Molybdenum oxide prices edged higher Tuesday, but the market's upward momentum slowed in comparison to the sharp price moves of recent days.
"It's been a day of a hell of a lot of hot air and very few transactions," one trader said.
Initial moves overnight to push oxide powder offer levels up to $8.90-$9.10/lb failed to find any willing buyers, sources said.
"We heard of higher numbers in China but were not able to reach the $9.00/lb Mo mark," a second trader said, reporting a purchase at $8.60/lb and a sale at $8.75/lb in Asia.
"We heard all kinds of numbers during the day but it quieted down quite a bit in the afternoon," a third trader said.
The recent rally, which pushed oxide prices up to 14-month highs, "has supported some euphoria but also made some people more cautious and more hesitant," he said.
"It's natural for the market to stop and see what happens" after such a brisk move higher, a producer source said, adding, however, that "nothing has changed" in relation to the supply constraints, which have supported the move higher.
The Platts daily dealer oxide assessment rose to $8.45-$8.75/lb from $8.30-$8.60/lb previously. The Platts daily European ferromolybdenum assessment was unchanged at $19.25-$20.25/kg
