Molybdenum prices started the week Monday on a lower note as offers fell below $12/lb as buyers remained absent.
A mill in Central Europe was heard to have bought oxide powder at $12/lb DDP while offers in trade were at 11.90/lb in Rotterdam. Market participants said the lack of buying interest was pushing down prices but there were no desperate sellers.
Sellers said there were few inquiries made for oxide powder while others said they did not even receive calls to check prices.
"It's better not to talk to anyone, you just talk the market down," a European trader said.
Market participants said they were not surprised to see lower prices.
"It went up to fast and too high," a second European trader said.
European ferromolybdenum offers were still on the high end of the range as tight supply continued to support prices.
The Platts daily dealer molybdenum oxide assessment moved to $11.90-12/lb from $12-$12.10/lb. The daily European ferromolybdenum assessment was at $30-30.20/kg.
