Molybdenum oxide started the week Monday with a jump in prices as market participants said interest and concluded business was growing.
Sources in Asia and Europe said they had received inquiries over the day for oxide powder and briquettes. Sales were reported up to $9.05/lb in Busan and $9/lb in Rotterdam. Offers at the end of the day heard at $9.15/lb although there was no confirmation at this price level.
"Prices are coming up and the market looks healthy; lets hope it lasts," one European trader said. Others said the price was being driven up by a lack of availability as well as restocking from mills which was supporting a longer-term trend for prices.
"People have now realized there is not enough material around," a second European trader said.
In Asia, sources said a South Korean mill tender to be concluded this week was driving interest.
The Platts daily dealer molybdenum oxide assessment was higher at $8.85-$9.05/lb from $8.70-$8.90/lb along with the daily European ferromolybdenum assessment at $21.80-$22.10/kg from $21.60-$21.90/kg.
