Ever since the beginning of the year, the Chinese economy is weak. The state gives a great macro-push along side with the upgrading of the industry, such as lowering the interest rate, infastructure investment, etc. However, the actual interest rate is still at the highest point since 2008. The molybdenum market can hardly find powerful supports under the great pressure from domestic macroeconomy. The winter of molybdenum is just a beginning.

　　The slack season of steel mills is coming in June, and the demand is coming down. Some steel mills is experiencing a prolong deficit, which spread all the way to other furnance burden. The ferromoly market is upside down.

　　According to our survey, some special steel and stainless steel mills is on the track of deficit. During the speical time of upgrading and transformation, the financial pressure is greater, and cost reduction is becoming a new normal. According a Shanxi steel mill, since there are fewer orders, company has to futher lower cost to face a difficult time.

　　Ever since the implementation of "new normal" policy, the economy basically obeys the goal of stable growth with slightly slipping. This is especially true to the molybdenum market, which is falling behind the steelmakers in a long run.

　　Many industrialists complain that payment collection is really slow in the middle of the year, especially from steelmakers. Some sources say that some banks give higher interest rate to be attractive, which shows that the downward pressure is great indirectly.

　　The beginning of the month marks the a stalemate of the molybdenum market. As the tender from steelmakers breaking the balance, a new stalemate will form in the next position. The international market is going down again, but will have little influence on domestic market. The export tax revocation has little substantial affect on the market.