Molybdic oxide prices are moving up on reports of increased
consumption and tight supply, confounding market expectations
that the material could fall below $9 per pound for the first
time in more than four years.
Molybdic oxide is at
$9.50 to $9.70 per pound, up from $9.20 to $9.40 previously and
a mid-August low of $9.10 to $9.30 per pound (
amm.com, Aug. 16), the lowest range since May
"Oxide keeps going
up," one trader said. "You cant get material anywhere.
Producers are holding supply somewhat, and thats pushing
The U.S. market was
buoyed by higher demand and prices in Europe early this past
week, while domestic contract business also experienced strong
demand, a producer source said.
"We have had huge
demand from sectors that serve the automotive industry. ... A
lot of the price movement is largely seasonal, with traders
going long, but theres definitely been increased
consumption buying, too," he said.
at $11.20 to $11.50 per pound.