European spot prices for molybdic oxide and ferro-molybdenum have increased after a withdrawal in spot supplies of oxide prompted a bout of short-covering that is likely to persist in the near term, according to industry sources.
The bounce in prices comes after a steady decline in the markets since the start of March, when profit-taking had knocked ferro-molybdenum and oxide prices down from annual peaks of $30.80-31.80 per kg and $13.00-13.20 per lb, both on an in-warehouse basis, respectively. Last week, however, major molybdenum and oxide supplier Molymet signaled that it has withdrawn from the spot market for the time being, according to an industry source.Trades for around 65 tonnes of ferro-molybdenum were heard on Friday April 20, with deals for about 80 tonnes of oxide also reported.Metal Bulletin assessed European molybdic oxide prices at $11.90-12.30...