Molybdenum Oxide Prices Hit Six-month Low, Ferromoly Softer
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- Category: Molybdenum's News
- Published on 26 September 2014
- Written by luya
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Spot molybdenum oxide prices have subsided to their lowest levels in almost six months, with the Platts daily dealer oxide assessment hitting $11/lb for the first time since the beginning of April.
"The main problem has been the total lack of spot business," said one producer source Thursday. "On long-term contracts it's business as usual -- customers are taking their quantities, but they have no additional need at the moment."
Spot offers in Asia fell to $11.10-11.20/lb CIF Busan/Japan Thursday, but lower offers did not generally attract deals as local buyers said they were aiming for $11.10/lb CIF or below.
The Japanese and South Korean buyers said they were not in hurry to buy and may possibly wait for several days as prices may fall further.
Meanwhile, some Chinese traders remained out of the spot market. One trader said she had no intention of selling below $12/lb.
Later in the day a trader reported two separate sales of oxide powder at $11/lb on a CIF Busan basis, while a producer-trader sale in Europe was reported at a price below $11/lb.
The Platts daily dealer oxide assessment fell to $11.00-11.20/lb Thursday, from $11.15-11.30/lb the previous day.
Spot ferromoly prices in Europe are now indicated below $28/kg, with a producer-consumer sale booked at $27.90/kg for delivery early next week.
The seller said he had rejected a bid at $27.60/kg the previous day.
"I think the price is probably a tad too low, but like every run -- up and down -- it usually overshoots a bit before we have a correction," he said. "The question is whether we're near the bottom, or whether it has a bit further to go."
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