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European ferromolybdenum firm, oxide slips in Asia

   European ferromolybdenum prices rose Friday on firm demand, while a lack of activity put pressure on molybdenum oxide prices in Asia. 

   A sale in Busan was reported concluded at $8.70/lb, while others reported similar offer levels. "It's not that Asia lacks confidence in oxide it's a two tier market with US levels not repeatable in Busan," a European trader said. 

   Sales in Busan were also reported at $8.70/lb while in Rotterdam offers were up to $9/lb and there was talk of a sale at $8.90/lb. 

   "It's very quiet but it's the end of the month, next week we'll see more activity," a European seller source said. 

   A sale to Japan was also reported in drums at $8.95/lb CIF basis. European ferromolybdenum continued to climb with sales reported in Rotterdam at $22/kg and offers above this level. "Material is genuinely tight in Europe," a second European trader said. 

  There was also talk of a sale above $22/kg, but Platts was not able to confirm. The Platts daily dealer oxide assessment was wider at $8.70-$9/lb from $8.75-$9/lb, while the daily European ferromolybdenum assessment moved up to $21.70-$22/kg from $21.60-$21.90/kg.




Contact: Happy Wang