NEW YORK Molybdenum spot prices have dropped again, reportedly prompting a flurry of interest from consumers that may put a floor on pricing.
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."
Market participants 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.