Molybdenum Market Consolidates, Trading Sentiment Turns Cautious [SMM Molybdenum Daily Review]

SMM News on June 11:

Today, the molybdenum market was mainly consolidating sideways. The demand from downstream sectors such as molybdenum chemicals was weak. Additionally, molybdenum concentrate suppliers were concentrating on selling their stocks, leading to a change in market sentiment. Some market participants were bearish on the future market outlook. Today, the price of 45%-50% molybdenum concentrate was 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. The tender price center for downstream steel mills and ferromolybdenum plants shifted slightly upwards. Today, the tender price was in the range of 245,000-247,000 yuan/mt. Today, the price of 316 stainless steel dropped slightly due to factors such as weak demand. The molybdenum chemicals market remained in a stalemate today, with sluggish market transactions. The price of ammonium molybdate increased by 2,000 yuan/mt to 237,000-239,000 yuan/mt, unchanged from the previous trading day. Overall, influenced by the high costs at the ore end, the prices of downstream products such as ferromolybdenum and molybdenum chemicals are more likely to rise than fall. However, the weak end-use demand has, to some extent, curbed the upward momentum of the molybdenum market. Moving forward, attention should be paid to the downstream demand and the transaction situation at the upstream ore end.

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