NEW YORK Molybdic oxide and ferromolybdenum prices have
taken another hit, with lackluster spot demand forcing molybdic
oxide transactions below $10 per pound for the first time since
AMMs molybdic oxide price dropped to $9.60 to $9.80 per
pound from $10.40 to $10.90 previously, the lowest molybdic
oxide price since trading in a range of $9 to $9.50 per pound
in June 2009. Meanwhile, ferromolybdenum prices dropped to
$11.70 to $11.95 per pound from $11.90 to $12.25 previously.
There are more keen sellers right now. Its not a
pretty picture, one trader said.
A lot of customers are coming up on their summer
maintenance period, so we expect prices to come off a little
more by the end of the month, one producer said.
I just dont see any indicators that weve
reached the bottom. Demand has been pretty lackluster, so if we
see even more of a drop-off because of maintenance then we
really havent hit the bottom, he added.
The producer said that the drop-off in consumer demand has been
more pronounced in end-markets such as oil country tubular
Generally speaking, weve seen fewer requests for
FeMo truckloads, which would imply that some of the steel
manufacturers using FeMo to trim their heats are impacted by
the lackluster demand, he said.