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.
Itll be below $9 per pound soon. The market is
going straight down, one trader said.
A second trader said: Oxide looks like its going to
breach $9 per pound very soon. Theres just oversupply.
Im getting offers from (one producer) saying whatever we
can get, well 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
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 its 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