The molybdenum oxide market in Europe has dropped on new deals reported midweek, with lower prices settled as consumers in the steel sector have been mostly absent in the month, sources told Metal Bulletin on Wednesday September 19.
With little sign of early September buying interest for molybdenum in Asia following through, European industry sources are expecting more downward pressure on domestic prices in the near term. Consumers in Europe have been slow to show buying interest for fourth-quarter smelting schedules, and have so far mostly adopted a wait-and-see approach to potential deals in September, sources said. There is little indication that much will change in consumer buying habits until possibly October, meaning further price losses in the European molybdenum market are likely in the next couple of weeks, they added. Metal Bulletin assessed...