LONDON European ferromolybdenum and molybdic oxide prices inched up April 5 amid a marginal improvement in buying activity, market participants told AMM sister publication Metal Bulletin.
It has also been suggested that strikes by stevedores at numerous ports in Chile since mid-March could be impacting the market in Europe, especially for molybdic oxide (amm.com, March 22).
"There have been rumors on the market that Chilean producers have abstained from offering because of the strikes," one trader said.
"If thats the case, then $10.80 per pound (for molybdic oxide) would not fit," he added.
Metal Bulletins in-warehouse Rotterdam quotation for ferromolybdenum moved up to $27 to $27.30 per kilogram from $26.60 to $26.90 per kg previously.
The molybdic oxide quotation increased to $10.90 to $11 per pound from $10.80 to $11 previously, with suggestions that the price could soon break through $11 per pound.
"One of the producers has said that the strikes in Chile have gone on longer than expected," a second trader said. "Theres wariness now that there may not be deliveries of metal coming."
It has also been suggested that the dockworkers strikes in Hong Kong could be affecting the market, a third participant said.
"Its the ports in Chile, and its been rumored that its the strikes in Hong Kong as well," he said. "That has affected people because some of their containers got stuck. I havent heard of any effect on price yet, though."
A version of this article was first published by AMM sister publication Metal Bulletin.