Buying activity in the molybdenum oxide market was thin again Wednesday, with prices moving lower as would-be sellers appeared willing to drop offer levels in order to move material.
“It makes sense that,” said a European trader. “Those who have an intake on a formula basis have got material on their books.”
An Asian trader offered oxide powder at $11.35-$11.40/lb in Busan without concluding any deals, while a second Western trader agreed it was “very quiet our end as well.”
He added that “$11.40 is what we have been seeing on oxide and either side of $28 for FeMo.”
One truckload of oxide powder was reported sold at $11.25/lb delivered European buyer, in big bags, while ferromolybdenum sales were reported in Europe at $27.75/kg in Rotterdam and $27.85/kg on a delivered basis.
The Platts daily dealer molybdenum oxide assessment fell to $11.25-$11.40/lb from $11.30-$11.45/lb the previous day, while the daily European ferromolybdenum assessment was down at $27.75-$28.10/kg from $27.90-28.20/kg previously.