SMM News on June 19:
Today, the molybdenum market showed a divergence between upstream and downstream sectors. Upstream mine inventories remained low, with mines and suppliers maintaining firm quotations. Downstream, the transaction prices of ferromolybdenum for steel tenders struggled to rise. The downstream demand for molybdenum chemicals was weak, and ammonium molybdate products experienced a slight decline. As of today, SMM 45% molybdenum concentrate closed at 3850-3880 yuan/mtu, up 20 yuan/mtu from the previous day. Downstream enterprises mainly restocked based on immediate needs. Today, the ferromolybdenum market saw active transactions, with an increase in steel mills' market participation. Steel tender prices were mostly in the range of 243,000-249,000 yuan/mt, with some traders showing active selling. Today, the overall transaction volume in the molybdenum chemicals market was poor. Mainstream quotations for grade 1 ammonium tetramolybdate were in the range of 235,000-237,000 yuan/mt, down 1,000 yuan/mt from the previous trading day. Downstream enterprise demand was sluggish, and restocking was mainly based on immediate needs. Currently, the raw material end of the molybdenum market is fluctuating at highs. The downstream molybdenum products industry is facing both losses and weak demand, struggling to follow the rise in raw material prices. The tug-of-war between supply and demand remains deadlocked, with limited price changes. The market is expected to maintain a rangebound fluctuation in the short term. SMM will continue to monitor the operational status of molybdenum-based stainless steel enterprises and mine production in the future.
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