Molybdenum Concentrate Prices Hit A Record High, Ferro-molybdenum Factories Suspend Quotations

The price of Longyu molybdenum concentrate has risen to more than 2,900 yuan / ton, and the cost of ferromolybdenum has increased significantly. Most of the factories have suspended public quotations. Today, the mainstream reference price of ferromolybdenum on the website is 190,000-194,000 yuan / ton.

Yesterday, the price of steel bids rose to 183,500-187,000 yuan / ton, but with the sharp jump in the price of molybdenum concentrate, the cost increased to around 190,000 yuan / ton, and the factory was reluctant to sell at a low price. The upward trend is too fast, and factories are at a loss as to how to quote, so some companies suspend the quotation, but generally say that the follow-up planned quotation is not less than 190,000 yuan / ton.

The market is slightly cautious at high levels. Large steel mills such as CITIC Pacific are bidding, and the market is concerned about changes in steel bidding prices.