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Molybdic oxide falls again, approaches $9 per pound

Keywords: Tags  molybdenum, molybdic oxide, molybdenum prices, moly demand, Daniel Fitzgerald

NEW YORK — Molybdic oxide prices have dropped further, with traders now predicting that transactions will soon fall below the $9-per-pound mark.

Molybdic oxide widened to a range of $9.20 to $9.80 per pound from $9.60 to $9.80 previously, its lowest range in over four years. Market participants said that traders and producers are continuing to chase sales.

“It’ll be below $9 per pound soon. The market is going straight down,” one trader said.

A second trader said: “Oxide looks like it’s going to breach $9 per pound very soon. There’s just oversupply. I’m getting offers from (one producer) saying whatever we can get, we’ll take. So, $8.50, here we come.”

Molybdenum has not traded below $9 per pound since May 2009, when the item was priced in a range of $8.30 to $8.80 per pound.

“Moly is a dog, chrome is a dog, everything is in the doldrums,” a third trader said. “We see the steel capacity utilization creeping up slowly, and it’s now at around 78 percent. But even at that level it is not inducing anyone to come into the spot market. We are hoping more business will materialize in the last month of the quarter.”

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