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Molybdenum oxide prices slip as sellers drop offers
DateTime: 2015-8-12 13:55:15    

The molybdenum oxide market edged down Tuesday as more sellers came into the market, while buyers remained mainly absent.

Sales in warehouse Busan were heard at $6.10/lb, although there were also buyers bidding for material at $5.95-$6/lb. In Europe, there were very few inquiries, although market participants said offers were still at $6.15/lb and above.

Sources said offers from producers in Busan were being made at $6.10/lb with indications they were biddable, but with little interest from buyers.

"It's a really quiet day; even Koreans are on holiday now," one European trader said.

A second European trader said when producers were asked to make offers they were taking time to respond, and many inquiries were more for price checking. He added there was also a growing gap between offers to trade and consumers.

Meanwhile, a South Korean trader said he received offers from Europe at $6.10-$6.20/lb, but he had no interest at that price level.

"I can't buy even at $5.90/lb in comparison with ferromolybdenum prices nowadays," he said. "It's difficult covering all the costs."

The Platts daily dealer oxide assessment moved to $6-$6.10/lb from $6-$6.15/lb, and Platts' daily European ferromolybdenum assessment slipped to $15-$15.40/kg from $15-$15.50/kg.

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