I.Mines Are Gradually Shipping, and the Price of Moly Concentrate Remains Firm

The supply and demand of the domestic moly concentrate market are in a game state. Yesterday, a moly mine in Henan Province sold moly concentrate(Mo%=45-50) at 3720-3750 yuan/mtu($23.21-$23.40/lb) in cash. Due to a strong wait-and-see attitude, the activity of buyers and sellers in the bulk cargo market was not high. There have been sporadic transactions of moly concentrate(Mo%=40-45) at 3680-3700 yuan/mtu($22.96-$23.09/lb).

"The moly concentrate(Mo%=25) is quoted by traders at around 3550 yuan/mtu($22.15/lb). Moly concentrate(Mo%=45) is quoted at 3730 yuan/mtu($23.27/lb), which feels a bit high. "said a trading company.

"We currently have several trucks of goods in our hands, but we don't want to ship at the moment. The ferromoly is in price inversion, leading to few inquiries in the moly concentrate market. " said a trader.

II.The Ferromoly Market Is in a Stalemate

Yesterday, a steel mill in Hunan failed to make purchase. Steel mills in Shandong, Hunan, Jiangsu, Hebei, Zhejiang and other places successively entered the market, pushing the total amount of domestic ferromoly tenders to about 4,500mt. The quotations of domestic ferromoly enterprises mainly ranged from 240,000 to 243,000 yuan/mt($55.02-$55.71/kg). the transaction prices in the bulk cargo market reached 240,000 yuan/mt($55.02/kg), but the quantity seemed not large.

"The price of moly concentrate is quite firm here, while that of ferromoly is relatively quiet. Let's see what level the bidding price of steel mills will reach in the near term. "said a company in Henan Province.

"I didn't have much inquiry yesterday. The price of moly concentrate was also not low, but ferromoly seemed still inverted."said a company in Liaoning Province.

III.The International Moly Market Is Deadlocked Again

Due to recent news of production disruptions in large South Korean ferromoly enterprises, international moly prices have risen slightly in volume, and yesterday the market once again fell into a stalemate. On the one hand, the weak demand in the international market, coupled with the approaching summer break, has led to an inactive inquiry market. On the other hand, the shutdown time of South Korean ferromoly enterprises is relatively short, and coupled with the fact that they have already digested the news once in the early stage, the market feedback in this round is moderate. Yesterday, the price for western moly oxide at Busan port was around $22.8/lb Mo.

"There were fewer market inquiries yesterday, and the wait-and-see sentiment once again increased. We quoted at $22.8/lb at the port of Busan, but ultimately did not reach a deal. "said an international moly company.

"Now that the international market heat has subsided again. We are temporarily observing and there is a lack of buyers in the market. "said another international moly enterprise.

In summary, the upstream and downstream game situation in the moly market has been ongoing recently. Entering the middle of the month, downstream steel mills have slowed down their entry into the market, and ferromoly has also inverted, resulting in poor transactions. But the demand still exists. Upstream mining prices remain firm, which also makes it difficult for downstream companies to replenish their inventory at low prices. It is expected that the game situation in the moly market will continue in the near future.