The current rally in molybdic oxide and ferro-molybdenum prices has persisted this week, with deals reported pushing price ranges up to new highs although demand is slowing, sources told Metal Bulletin.
The rally this year has propelled oxide prices to a three-and-a-half-year high, with ferro-molybdenum prices increasing to the same historical comparison. Molybdenum drummed molybdic oxide prices were last assessed at $12-12.20 per lb, from $11.40-11.65 per lb, in-warehouse Rotterdam on Wednesday January 24. The market was assessed at $9.80-9.90 per lb at the end of last year. The European molybdic oxide market is now at a level last seen in August 2014, a year when the market peaked at $14.80-15.30 per lb in May. This week only 20 tonnes were reported traded, down from 180 tonnes of oxide the week before. Another deal was heard at $12.50 per lb for 15 tonnes of oxide, but was not confirmed. The one deal reported this week was reported at a sales...