Molybdenum oxide prices edged down Monday as deals in Busan and Rotterdam signaled a soft start to the week.
The S&P Global Platts daily dealer oxide assessment range fell to $6.60-$6.75/lb from $6.65-$6.75/lb, while the daily European ferromolybdenum assessment fell to $16.70-$17/kg from $16.80-$17.10/kg.
"It's very quiet today," one European trader source said, noting he was not hearing low numbers but at the same time not a lot of business.
Molybdenum briquettes were sold at $6.85/lb DDP in drums Northwest Europe and ferromolybdenum sales were in the range of $16.70-$17/kg DDP, with one sale at $16.60/kg DDP. Oxide powder was sold at $6.60/lb in warehouse Busan.
"The market is coming off today but it's not a lot of change," a second European trader said. One seller source said he was expecting to see lower oxide powder prices as the briquettes premium had eroded as well as falling prices in ferromolybdenum.
A Chinese trader said he was not surprised to see lower prices "when it is quiet and the market is a bit directionless."
