European molybdenum oxide market high
2005-09-21 10:47:58 【Print】
BEIJING (Asian Metal) 21 Sep 05 – Directly reacting to the high price at which ferromolybdenum is being exchanged in the market at USD85-87/kg Mo d.p. in warehouse Rotterdam for prompt delivery, molybdenum oxide now trades firmly at USD33-34/lb in European market, up from USD31-33/lb last week.
A Spanish trader reportedly sold one truck load for USD34/lb in warehouse Rotterdam for prompt shipment yesterday. “The molybdenum oxide, being a derived demand and though relatively stable, is greatly being influenced by the increasing ferromolybdenum price which is trading on high level these days.”
However, a UK-based trading executive revealed that though the price is high at USD34/lb in warehouse Rotterdam, market is a bit slow. “Now, consumers prefer to wait with the hope that pressure might bear on producers and traders to reduce the price to around USD30-31/lb,” said the trading executive.
On the market outlook in the coming weeks, the trader added: “Stability in the market is partly dependent, among others, on what is happening in Huludao area because Chinese control substantial part of the market.”
