Molybdenum prices, $/mt last = 24884 1w: -3 (-0.01%)
20182019202020212022
Consensus (median)1675017600176001830019000
High2090024300300001990019000
Low1540015500155001780019000
Standard Deviation2021260544687280
Count of Estimates109751
[Neutral]

I see upside potential for moly from demand recovery from oil and gas sector (demand still remains well below pre-2015 levels)

[Neutral]

I assume that current prices makes market balanced and I do not expect any significant movements up or down. On the one hand, I expect recovery in demand from stainless steel and also booming demand for moly chemicals, particularly in China. On the other hand, that will be compensated by supply growth from new copper by-product projects (Centinella, Cobre de Panama, Las Bambas, Tocquepala, Toromocho and Koktenkol) and the return to normal or planned production at existing producers.