NEW YORK Molybdenum, ferromolybdenum and ferrovanadium prices have all slipped as traders try to chase sales during the summer slowdown.
Canned molybdic oxide fell to $10.40 to $10.90 per pound from $10.90 to $11.30 previously, while the range for ferromolybdenum tightened to $11.90 to $12.25 per pound from $11.90 to $12.45. Ferrovanadium slipped to $12.60 to $13 per pound from $13 to $13.50.
"Smaller quantities are still going for $13 per pound and over," one ferrovanadium trader said. "Youre in the summer season. Demand remains pretty good, but theres a negative perception in the market. Theres a lack of vision as to what is going on, and to some extent traders are trying to minimize risk and liquidate positions, so when theres spot business youve got several people eager to sell."
However, a second ferrovanadium trader said that despite the scarcity of spot activity, overall volumes were still strong. "Were going to have the best month in terms of volume to contract customers that weve had in a year. Overall sales are good, but spot sales are slim pickings."
Meanwhile, one molybdenum producer said he likely would sit out the market while prices decline. "The market seems to be falling away faster than makes sense," he said. "Steel companies wont necessarily buy any less if you dont lower the price, and theres not really that much ferromolybdenum available. I dont want to sell at these levels."