Molybdenum Concentrate Prices Remain Stable at High Temperature, Latest Steel Bidding Drives Up Ferromolybdenum Prices [SMM Molybdenum Daily Review]

SMM June 10 News:

Today, the molybdenum market is mainly fluctuating at highs. Costs at the mine end are running at highs, while enterprises in the downstream ferromolybdenum and molybdenum chemical industries are experiencing poor profitability, with prices mainly following the upward trend of the upstream.

Today, the price of 45%-50% molybdenum concentrate is 3,830-3,860 yuan/mtu, unchanged from the previous trading day. The price of ferromolybdenum closed at 245,000-250,000 yuan/mt, also unchanged from the previous trading day. Large downstream steel mills have entered the market for tenders, with ferromolybdenum steel tender prices concentrated at 243,500-247,000 yuan/mt. The center of market transactions has shifted upwards. The increase in ferromolybdenum costs provides certain support for molybdenum-containing stainless steels such as 316. Today, the price of 316 stainless steel is largely stable. The molybdenum chemical market is showing a slight upward trend in prices, with ammonium heptamolybdate rising by 2,000 yuan/mt to 237,000-239,000 yuan/mt. However, downstream demand for petrochemicals and molybdenum powder remains sluggish, making it difficult to achieve high-price transactions in the market.

Overall, influenced by the high costs at the mine end, the molybdenum market, along with downstream products such as ferromolybdenum and molybdenum chemicals, is more likely to rise than fall. However, the weak performance of end-use demand has, to a certain extent, curbed the upward momentum of the molybdenum market.

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