Molybdenum News Center

Asia Moly Oxide: Spot Trade Stalls as Price Hits Year's Low in 2014

Molybdenum oxide trade stalled in Asia Tuesday, December 2, following a deal at $8.95/lb in-warehouse Rotterdam, pushing Platts daily dealer price to the lowest level this year at $8.95-9.05/lb Monday, down from $9-9.10/lb Friday.

Some buyers in South Korea and China, initially eyeing purchases at $9/lb CIF, retreated Tuesday, seeking to buy at around $8.50/lb, sources said.

A South Korean trader, offering at $9/lb CIF Tuesday, said he did not receive any counter-bids.

Some sellers have also retreated from the market.

"If the price is sliding lower, I would not buy, if price is at the bottom, I would not sell," another South Korean trader said.

A Japanese buyer said spot sellers were difficult to find in Asia.

The most recent offer, valid Tuesday, was at $9.10-9.20/lb CIF Japan for oxide powder, he said.

A Chinese trader, who typically sells spot, said he was now seeking to buy.

South Korean traders said there would probably be more sellers in Asia next week as a ship from Chile carrying 400 mt of moly oxide was due to arrive in South Korea.

Some of the cargo had not been sold as yet, traders added.

Separately, the softer sentiment in the spot market was affecting the 2015 term talks between Japanese steelmakers and North and South American producers, a buyer source said.

"Discussions have been about producers saying market will be tight in the first half, easing in the second half... but the recent downfall in spot prices reflect a weakness," he added.




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