Molybdic oxide and ferro-molybdenum prices in Europe have strengthened to three-month peaks in trading so far this week, with tightness - and rising prices - in Asia prompting renewed demand in the West.
Prices of both have steadily run higher in Europe since the start of July after they had dropped through June. And with higher offer prices already being reported in Europe against apparent tightness of material in Asia, it seems there is scope for more European price increases in the coming days.But a clearer outlook on fundamental demand in Europe may emerge only in the domestic sector late in August when industry workers and traders return in full after their holidays.Metal Bulletin assessed the European molybdic oxide price at $12.10-12.30 per lb in-warehouse Rotterdam on Wednesday August 1, up from $10.65-10.80 per lb on Friday.The ferro-molybdenum price in Europe was $30.00-30.20 per kg in-warehouse Rotterdam on Wednesday, up almost 3% from the previous assessment of $29.00-29.50 per kg.Asian deals have been done at the...