The European ferro-molybdenum market, which climbed almost 2.5% in trading a week ago, has pared gains since Friday in line with a drop in demand.
Suppliers said there is plenty of alloy available if needed amid negligible levels of consumer demand and they have cut their offer prices as a result.The ferro-molybdenum, basis 65%, in-warehouse Rotterdam price has dropped 20 cents to $29.20-29.40 per kg on Wednesday December 12 from Friday. Only a couple of tonnes was reported traded at $29.25 per kg in-warehouse, with another deal for 25 tonnes heard traded at $29.20 per kg. "It looks like the target of getting back to early August's level of $30 per kg has been lost for this year," one trader said. "The alloy market looks more like it's dropping below $29 per kg in the next couple of weeks,...