Buying activity in the molybdenum oxide market picked up as the week drew to a close Friday, but prices reported were predominantly at lower levels.
Oxide briquette business was concluded in Europe at $5.35/lb delivered customer, down 9 cents/lb from briqs sales booked at $5.44/lb at the start of the week.
In an overall quiet week in Asia, Japanese steel mills returned to the market with tenders for both moly oxide and ferromolydenum late in the week.
One steel mill was looking for 20-40 mt of ferromoly with delivery in April, while inquiries for around 100 mt of oxide in total were posted and due to close late this week/early next week.
One supplier reported selling several containers of drummed oxide on a CIF Japan basis at a price close to $5.20/lb.
"I think it would be difficult to do anything above $5.25/lb now," the supplier said, though another seller said they were able still to achieve sales at above $5.35/lb in India.
In the US, a producer said spot activity was subdued but contract sales were ticking over, adding: "Consumers are not asking for anything extra but they're taking their base quantities."
The Platts daily dealer oxide assessment range slipped 5 cents to $5.20-$5.30/lb from $5.25-$5.35/lb previously, while the daily European ferromolybdenum assessment was down 10 cents at $13.40-$13.70/kg.
