SMM June 17 News:
Today, the molybdenum market saw a divergence in trends between upstream and downstream sectors. Following a tender for molybdenum concentrate from a mine in Henan, the transaction price of molybdenum concentrate remained at highs, with ore supply remaining tight and little room for a short-term correction. However, demand for downstream molybdenum iron and molybdenum chemical products was poor, resulting in sluggish transactions. As of today, SMM 45% molybdenum concentrate closed at 3,830-3,860 yuan/mtu, unchanged from the previous trading day. The auction transaction price for 45%-50% molybdenum concentrate from a mine in Henan was 3,890 yuan/mtu, with the market's transaction center slightly rising. Today, the molybdenum iron market was dominated by a strong wait-and-see sentiment. Smelters faced poor profitability, coupled with rising ore costs, resulting in insufficient willingness to sell at low prices. Downstream steel mills primarily purchased as needed, while traders showed general enthusiasm for entering the market. The overall transaction performance in the molybdenum chemical market was poor today, with mainstream quotations for primary ammonium molybdate (AMT) at 236,000-238,000 yuan/mt, down 1,000 yuan/mt from the previous trading day. Demand from downstream enterprises was sluggish, with restocking primarily driven by immediate needs. The high cost of raw materials is gradually being passed on to downstream molybdenum product enterprises. In the short term, the molybdenum market is likely to hover at highs, mainly driven by positive factors from the ore sector. SMM will continue to monitor the operating status of molybdenum-stainless steel enterprises and ore production in the future.
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