Spot trade of molybdenum oxide powder was thin in Asia Tuesday despite the return of Chinese traders after a week-long National Day holiday as participants sought clearer market direction, sources said.
Platts moly oxide daily dealer price stood at $9.30-9.45/lb Tuesday, up from $9.10-9.20/lb on September 30, having risen steadily since offers below $9.30/lb in warehouse/CIF disappeared from global markets October 1.
Japanese and South Korean traders said they were hoping Chinese traders returning to the market this week would provide near-term price direction by either aligning their offers with recent spot deals in Europe above $9.40/lb in-warehouse, or offering at the level reflecting their market outlook.
Two Chinese traders contacted Wednesday said they had yet to offer spot, with one saying he was trying to understand the market before doing so.
A third Chinese trader suggested a possible offer at $9.60/lb CIF Japan to a Japanese buyer, but declined to make a firm offer.
"The seller wanted to wait for more market direction... domestic moly oxide prices in China are at $9.60/lb, but whether overseas buyers would accept that is questionable the seller said," the Japanese buyer said.
A South Korean trader said: "Chinese traders are not offering, so we will follow; I am a watcher today."
A second South Korean seller said: "I will also follow China, and I also did not receive any inquiries today so I have not offered."
South Korean buyers indicated possible buying interest at $9.35-9.40/lb CIF Busan, while sellers indicated at $9.50-9.60/lb CIF main port Asia.
Separately, a South Korean market participant reported a sale closed last week for 20 mt of moly oxide powder in bags at $9.40/lb CIF to a buyer in Southeast Asia.
