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Molybdenum, ferrovanadium prices slide amid slowdown

Keywords: Tags  molybdenum, ferromolybdenum, ferrovanadium, molybdic oxide, Daniel Fitzgerald

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. "You’re in the summer season. Demand remains pretty good, but there’s a negative perception in the market. There’s 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 there’s spot business you’ve got several people eager to sell."

However, a second ferrovanadium trader said that despite the scarcity of spot activity, overall volumes were still strong. "We’re going to have the best month in terms of volume to contract customers that we’ve 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 won’t necessarily buy any less if you don’t lower the price, and there’s not really that much ferromolybdenum available. I don’t want to sell at these levels."

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