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Molybdenum oxide prices consolidate above $11/lb

London β€” The price of molybdenum oxide continued to rise on Thursday, edging up 10 cents at the low end of its range as offers and bids consolidated above $11/lb.

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The Platts daily dealer molybdenum oxide assessment rose to $11-$11.30/lb from $10.90-$11.30/lb on Wednesday.

Market participants said the market was firm and was being driven by fundamentals. "It's a bull run, all on back of strong demand and constraints at suppliers," one European trader said.

All the offers heard were above $11.20/lb and reached as high as $11.50/lb, but there was very little buying during the day. Chinese material was heard offered at $11/lb, but there were no sales reported.

"The Western price has now passed the Chinese [price], but [there are] no buyers out there," a second European trader said.

Others said the market was now cautious as nobody wanted to make a mistake on the buy or sell side.

"I got two inquiries, but offered high because we're low on stock," one European supplier said, while a second seller said he was not offering material.

The Platts daily European ferromolybdenum assessment also firmed, rising to $26.30-$27.20/kg from $26.30-$26.70/kg.

Market participants said the bid-offer spread was wide, with a few offers at $26.50/kg in Rotterdam while others reported material had been sold as high as $27.20/kg.

Offers in Europe were heard as high as $27.50/kg, but no material was sold at this level, while South Korean material was heard offered at $27.40/kg.

"My sell interest is at $27.30-$27.35, but it's not a firm offer. I want to wait," a South Korean converter source said.

--Jitendra Gill

--Joanna Lim,

--Edited by Keiron Greenhalgh,