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.
China’s ferro-molybdenum exports have continued to stall as global prices, despite a recent rebound, remain below domestic costs. International ferro-moly market prices have risen to around $25 per kg. For full story, click here
Despite the recent optimism across the metals sector, molybdenum prices are continuing on a downward trend. Last week, sluggish demand and high stockpiles caused European ferromolybdenum prices to drop below US $21 per kg. US market prices also slid.
Molybdenum prices took a considerable tumble in the fourth quarter of ’08, falling from USD 30 per pound in September 2008 to USD 9.50 at the end December 2008. Despite unprecedented demand for the metal, molybdenum prices crashed as crisis permeated the financial markets.
Platts reported that the value of Chile’s exports of ferromolybdenum and molybdenum declined by 49.9% YoY to USD 179 million from USD 357.3 million in the same month of 2007, primarily due to steep decline in international molybdenum prices and lower production from Chile’s large copper mines, several of which produce the minor metal as [...]
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