Renewed demand in the European molybdic oxide and ferro-molybdenum markets has pushed prices higher this week after dipping the week before when slower demand encouraged profit-taking, sources told Metal Bulletin.
Metal Bulletin assessed molybdic oxide prices at $12.10-12.50 per lb in-warehouse Rotterdam on Wednesday February 7, up 50 cents from Friday. The market was assessed at $9.80-9.90 per lb at the end of last year. For ferro-molybdenum, European prices moved up to $30.00-30.40 per kg in-warehouse Rotterdam on Wednesday, from $29.70-30.00 per kg previously, resuming a run that has boosted market prices by about 20% since the end of last year. The market was at $24.50-25.10 per kg at the end of December 2017. "If oxide prices are picking up then even $30.50 per kg for alloy is a bit low," one oxide supplier said. "If oxide increases above $12.50 per lb then ferro-molybdenum should be above $30.50 due to the surcharge. But some people are holding a position on ferro-molybdenum and so don't really care about oxide prices." The current surcharge, which converters get for turning oxide...