Moly Price Falls as Cheap Offers Flood Market

Metal Bulletin reported that the molybdenum price fell Friday “as producers scrambled to win a consumer tender” and overloaded the market with “cheap offers.”
As quoted in the market news:

“Buyers have cottoned onto the fact that they hold all the cards,” a trader told Metal Bulletin. Ferro-molybdenum prices traded at $14.50-15.10 per kg, down from $15.60-16.00 per kg on Wednesday. Molybdic oxide prices dropped to $5.50-5.70 per lb, compared with $5.80-6.10 per lb on Wednesday. “Producers were fighting like Hell, it was a crazy, hard fight,” one market source said of the tender process.

Click here to read the full Metal Bulletin report.