Molybdenum News Center

China Molybdenum Price - July 8, 2020

China molybdenum price is unchanged from the previous trading day owing to low trading activity, cautious sentiment of market participants and persistent weakness in the demand side under the continued spread of COVID-19. 

Ex-works China ferro-molybdenum prices shed 24.4pc year on year to reach $13.43/kg on 26 June. Notably, its correlation with copper prices has tightened during the pandemic as shocks to both metals' demand fundamentals happened quickly and in parallel (see chart).

Global molybdenum production totalled 290,000t in 2019, down by 2.4pc year on year, according to the US Geological Survey. Mine closures — particularly in China — accounted for most of the lost production, and led to some tightness in the supply landscape in around the second quarter of 2019. As a result, market participants had previously anticipated robust molybdenum prices in 2020, further bolstered by expectations of demand increasing toward the end of the fourth quarter of 2019, but Covid-19 rapidly did away with these outlooks.

Prices of molybdenum products on July 8, 2020

Picture of molybdenum electrode 

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