Why is ferromolybdenum rising crazily?
Postdate：2023-02-02 Views：978
During the Spring Festival, the average price of ferromolybdenum in Europe increased by 22.7% from the low point on January 11. The situation of supply exceeding demand in the molybdenum market continues to support the international price to reach new highs. As of January 28, the total amount of ferromolybdenum tendered by mainstream steel mills in January was about 6300 tons. With the increase of steel volume and price, the international molybdenum market rose sharply, and the domestic molybdenum price is expected to continue to rise.
The price of ferromolybdenum rose from 170000 yuan at the beginning of last year to 380000 yuan at the latest, up 210000 yuan, or 123.53%. We should continue to pay attention to this opportunity of substantial price increase! So why did the price of molybdenum concentrate rise sharply?
On the one hand, the European market continues to record high, driving domestic prices up
Due to the increase of shipping costs and the obvious delay of shipping schedule, the spot supply of molybdenum oxide and ferromolybdenum in the European market is still tight. Stimulated by the continued strong local terminal demand, the transaction price of molybdenum in the European market is continuing to hit a 10-year high, stimulating the continuous rise of domestic molybdenum prices!
On the other hand, the downstream demand is strong and the inventory falls to a low level
The downstream of molybdenum is mainly steel, stainless steel and other enterprises. The downstream makes money, so the bidding price of ferromolybdenum keeps rising. The molybdenum market is full of bullish sentiment, and the holding manufacturers hold the goods to rise!
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