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Excess supply drags moly prices down

Keywords: Tags  molybdenum, ferromolybdenum, molybdic oxide, excess supply, Daniel Fitzgerald

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. "There’s a lot of ferromolybdenum around. I don’t think its crashing, but it is lower."

One producer source said that a recent stabilization in pricing after a period of decline (, Aug. 2) was mostly due to improved sentiment rather than any shift in market fundamentals. "There’s still more supply than demand. The market reversed a couple of weeks ago due to more positive indications from China, but demand didn’t actually change," he said. "There could be further weakness in pricing (as) the market remains soft."

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