Molybdenum puts on the brakes

Moly Investing News reports molybdenum prices have been hit hard and is at its lowest since 2004.

The market price of molybdenum oxide has been maintained on a comparatively high level at US$32 to US$33 per pound of Mo even while the other metals collapsed. This steep fall for molybdenum oxide is due to the offensive taken for disposals of molybdenum stocks at discounted prices. Fears that the stainless steel market would plunge are also largely responsible for the metal’s drop. Current miners involved in the molybdenum industry are finding ways to cope with the dramatic price drop.

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