Spot prices for European molybdic oxide and ferro-molybdenum have increased so far this week despite the absence of China, with most market sentiment suggesting further gains in the near term, sources told Metal Bulletin.
Metal Bulletin assessed molybdic oxide prices at $12.30-12.45 per lb in-warehouse Rotterdam on Wednesday February 21, up from $12.20-12.30 per lb on Friday. The market was assessed at $9.80-9.90 per lb at the end of last year. For ferro-molybdenum, European prices edged up five cents to $29.85-30.30 per kg in-warehouse Rotterdam on Wednesday. The market, which dipped earlier in February as the Chinese market effectively shut down for a national week-long holiday, is well up on its price range seen late last year when it was $24.50-25.10 per kg at the end of December. "All molybdenum markets are quieter in Europe due to the Chinese New Year holidays which have already seen most Chinese traders depart," a trader said. "As a result, prices are moving towards the bottom end of their current price ranges, although there are few trades, if any, to be heard of in Europe." "We've seen consumers coming...