Molybdenum oxide moved wider Tuesday as prices in Asia softened, but the market saw increases in the US and Europe.
Sales were reported in Busan at $7.55/lb and $7.60/lb, while in the US trade was reported at $7.80/lb and $7.90/lb CIF basis.
The buyer at $7.55/lb in Busan said there had been more interest in the Asian morning but this had not translated to many sales or higher prices. Others agreed demand in Asia was soft.
"Asia is the market with little liquidity," a European trader said.
A seller source said the higher prices in the US were being driven by "a tight market and lack of supply." Others said Europe also looked firmer in the afternoon, with offers up to $7.85/lb, although bids were around $7.65/lb.
In Japan, sales were reported at $7.65/lb CIF Osaka and $7.75/lb on Monday. A trader source said some specialty steel mills in Japan were doing well and may either exercise options or look for supplies from the spot market.
A Chinese trader said he was offering at $7.70/lb and higher but was rejecting bids closer to $7.60/lb. "I'm not keen to sell -- expecting the market to improve after a while," he said.
Consumer tenders for European ferromolybdenum also saw prices move higher. Sources said offers had moved up above $19/kg and bids were also increasing.
"Supply is tight and people don't want to sell too cheap," a second European trader said.
The Platts daily dealer oxide assessment widened to $7.55-$7.85/lb from $7.65-$7.75/lb, and the daily European ferromolybdenum assessment moved to $18.90-$19.20/kg from $18.70-$19.20/kg.
