Today's molybdenum market showed a split between upstream and downstream sectors. Upstream mining inventories remained at low levels, with mines and suppliers maintaining firm offer prices. However, downstream molybdenum ferroalloy steel procurement saw weak price increases, while molybdenum chemical demand was poor, leading to a decline in ammonium molybdate products. As of today, SMM 45% molybdenum concentrate was quoted at 3,850-3,880 RMB/ton-degree, up 20 RMB/ton-degree from the previous day, driven mainly by downstream rigid demand replenishment. The molybdenum ferroalloy market was active in trading, with increased steel mill purchases. Steel procurement prices were mostly in the range of 243,000-249,000 RMB/ton, and some traders were active in selling. The molybdenum chemical market saw poor overall transactions. The mainstream offer price for first-grade ammonium tetramolybdate was 235,000-237,000 RMB/ton, down 1,000 RMB/ton from the previous day, with downstream enterprises showing light demand and focusing on rigid replenishment. Currently, the raw material end of the molybdenum market is fluctuating at high levels, while the downstream molybdenum products industry faces both losses and weak demand, struggling to follow the raw material price increases. The supply-demand game remains deadlocked, with limited room for price fluctuations. The market is expected to maintain a narrow range in the short term. SMM will continue to monitor the