Molybdenum prices edged down Tuesday with sales in Europe and Rotterdam, while European ferromolybdenum prices moved higher.
Oxide powder was sold in Rotterdam at $8.75/lb and $8.80/lb while in Asia $8.70/lb was concluded. A seller source said he was surprised to see the lower numbers as much of the market had been talking of prices at $9/lb.
"I guess it's quiet and maybe someone wanted to take the sale," he said.
With market participants at an industry conference in Asia, others agreed there were a few in the market keen to offer and talk higher prices.
A European trader said bids were at $9/lb for oxide powder in drums in Europe while a second seller source said offers had been heard for $9/lb in big bags.
European ferromolybdenum sales were heard late Monday at $21.60/kg DDP and $21.70/kg DDP, and on Tuesday at $21.80/kg DDP.
Sources said a European mill would be coming into the market Wednesday for molybdenum briquettes and ferromolybdenum.
The Platts daily dealer oxide assessment edged down to $8.70-$8.87/lb from $8.75-$8.87/lb while Platts daily European ferromolybdenum assessment moved up to $21.40-$21.70/kg from $21.20-$21.60/kg.
