Suppliers in the molybdenum market have a relaxed mindset, and the price of ferromolybdenum has seen a slight correction [SMM Molybdenum Daily Review]

SMM June 16 News:

Today, the sentiment of suppliers in the molybdenum market has loosened, with the ore sector operating steadily for now. However, the circulation in the ferromolybdenum market has become slightly looser, leading to a slight correction in prices. As of today, SMM 45% molybdenum concentrate closed at 3,830-3,860 yuan/mtu, unchanged from the previous trading day. Mainstream mining enterprises have maintained firm quotations, and subsequent attention should be paid to the operating status of mainstream mines. Today, the cash-in demand of traders in the ferromolybdenum market has increased, with some suppliers exiting the market after making profits. The market circulation has become looser, and transaction prices have fallen WoW. Today, SMM ferromolybdenum closed at 243,000-248,000 yuan/mt, down 1,000 yuan/mt from the previous trading day. Downstream steel mills are mainly engaged in just-in-time procurement. Today, the overall molybdenum chemical market has remained largely stable. Enterprises are facing high costs, leaving little room for price concessions, and quotations remain firm. Most enterprises are producing based on sales. The mainstream quotations for primary ammonium tetramolybdate are in the range of 237,000-239,000 yuan/mt. The demand from downstream enterprises is sluggish, and they are mainly engaged in just-in-time restocking. The high costs of raw materials are gradually being passed on to downstream molybdenum product enterprises. In the short term, the molybdenum market may continue to hover at highs, driven by positive factors from the ore sector. Subsequently, SMM will continue to monitor the operating status of molybdenum stainless steel enterprises and the ore sector.

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