LONDON Ferromolybdenum prices wont improve before year-end, market participants have said.
"It seems to be steady as she goes. Its very much hand to mouth, and that seems to be continuing," one trader told AMM sister publication Metal Bulletin. "There are no real forecasts for next year, but there is a risk of closures and cutbacks."
This year, market participants have had to grapple with price lows approaching those witnessed during the worst of the financial crisis in 2009, as well as sudden and significant rises.
In the final two weeks of August, prices rose to a high of $33.10 per kilogram ($15.01 per pound), up 23.7 percent from the periods low point of $26.75 per kg ($12.13 per pound). In early October, they then came hurtling back down to $26.50 per kg ($12.02 per pound).
"Theres nothing really going on now. Volumes are still slowing, and the spot market is pretty dead," a second trader said.
Ferromolybdenum prices moved up slightly on the low end Wednesday, as market participants reported no business much below $27 per kg ($12.25 per pound), but noted no breakthroughs past the previous high of $27.40 per kg ($12.43 per pound).
The Metal Bulletin quote stood at $26.90 to $27.40 per kg ($12.20 to $12.43 per pound) Wednesday, but isnt expected to rise much further before year-end.
Molybdic oxide prices remained flat at $10.90 to $11.15 per pound.
A version of this article was first published by AMM sister publication Metal Bulletin.