Mo) stood at 2,840- 2,850 yuan/mt today, down 10 yuan/mt from yesterday; the domestic 60% ferromolybdenum prices registered 185,000-188,000 yuan/mt, down 1,000 yuan/mt from yesterday.
Domestic prices of molybdenum continued to fall. As prices of molybdenum rushed high and then fell, the transactions were light in the market. Traders and manufacturers were eager to reduce stocks. The terminal enterprises were resistant to the high-priced resources and the bidding prices at steel mills continued to fall. Under the influence, domestic prices of molybdenum declined slightly with further market concerns.
At present, the downstream purchased cautiously, while manufacturers were reluctant to sell due to the high costs and expectations. There was failure of bids at some steel mills on April 19 amid the game between upstream and downstream companies. SMM believes that the domestic prices of molybdenum will be stable at low levels.
