Spot prices for European molybdic oxide and ferro-molybdenum have eased in Metal Bulletin's midweek assessment, with dealers booking profits after a market rally for much of the year to date.
Market participants expect the move to persist in the near term, with lower spot prices already being offered and expected to be booked soon, they said.Oxide prices have dropped on around 140 tonnes of reported trades, while the alloy market price range has eased on reported trades of about 280 tonnes. Metal Bulletin assessed the molybdic oxide price at $12.85-12.95 per lb in-warehouse Rotterdam compared with $12.90-13.10 per lb, on Wednesday March 14. The market hit an annual peak this year of $13.00-13.20 per lb around the start of March, rising from $9.80-9.90 per lb at the end of last year.For ferro-molybdenum, European prices...