NEW YORK Domestic ferromolybdenum prices have fallen as producers were said to be aggressively chasing a handful of consumers that came into the spot market this past week.
"The producers need to sell before the end of the year," one trader said.
Prices are now between $12.35 and $12.65 per pound, down from between $12.60 and $13 per pound previously, with consumer business for half-truck and truckload quantities reported at both ends of the range this past week.
Prior to the flurry of low-priced activity this past week, the U.S. ferromolybdenum market had been quiet for weeks as consumers were largely absent.
At the same time, molybdic oxide prices have strengthened as some suppliers sit out.
"The producers dont want to sell anything (intertrade) at the moment," the trader said.
Molybdic oxide tags are now between $11.10 and $11.50 per pound, up from between $11.10 and $11.30 per pound previously, with truckload business concluded at the high end of the range this past week.