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.
Molybdenum prices have been moving higher over the last month and last week passed $10/lb in the U.S. spot market, but they still are 27% below the peak of mid-2008 as demand from steelmakers remains soft. Looking ahead, forecasts are mixed: Investment bank Dahlman Rose & Co. sees a loss of supplier discipline and a [...]
As per Morgan Stanley, molybdenum prices will remain low in 2009 and the market’s supply surplus will shrink from 2008 levels. The report from Morgan Stanley said: We forecast prices to remain at a low of USD 12 per pound in 2009 as the industry remains in surplus for most of the year. Given that [...]
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