Divergence in bullish and bearish views in the molybdenum market, downstream product enterprises increase prices [SMM Molybdenum Daily Review]

SMM News on June 13:

Today, the molybdenum market is experiencing a tug-of-war between bullish and bearish sentiments. The quotes from ore suppliers remain stable for the time being, with most purchases driven by immediate needs. Ferromolybdenum transactions have seen a slight decline. As of today, SMM 45% molybdenum concentrate closed at 3,830-3,860 yuan/mtu, unchanged from the previous trading day. Some traders are liquidating their high-priced inventories, leading to a slight improvement in the circulation of spot orders in the market. However, with industry inventory at a low level and some mines about to enter maintenance periods, market quotes remain firm. Today, SMM ferromolybdenum closed at 244,000-249,000 yuan/mt, down 1,000 yuan/mt from the previous trading day. Tenders for ferromolybdenum from large steel mills are gradually being finalized, but downstream stainless steel mills have poor acceptance of high prices, with tender prices ranging from 243,500-246,000 yuan/mt. Driven by the need to liquidate inventories, some traders have caused a slight decline in the market. Today, molybdenum wire and other molybdenum product enterprises collectively raised the prices of products such as wire-cutting molybdenum wire, with the price of 0.18mm wire-cutting molybdenum wire increasing by approximately 80-100 yuan per 10,000 meters. The high cost of raw materials is gradually being passed on to downstream molybdenum product enterprises. In the short term, the molybdenum market is expected to hover at highs, mainly driven by positive factors from the ore sector. SMM will continue to monitor the operating status of molybdenum-based stainless steel enterprises and ore suppliers in the future.

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