Molybdenum oxide prices firmed Tuesday with business in Rotterdam leading the increase, market participants said.
Sources said offers were up to $9/lb in Rotterdam and although there were not so many inquiries, there were fewer offers. A deal was reported at $8.95/lb in Rotterdam for oxide powder while two lots of briquettes were also sold at a netback of $8.90/lb.
"There is not a lot of business going on but everybody is saying prices are firm," one European trader said. Others said they had not heard of concluded deals but offers were still being heard at $9/lb and higher.
"People aren't really offering very much today," a second European trader said, adding he had several bids at $8.90/lb for oxide powder in Europe but did not offer.
In Asia, a trader reported $8.85/lb and $8.90/lb for oxide powder concluded in Busan while others said there was not very much interest for molybdenum.
"I'm not selling nor buying, the market is quiet," a Chinese trader said.
With many market participants at the International Molybdenum Association meeting in Boston it was quieter than usual in Asia and Europe. The view at the conference, according to participants, was that prices are firm but unlikely to race up.
The Platts daily dealer molybdenum oxide assessment was higher at $8.85-$8.95/lb, from $8.70-$8.90/lb, while the European ferromolybdenum market was unchanged at $21.70-$22/kg Rotterdam basis.
