Molybdenum oxide prices continued to slip Wednesday as market activity increased in Europe and Asia.
Sales were reported at $6.95/lb in Busan and up to $7.05/lb in Europe and Asia. A 20 mt lot was also concluded at $7.10/lb in drums Busan.
The Platts daily dealer oxide assessment fell to $6.95-$7.05/lb from $7-$7.10/lb, while the daily European ferromolybdenum assessment was also lower at $17.80-$18.20/kg from $18-$18.20/kg.
Market participants said there was a lot of activity, with buyers keen to secure units and sellers offering limited volumes. "People heard the $6.95/lb and it spreads like wildfire," one European trader said.
A Chinese trader said he had received bids under $7/lb but did not want to sell.
A second Chinese trader said he had tried to bid at $7/lb for molybdenum oxide in Busan, but was not able to find many sellers.
Others agreed there was talk of low prices, and briquettes were also reported concluded at $7.10/lb in Europe.
A producer source said he had also received several bids at $7.10/lb for briquettes but did not conclude any sales at this level.
European ferromolybdenum was reported at $17.95/kg DDP by a producer, while others said a tender in Central Europe was concluded at $17.70/kg DDP.
A mill in Western Europe was also reported to have bought material at $17.70/kg DDP, but the price could not be confirmed.
A second European trader said he had a bid at $17.70/kg but had rejected the seller, while another said $18.20/kg was still possible at the start of the day.
