Platts reported that there was a stall in moly oxide trading on Tuesday. The issue was “a deal at $8.95/lb in-warehouse Rotterdam,” which on Monday pushed the Platts daily dealer price to $8.95 to $9.05 per pound, its lowest level so far in 2014.

As quoted in the market news:

Some buyers in South Korea and China, initially eyeing purchases at $9/lb CIF, retreated Tuesday, seeking to buy at around $8.50/lb, sources said.

A South Korean trader, offering at $9/lb CIF Tuesday, said he did not receive any counter-bids.

Some sellers have also retreated from the market.

‘If the price is sliding lower, I would not buy, if price is at the bottom, I would not sell,’ another South Korean trader said.

A Japanese buyer said spot sellers were difficult to find in Asia.

Click here to read the full Platts report.