European ferromolybdenum prices rose Friday on firm demand, while a lack of activity put pressure on molybdenum oxide prices in Asia.
A sale in Busan was reported concluded at $8.70/lb, while others reported similar offer levels. "It's not that Asia lacks confidence in oxide it's a two tier market with US levels not repeatable in Busan," a European trader said.
Sales in Busan were also reported at $8.70/lb while in Rotterdam offers were up to $9/lb and there was talk of a sale at $8.90/lb.
"It's very quiet but it's the end of the month, next week we'll see more activity," a European seller source said.
A sale to Japan was also reported in drums at $8.95/lb CIF basis.
European ferromolybdenum continued to climb with sales reported in Rotterdam at $22/kg and offers above this level.
"Material is genuinely tight in Europe," a second European trader said.
There was also talk of a sale above $22/kg, but Platts was not able to confirm.
The Platts daily dealer oxide assessment was wider at $8.70-$9/lb from $8.75-$9/lb, while the daily European ferromolybdenum assessment moved up to $21.70-$22/kg from $21.60-$21.90/kg.
