Unusually quiet trading activity in molybdic oxide and alloys markets has pressured down prices in Europe so far this week, with the prospect of further falls if emerging offer prices for oxide are accepted and while steelmakers appear reluctant to buy alloys in a weakening market, sources said.
Metal Bulletin assessed European molybdic oxide prices at $11.10-11.20 per lb in-warehouse Rotterdam on Wednesday June 20, 10 cents lower than Friday's assessment. Ferro-molybdenum prices in Europe moved down to at $27.40-27.70 per kg in-warehouse Rotterdam on Wednesday from $27.55-27.80 per kg on Friday. Sources reported oxide offer prices already as low as $11 per lb in-warehouse, although no deals have been done at that level. That price is a psychological level that producers will be reluctant to break through because it may open up room for prices to move below the annual low of $10.70 per lb recorded at the start of the year. European ferro-molybdenum consumers in the steel sector appear satisfied with their long-term contracted intake of alloys and seem reluctant to replenish their stocks while spot prices continue to drop. Similarly to the oxide spot market, a...