European Spot Moly Prices Sink to $25 per Kilogram

Reuters reported that this week European spot molybdenum prices fell to a four-year low of around $25 per kilogram. Further declines are expected as a result of declining industrial activity this summer.

As quoted in the market news:

[Molybdenum] prices reflect conditions mostly in the stainless steel sector, which is battling with global overcapacity, poor demand due to slow economic growth and falling prices.

Traders said customers have been buying in small quantities as many buyers have adequatestocks to meet immediate needs.

“Buying in smaller quantities is still happening, but I am not seeing a real push in demand that is needed to lift prices. It is mainly hand-to-mouth buying,” a Europe-based molybdenum trader said.

Click here to read the full Reuters report.