Moly price holds steadyAccording to Ryan's Notes the moly price held steady last week. That's another week with outstanding earnings for TCM.
And there's still upside potential for the moly price:
All non-coal mines in Huludao reportedly were shut down
on Mar. 14 so that safety inspections could take place. A
flood occurred at the Magou mine owned by Huludao
Lianshan Molybdenum and killed six miners when the miners
accidentally broke through to water. No one knows when
the inspections will be completed, but local authorities are
expected to be particularly careful because the central offices
do not want any concerns during a year when the Olympic
Games will be held in China. Ironically, the coal mines are
not shut and they are where most accidents occur, a market
source noted.