Molybdenum came back down Wednesday as the market refused to accept the higher price range, although activity picked up.
The Platts daily dealer oxide assessment was at $7.30-$7.40/lb from $7.30-$7.45/lb Tuesday, the same level as Monday.
Market participants said there was more interest and purchases from end users and traders although bids were below or at the low end of the S&P Global Platts price range from Tuesday.
"People waited until the last minute to purchase but don't want to pay the higher prices," a European trader said.
Deals for oxide powder were reported in Busan and Rotterdam at $7.30/lb and $7.35/lb and in Rotterdam alone at $7.35-$7.40/ln as well as $7.40/lb.
A producer source said he had tried to sell at $7.40/lb but was not able to achieve the sale. Others said they were seeing strong resistance to the higher numbers.
A European trader said he bought oxide powder at $7.30/lb: "It was not easy and I am not even sure if this number could be repeated again."
In Asia, sources said offers were over $7.40/lb but there was no interest at this level.
One Chinese trader said, "the Asian market has not been able to reach any numbers above $7.30/lb, so the offers are just following European market up."
The daily European ferromolybdenum assessment was lower at $18.40-18.60/kg from $18.60-$18.80/kg.
Deals were reported at $18.40/kg, $18.55/kg and $18.60/kg. Market participants said they were expecting to see more consumer interest before the end of the week.
