NEW YORK Molybdic oxide and ferromolybdenum prices have eased in recent weeks, with excess supply dragging down the market.
The molybdic oxide price range tightened to $9.10 to $9.30 per pound from $9.10 to $9.55 previously, the lowest level since May 2009, and ferromolybdenum tightened to a range of $11 to $11.30 per pound from $11 to $11.40.
"Some guys are saying (molybdic oxide) will move down to $9 per pound again," one trader said. "Theres a lot of ferromolybdenum around. I dont think its crashing, but it is lower."
One producer source said that a recent stabilization in pricing after a period of decline (amm.com, Aug. 2) was mostly due to improved sentiment rather than any shift in market fundamentals. "Theres still more supply than demand. The market reversed a couple of weeks ago due to more positive indications from China, but demand didnt actually change," he said. "There could be further weakness in pricing (as) the market remains soft."