I.The Market Transaction Price of Moly Concentrate Fluctuates Greatly

The domestic moly concentrate market is operating in consolidation. In the middle of the month, purchases from steel mills have decreased. The slowdown in procurement activity of downstream enterprises has also led to a decrease in the number of inquiries. The enthusiasm of supply enterprises for shipment has increased, and market quotations have weakened. There have been multiple transactions in the bulk cargo market for moly concentrate(Mo%=40-45) around 3670 yuan/mtu($22.93/lb), resulting in a downward shift in market bargaining levels.

"The inquiries from downstream enterprises have decreased a lot, and the inquiry prices are generally below 3700 yuan/mtu ($23.12/lb). The inquiry prices from some ferromoly enterprises are below 3650 yuan/mtu($22.80/lb). " said a trading company.

"I currently have the goods in hand, but I still want to buy a truck of moly concentrate(Mo%=45). Negotiations can be made around 3700 yuan/mtu($23.12/lb)."said another trader.

II.The Transaction Volume in the Ferromoly Market Is Muted

Yesterday, domestic ferromoly enterprises mainly quoted prices ranging from 240,000 to 243,000 yuan/mt($55.10-$55.79/kg), or communicated prices separately based on different orders. The bulk cargo market was relatively sluggish, with only sporadic transactions reaching 237,000 yuan/mt($54.41/kg). Steel mills from Jiangxi and Hunan entered the market, driving the domestic demand for ferromoly to nearly 4,300mt. The bidding price has not yet been announced.

The current spot price for 316L/2B in the Wuxi market is 24,600-25,500 yuan/ton. The overall market for 316 stainless steel is stable, with some downstream demand for certain varieties being released.

"Yesterday, the market was relatively quiet. Raw material prices softened slightly. Let's see to what extent the bidding prices of steel mills will reach later. "said a company in Henan Province.

"Our quotation for ferromoly was 240,000 yuan/mt($55.10/kg) yesterday. Faced with limited inquiries, we did not reach transactions at last. Downstream enterprises showed a strong wait-and-see attitude. "said a company in Liaoning Province.

III.International Moly Market Is Active

Yesterday, the international moly market initially showed some weakness but then strengthened. After the transaction of western moly oxide at Busan Port reached at $22.6/lb Mo, the transaction level slightly increased and eventually achieved $22.7-$22.8/lb Mo, with a total transaction volume exceeding 100mt.

The slight rebound in international moly prices this time is partly due to the news of a problem with the roasting system of a large ferromoly enterprise in South Korea. On the other hand, as prices fall, some companies are replenishing stocks.

"Yesterday morning, the market was relatively quiet, but there was some activity in the afternoon. We achieved transactions for western moly oxide at Busan port at $22.6-$22.8/lb Mo." said an international moly enterprise.

"This rebound is due to the impact of news of production disruptions in a large South Korean ferromoly enterprise. This time, the market reaction is slightly milder, with prices rising moderately. "said another international moly enterprise.

In short, steel mills have recently entered the market with a slowdown. The market sentiment has weakened due to multiple factors such as ferromoly inversion. Some supply companies have appropriately lowered their quotations, resulting in big fluctuations in overall transaction prices. It is expected that the game state in the domestic market will continue.