Spot prices in the molybdenum market edged up Monday as sentiment stayed firm despite the proximity to the traditionally slow Christmas/New Year holiday season.
In Asia, spot prices were heard in a wide range on thin trade. One Chinese trader offered oxide powder at $6.75/lb ex-warehouse Busan, while a South Korean trader said indications, not firm offers, were at $6.65-$6.70/lb, basis unknown.
On lot of oxide powder was reported booked at $6.70/lb in-warehouse Busan, with a less-than-truckload lot sold in India at a similar price, but offers at $6.75/lb failed to find buyers, sources said.
"People don't want to sell, not even at the [Platts Metals Week] mean," said one European trader, citing offer levels at $6.65-$6.70/lb, but no lower.
"With these limited volumes it's firm, or talked firm, but there's no follow-through demand," he added.
The Platts daily dealer oxide assessment was up 5 cents to $6.60-$6.70/lb from $6.55-$6.65/lb previously.
Ferromolybdenum business in Europe continued to tick over, with truckload sales reported at prices equating to $16.90/kg in-warehouse Rotterdam and $17.05/kg on a delivered basis, prompt.
Consumers are still booking material for this month, one seller noted.
"All the sales I have at the moment are for supply this month. I would have expected inquiries for early January to be coming in, but they're buying to consume it this year," he said.
The Platts daily European ferromolybdenum assessment also was up 5 cents at $16.85-$17.05/kg.
