Molybdenum prices have fallen suddenly to a large extent on the end of last week due to suspension of molybdenum purchases for long period and financial situation at consumers. For full story, click here
Erdene Resource Development Corp. provided an update on the company’s principal projects in conjunction with the release of its Q3 results. The company reported that Resource delineation drilling was completed at the Zuun Mod molybdenum project and also announced extension of mineralization. Peter Akerley, President and CEO, said: The past several weeks have been one [...]
Shares of Queensland Ores Ltd. decline by the most on record in Sydney after stopping production at its Wolfram Camp tungsten and molybdenum mine in Australia because metal prices fell and it failed to meet ore grade targets. For full story, click here
After moly held its position over months of poor market sentiment, the metal has been hit hard. Just over a few weeks, the market price of molybdenum oxide has fallen by a whopping 30%.
After holding its ground much longer than other base metals, molybdenum’s price point has given way to the global economic current. The metal was stable in the $32 to $35 a pound range for much of this year; holding its value compared to the price plummet of the other base metals.
Japan wants to test the moly market, and will do so by issuing a temporary cut in the November nickel stainless molybdenum (SUS316) steel output. Output will be cut approximately 10%, and for the time being, the curb in production will only last a month to see how the market reacts.
Molybdenum has been a strong performer in 2008; in fact it is just recently that the metal experienced a little downside. The dip in prices could be attributed to the negative market sentiment, as moly’s fundamentals are still strong.
The market volatility over the past two weeks has finally it moly. The alloying metal has held its own for months, while most of the other metals declined rapidly as news about the downturn in the economy permeated the markets.
Molybdenum exploration has been on a fast track this year, as a shortage in supply and an increase in demand have pushed prices of the alloying metal up and up. Until recently, moly has held stable despite all the challenges on Wall Street.
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