Market turmoil makes its mark on moly

Moly Investing News reports molybdenum prices took a hit from the recent financial turmoil and bail-out package set by US congress.

Trading of the metal has dropped off; and analysts predict that many are ‘waiting it out”. Traders offered different accounts of what the metal was actually selling for with one trader in Europe proclaiming that Chinese material was being offered in the US $70 to US $71 per kilogram range. However, several sources said that Chinese suppliers had become extremely aggressive sellers in the wake of the financial crisis with prices as low as US $62 per kilogram FOB.

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