European spot prices for molybdic oxide and ferro-molybdenum have extended their downward trend in the past week, with profit-taking reported after a market rally that has lasted for much of the year-to-date.
While alloy prices look vulnerable to further losses due to muted demand from consumers in the steel sector, which is under pressure from Asian exports, oxide prices appear more firmly supported given limited availability on the free market. Both spot markets have dropped about 3% in price in the past couple of weeks. Market activity has been low key this week given that many market participants have been attending Metal Bulletin's ferro-alloys conference in Hong Kong. Oxide prices have dropped on deals heard or offered of around only 50 tonnes, while the alloy market price range has dropped on reported trades and bids...