Market Restocking Remains Cautious, Molybdenum Prices Temporarily Stable [SMM Molybdenum Daily Review]

Dec 26, 2024, at 5:11 pm

[SMM Molybdenum Daily Review: Market Restocking Remains Cautious, Molybdenum Prices Temporarily Stable] After mainstream mines sold at flat prices, buyers' purchasing enthusiasm was not effectively stimulated, and cautious sentiment permeated the market. Negotiations for 40-45% grade molybdenum concentrate started at 3,570 yuan/mtu and above, with a sluggish trading atmosphere for scattered goods. Steel mills are still following up on bidding demand for ferromolybdenum, but their acceptance of molybdenum price increases is limited. Additionally, as they are in the year-end bulk restocking phase, risk-averse sentiment among steel mills is rising. It is expected that under the continued strengthening of the sentiment tug-of-war between upstream and downstream markets, molybdenum prices will remain stable with a narrow fluctuation range.

SMM, December 26:

Today, the molybdenum market remained calm. Molybdenum raw material suppliers showed a clear attitude of price stability, while buyers and sellers had differing price expectations. Downstream producers and steel mills showed reduced purchasing enthusiasm, with cautious real transaction operations.

【Quotation Overview】

45% Molybdenum Concentrate: 3,590-3,620 yuan/mtu

50% Molybdenum Concentrate: 3,620-3,650 yuan/mtu

60% Ferromolybdenum: 232,000-235,000 yuan/mt

316L/2B Coil (Wuxi): 23,600-23,800 yuan/mt Grade 1 Ammonium Tetramolybdate: 220,000-223,000 yuan/mt

Grade 1 Molybdenum Powder: 415-423 yuan/kg

【Market Overview】

After mainstream mines sold at flat prices, buyers' purchasing enthusiasm was not effectively stimulated, and cautious sentiment pervaded the market. Negotiations for 40-45% grade molybdenum concentrate started at 3,570 yuan/mtu and above, with a sluggish atmosphere for bulk transactions. Steel mills continued to follow up on tender demand for ferromolybdenum, but their acceptance of higher molybdenum prices was limited. Additionally, as they are in the year-end bulk replenishment phase, steel mills' risk-aversion sentiment has intensified. It is expected that with the strengthening sentiment of market bargaining between upstream and downstream, molybdenum prices will remain stable with limited fluctuation space.

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