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Platts reported that the moly oxide price slumped Tuesday as sellers outnumbered buyers in the market. One European trader commented, “[i]t’s a really quiet day; even Koreans are on holiday now.”
Platts reported that the moly oxide price slumped Tuesday as sellers outnumbered buyers in the market. One European trader commented, “[i]t’s a really quiet day; even Koreans are on holiday now.”
As quoted in the market news:
Sales in warehouse Busan were heard at $6.10/lb, although there were also buyers bidding for material at $5.95-$6/lb. In Europe, there were very few inquiries, although market participants said offers were still at $6.15/lb and above.
Sources said offers from producers in Busan were being made at $6.10/lb with indications they were biddable, but with little interest from buyers.
A second European trader said when producers were asked to make offers they were taking time to respond, and many inquiries were more for price checking. He added there was also a growing gap between offers to trade and consumers.
Meanwhile, a South Korean trader said he received offers from Europe at $6.10-$6.20/lb, but he had no interest at that price level.
“I can’t buy even at $5.90/lb in comparison with ferromolybdenum prices nowadays,” he said. “It’s difficult covering all the costs.”