Look Beyond 2013 for Moly Market Recovery, Analysts Say
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- Category: Molybdenum's News
- Published on 14 October 2013
- Written by Elva
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Further confirmation that molybdenum prices likely will not recover until after the end of 2013 was recently provided by analysts interviewed by Metal-Stephan Ioannou, an analyst at Haywood Securities, told the publication that lack of steel demand from China continues to dampen the molybdenum market. “In terms of moly price strengthening, it’s hard to anticipate. At the very earliest it will be late this year, but probably it’s a 2014 to 2015 story,” he explained.
Similarly, Catherine Virga, CPM’s director of research, commented, “[b]y the very end of the year we could get back up to around $11/lb, but we are not overly optimistic for prices this year,” while John Tumazos of Very Independent Research said that the current weakness in prices is unsurprising given current market conditions. “Moly should not be viewed as unique or special,” he said.
Molybdenum oxide hit $11.90 per pound, its highest price this year, in January, but since then has sunk to its current price of $9.35 per pound, a 21.4-percent decline.
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