Core Insights - Molybdenum prices have reached a new high, with ferromolybdenum prices rising to approximately 280,000 yuan per ton, marking a significant increase in the market [1][2] - The increase in molybdenum prices is attributed to a combination of tight supply from upstream sources and increased demand from downstream industries, leading to a notable rise in transaction volumes [2][4] - Major steel companies in China have issued a joint statement to halt ferromolybdenum purchases to stabilize the industry and resist speculative pricing [3] Price Trends - Since April, molybdenum prices have increased significantly, with molybdenum concentrate prices rising over 1,000 yuan per ton, reflecting a more than 35% increase [2] - The price of molybdenum concentrate reached 4,380 yuan per ton, while the main price for ferromolybdenum also surged to 280,000 yuan per ton [1][2] Supply and Demand Dynamics - The supply of molybdenum concentrate has been constrained due to production issues at some mines, leading to a decrease in output in August [2][5] - Molybdenum inventories are at their lowest levels in nearly three years, with downstream demand expected to grow, projecting a near 7% increase in molybdenum demand by 2025 [2][3] Industry Response - The joint statement from major steel companies emphasizes the need for industry self-discipline and cooperation to stabilize prices and ensure sustainable development across the molybdenum supply chain [3] - Despite the temporary halt in ferromolybdenum purchases by steel companies, the overall demand for ferromolybdenum remains strong, with significant bidding activity observed in August [4][5] Future Outlook - Analysts predict that the tight supply situation for molybdenum concentrate is unlikely to change in the short term, maintaining high cost levels for ferromolybdenum [4][5] - The upcoming traditional peak demand season in September and October is expected to further support molybdenum prices, driven by government infrastructure investments and policy support [4][5]
钼行业出现罕见的上下游“对抗”
Zheng Quan Ri Bao·2025-08-16 01:50