No bright spots in downstream demand, molybdenum market in weak consolidation [SMM Molybdenum Daily Review]

SMM News on June 24:

The molybdenum market showed overall weakness today, with insufficient end-use demand. Prices of upstream molybdenum products were suppressed, and the market was mainly in the doldrums. As of today, SMM 45% molybdenum concentrate closed at 3830-3860 yuan/mtu, down 20 yuan/mtu from the previous day. Downstream restocking was mainly driven by rigid demand. Today, the center of ferromolybdenum market transactions continued to decline. Amidst pessimistic demand expectations, manufacturers and traders had a strong willingness to sell, but downstream steel mills continued to drive down prices in tenders, causing the transaction center to decline. SMM ferromolybdenum closed at 242,000-246,000 yuan/mt today, down 100 yuan/mt from the previous trading day. The molybdenum chemical market was mainly stable today, with weak market demand. Ammonium molybdate was mostly produced and shipped according to orders. Industry profitability was poor, and enterprises were less enthusiastic about entering the market. Currently, the raw material end of the molybdenum market is fluctuating at highs. The downstream molybdenum products industry is facing both losses and poor demand, with a stalemate in the tug-of-war between supply and demand. Market changes are limited, and the market may maintain a fluctuating adjustment in the short term. SMM will continue to monitor the operation status of molybdenum-based stainless steel enterprises and mining activities.

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