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Platts reported that the moly oxide price rose Thursday on the back of lower availability of prompt oxide powder in Rotterdam. Buyers were forced to accept a price jump due to the dearth of material.
Platts reported that the moly oxide price rose Thursday on the back of lower availability of prompt oxide powder in Rotterdam. Buyers were forced to accept a price jump due to the dearth of material.
As quoted in the market news:
In Asia, sources said they were waiting for the European trading day to start before deciding offer levels as they heard higher prices overnight.
“It’s hard to decide whether to buy or sell, so will wait and monitor the market a while,” a Chinese trader said.
Two sales to traders were reported in Busan at $6.05/lb for 20 mt of oxide powder each.
The seller said inquiries were being made but there was not a great deal of activity.
A European trader said he was not seeing much activity in Asia and bids were still being made at levels seen a week ago, which he was firmly rejecting.
“There’s no appetite from the converters,” he said.
In Europe, sources reported offers at $6.40/lb in Rotterdam, although no business was concluded at this level.
Two European traders reported business at $6.15/lb in Rotterdam for 20 mt lots, while a third said he had received firm bids at $6.10/lb.
European market participants said there were no offers being made from producers in Rotterdam, with talk there was a tightness in the supply situation.