SMM News on June 25:
The molybdenum market saw a full-line decline today. Downstream demand from end-users such as stainless steel was weak, and the market was filled with a pessimistic atmosphere. As of today, SMM 45% molybdenum concentrate closed at 3810-3840 yuan/mtu, down 20 yuan/mtu from the previous day. Downstream players held a bearish view on the future market and showed poor enthusiasm for purchasing high-priced ore, resulting in few spot order transactions in the market. Today, the price of ferromolybdenum remained in a weak state. The off-season for downstream stainless steel is approaching, and market demand is weakening. Tender prices from steel mills have been declining steadily. Traders are actively offering quotes, but overall transactions are poor. SMM ferromolybdenum closed at 240,000-244,000 yuan/mt today, down 200 yuan/mt from the previous trading day. Today, the molybdenum chemicals market was mainly stable. Market demand was sluggish, and ammonium molybdate was mostly produced and shipped according to orders. Industry profitability was poor, and enterprises showed poor enthusiasm for entering the market. Transaction prices were mainly declining. SMM ammonium tetramolybdate closed at 232,000~234,000 yuan/mt, down 2000 yuan/mt from the previous trading day. Overall, the molybdenum market has been consolidating at high levels for a long time. Downstream molybdenum product industries have poor profitability, and prices are constrained by weak demand, making it difficult to rush to buy amid continuous price rise in the ore sector, ultimately forming a certain backlash on the industry. In the short term, the market may remain in a weak state. Follow-up attention should be paid to the operation of the stainless steel industry and news from the ore sector.
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