Molybdenum, which is used to strengthen steel, sold on the spot market at a monthly average of almost $33/lb during the first half of last year, and actually was as high as $33.50/lb in daily trading. But, the spot price slipped to $25 in the second half and continued falling earlier this year - bottoming around $8/lb in April. Analysts predict the price at $12/lb in a couple of months.
Chilean copper producer Antofagasta posted a 68% dip in revenue year on year for the first quarter on poor realised copper prices and lower margins on by-product molybdenum. For full story, click here
Molybdenum prices are currently hovering around the $9 per lb mark, a drastic decline from last Augusts’ high of $34. Molybdenum managed to hold its price point longer than other metals; but in the fourth quarter of 2008 the steel industry’s defeat sent molybdenum on a free fall.
Chilean Molybdenum output dropped 19 percent to 2,870 tons. For full story, click here
The Chilean government copper commission Cochilco says that prices for molybdenum will be at $11 per pound in 2009, down from $30/lb for most of last year. For more information, click here
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