NEW YORK Molybdic oxide and ferromolybdenum prices have ticked up slightly, but producer sources are hesitant to describe the movement as a rebound.
Molybdic oxide is trading in a range of $9.20 to $9.40 per pound, up from $9.10 to $9.30 previously, while ferromolybdenum has risen to $11.10 to $11.40 per pound from $11 to $11.30.
Producer sources told AMM that the movement was more indicative of price stabilization than a recovery, with market participants previously predicting that molybdic oxide prices could fall below the $9-per-pound mark for the first time since May 2009 (amm.com, July 26).
"I would say its reflecting stability; its still been relatively quiet," one producer source said. "I do think its a little hard to predict demand right now, so I wouldnt expect prices to move far up or down from here."
The movement "is so slight that its hard to point to anything specifically, demand-wise," a second producer source said. "It could be buying in anticipation of increased orders in September, but who knows."