Moly Oxide Trading Between $9.80 and $9.90 per Pound

Platts reported that its daily molybdenum oxide price is $9.80 to $9.90 per pound, though most deals are being conducted at the bottom of that range. Traders do not seem to be overly optimistic about prices.

As quoted in the market news:

A European trader said he had sold 20 mt of oxide powder at $9.80/lb in warehouse Rotterdam. He noted that the molybdenum market had been quiet over the week with fewer sales because of an industry conference over the first half, as well as seasonal mid-month sluggishness.

‘Prices have come down because the week got quieter,’ he said.

A second European trader said he felt optimism over prices at the start of the week was overdone.

‘Everybody said moly is going up but I don’t think it will,’ he said.

A third trader source described the market as stable to weak.

‘It’s reasonably steady but we will now see liquidation. People will want to take profit now,’ he said. ‘Prices will come down but I can’t see it crashing down.’

Click here to read the full Platts report.