Molybdenum prices, $/mt last = 24880 1w: 0 (0%)
2019202020212022
Consensus (median)17600176001830019000
High24300300001990019000
Low15500155001780019000
Standard Deviation260544687280
Count of Estimates9751
[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.

[Neutral]

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