Molybdenum oxide prices moved lower again Monday in generally slow trade, with spot business reported booked in Europe around the $7.50/lb level.
"Most of the offers are now $7.55-$7.60/lb Mo. The market is weak. This is especially obvious given the lack of demand," one European trader said, reporting a consumer sale of oxide powder at $7.50/lb delivered.
The buyer purchased another parcel of material at a lower price, he said, while a second European trader reported offering at $7.50/lb delivered, without success.
"We are still in the correction phase. We have to see where the next support level is," the second trader said.
In Asia, offers were reported in the $7.50-$7.60/lb range, while one market player said they were able to pick up oxide powder in Busan as cheaply as $7.40/lb.
The S&P Global Platts daily dealer oxide assessment fell to $7.45-$7.55/lb from $7.60-$7.70/lb previously, while the Platts daily European ferromolybdenum assessment fell to $18.00-$18.20/kg from $18.10-$18.40/kg.
Sources said ferromolybdenum prices were difficult to pin down in the absence of spot deals, with a third European trader pegging the market nominally at either side of $18/kg.
"The thing that has been dragging on ferromoly is that fact that the Chinese are offering," he said, adding that it currently makes sense for Chinese market players to look to export sales given domestic price levels.
"Even using cheaper numbers in the low $17s/kg, if you add on the 2.7% duty and factor in the waiting period I don't think anyone is taking them up on their export offers just yet, but it's weighing on the market," the trader added.
