Molybdenum oxide prices were unchanged Wednesday as market participants continued to keep hold of stocks in anticipation of demand from consumers at higher prices.
The Platts daily dealer molybdenum oxide assessment was $7.50-$7.60/lb Wednesday, while the European daily ferromolybdenum assessment edged up to $18.00-$18.40/kg from $18.00-$18.30/kg, duty-paid, in-warehouse Rotterdam.
A European trader reported a sale of oxide powder at $7.55/lb in Rotterdam, but said he would not repeat it at that level. Sources said offers were being reported at $7.60/lb, although there were few who were willing to sell.
"There are only a few people who have units. Material is in strong hands," a second European trader said.
Meanwhile, a consumer source said he was also hearing higher numbers, but was fairly confident oxide powder was still biddable at $7.50/lb Rotterdam basis. In China, a trader source said an offer at $7.50/lb in-warehouse China received a bid at $7.45/lb but was rejected.
European ferromolybdenum saw a few more inquiries for smaller parcels, with prices up to $18.50/kg DDP to foundries.
A prompt 20 mt sale to a German mill was reported at $18.55/kg DDP German mill. Offers in the trade were heard at $18.35/kg and above while consumers continued to bid closer to $18/kg DDP.
