Molybdenum prices continued to decline this week. According to Metal-Pages, the spot price of ferromolybdenum, which foundries generally use in cast iron and steel, slipped to around $14.75 to $15.10 a pound in the US from $15 to $15.30 a pound two weeks ago.

Meanwhile, spot prices for molybdic oxide, which is used to make ferromolybdenum, dropped to $12 a pound from $12.25 last week. Molybdic oxide has now declined 50 cents in the last two weeks.

As well, US investment bank Dahlman Rose said last week that it believes that “molybdenum prices will likely remain range bound between $14-$16 per pound over the medium term.” At this point, the bank feels that a continued molybdenum surplus, spurred by a number of new projects in the next few years, will make it difficult for the metal to make more significant gains.

On a positive note, Dahlman Rose said it expects demand to rise 17 percent by 2015, thanks to increasing use of molybdenum for steel in energy projects and an overall increase in global steel demand.