Recently, the price of molybdenum has fallen sharply by nearly 20% after hitting a new high in 17 years. Upstream molybdenum ore suppliers reaped lucrative profits following the price surge, leaving downstream stainless steel mills struggling. Soaring molybdenum prices have driven some stainless steel mills to significantly reduce their ferromolybdenum bid volumes.
An insider in the industry revealed: "The price of molybdenum is too high, and now there are indeed stainless steel mills who have converted their 316 stainless steel production lines into 304 or other production lines."
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