Abstract: In view of the industry phenomenon of “poor advantages” in the molybdenum resources of China's dominant minerals, the historical monthly price of domestic molybdenum concentrates from January to September 2019 is used as a data sample, and the GARCH cluster model is used to explore the motivation behind the wave characteristics.The research results show that the domestic molybdenum concentrate market has high-risk and high-yield industry characteristics, and it has obvious clustering in price fluctuations.The market ups and downs will cause different market shocks, but these fluctuations do not have long-term effect.The results are that the objective reason of the phenomenon of “unfavorable advantage” is that the current domestic molybdenum concentrate industrial chain has the characteristics of vertical shortness and horizontal concentration.The subjective reason is that the participating subjects have speculative psychology when investing.And lack of certain market information acquisition and risk response capabilities.The results of the revelation are:to actively explore the downstream market of the molybdenum mining industry, and help the industrial upgrading; to construct a public information release platform for the molybdenum industry chain to reduce the negative impact of the market.