European spot prices for molybdic oxide and ferro-molybdenum have dropped in line with demand on the spot market, with dealers expecting further price losses until renewed demand is triggered.
The markets have been virtually inactive in terms of reported trades, with suppliers cutting their offer prices to encourage buying interest, but consumers seem content with their current stockpiles at present. Still, underlying consumption in the steel sector is strong amid operating rates that are running close to, or at, production capacity. This is expected to stem attempts at steeper price cuts in molybdenum markets, while oxide supplies seem limited this year against flat output levels and no new planned production. This should cause a bounce in oxide prices and result in a knock-on effect for alloy prices, sources said. Metal Bulletin assessed the molybdic oxide price at $12.10-12.25...