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Molybdenum prices expected to rebound in 2010

Event: molybdenum prices through 2009, after weak second half is expected to rebound in 2010.
Unlike other non-ferrous metals recovery and a weaker U.S. dollar due to economic factors such as sharp rise in the second half of 2009, molybdenum metal obviously lag behind the trend. From May to August of this year surged 55 percent, the local iron molybdenum prices began softening over the current level of the level in August dropped 32 percent, while the share price performance of Luoyang molybdenum industry in the past 3 months behind the state-owned enterprises and hence Index shares of 11%.
Molybdenum price in the second half of 2009 fall was mainly due to the downstream steel industry, especially Japan and Korea, poor demand for stainless steel producers, while the quality of business at an early stage with a relatively easy to buy low and Mo-Fe, the sharp stock sell-off in the hands of molybdenum also price pressure.
However, the Bank believed that molybdenum prices will commence in early 2010 began a strong rebound, because a) London Metal Exchange in February 2010 will launch molybdenum metal futures, which is expected to attract funds to buy molybdenum metal for speculative purposes, as molybdenum metal in 2009's performance relative to other metals is seriously lagging behind; 2) upstream and downstream users, including Japan and South Korea's stainless steel producers in the past 3 months was mainly to the inventory at the stage, now ready to re-procurement of molybdenum metal in the market; 3) molybdenum metal supply will be constrained due to the current global molybdenum mining projects under construction limited, and the existing grade molybdenum mine is also a downward trend.

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