Molybdenum Oxide Prices Slip as Buying Interest Wanes
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- Category: Molybdenum's News
- Published on 14 August 2014
- Written by jwy
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Molybdenum oxide slipped as sources a lack of activity and buying interest in the market. Platts daily dealer oxide price moved down to $13.30-13.40/lb from $13-30-13.50/lb in Rotterdam basis.
One lot of oxide powder was reported sold at $13.35/lb in Rotterdam. European sources questioned whether the short lived rally had come to an end, with a few insisting there was no rally and prices had been driven up by traders covering shorts.
One European trader said he was offered oxide powder at $13.50/lb in Rotterdam by two sellers, but declined. "Nobody will pay $13.50/lb today," he said. "In Asia, offers are $13.30/lb and even that is not workable when bids are $13.20/lb."
A second trader agreed that offers were at $13.50/lb but few bids were made as the market was quiet. He added prices were coming under pressure from the lack of activity as buyers pushed for low bids. In Asia, one seller offered $13.50/lb CIF Busan and received a counter bid at $13.20/lb. He said the price level was "not workable at all," with estimates of ferromolybdenum sales at less than $32.50/kg.
Sources said Chinese origin oxide powder was offered at $13.50-13.60/lb CIF Busan, however deals were not concluded. A South Korean trader said he was rejecting offers above $13.20/lb CIF Busan with ferromolybdenum prices at $32.50/kg. Platts assessed its MW European daily ferromolybdenum price unchanged at $32.40-32.75/kg. European sources said there was little demand and a 5mt sale was reported at $32.80/kg in Rotterdam and another at $33/kg delivered to a consumer.
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