NEW YORK Molybdenum prices have continued to fall on tepid spot interest, forcing sellers to cut prices in order to move material.
Molybdic oxide is now trading between $10.75 and $11 per pound, down from between $11 to $11.30 per pound March 15. Meanwhile, ferromolybdenum has narrowed to between $12.40 and $12.50 from $12.40 to $12.65 per pound in the same comparison, with a truckload of consumer business reported at the top end of the range this past week.
At this time last year, molybdic oxide was between $14 and $14.30 per pound and ferromolybdenum between $15.85 and $16.25 per pound (amm.com, March 16, 2012).
"Theres just a lack of spot. The concern is that inventories have grown and spot activity is next to nothing," one trader said of the falling prices.
"People are chasing after business," a second trader agreed.