Molybdenum prices were lower Friday as sources said there were very few inquiries in a dull market.
A deal was reported in Busan, South Korea, at $7.65/lb although several sources said there were indications they could buy lower but did not want to buy.
There was a little more interest in Asia with tenders expected in the coming week but sales were still thin.
"The market is a bit quiet, a couple of people asking about prices but no genuine buyers," a Chinese source said.
Offers were heard up to $7.80/lb but were generally rejected. One European seller said he had rejected a bid at $7.70/lb.
A European trader said he was not expecting to see the market pick up as mills had come in over the last couple of weeks and those traders still holding material would likely try to take profit.
However, others suggested there was not so much material in the market.
"The price rally didn't see that many purchases," a second seller source said. "It was more supply driven."
The Platts daily dealer oxide assessment was lower at $7.65-$7.75/lb from $7.70-$7.80/lb while the daily European ferromolybdenum assessment was also down to $18.70-$19.20/kg from $18.70-$19.30/kg.
Sources agreed European traders would not find material below $19/kg but offers to steel mills were aggressive.
