Molybdenum spot prices have dropped again, reportedly prompting
a flurry of interest from consumers that may put a floor on
Molybdic oxide is
trading in a range of $9.10 to $9.55 per pound, down from $9.20
to $9.80 previously, while ferromolybdenum has fallen to $11 to
$11.40 per pound from $11.70 to $11.95.
It is the lowest
molybdic oxide price since May 2009, when the material was in a
range of $9 to $9.50 per pound. Market participants forecast
recently that it could soon breach the $9 mark (
amm.com, July 19), although some now say the price
drop has prompted buyers to show renewed interest as they look
to capitalize on the price lull before the trend reverses.
One producer source
said there had been particular interest from Chinese consumers
who came back into the market over the past week. "The first
part of the week was incredibly activewe had two to three
times the number of inquiries that we had the week before," he
said. "Im not expecting prices to sustain any kind of
increase, though, so maybe well stabilize here for a bit.
I wouldnt be surprised to see them drop again with the
summer maintenance period still going."
said the ferromolybdenum price drop was prompted largely by the
recent drop in molybdic oxide, with the spread between the two
items widening in recent weeks.