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Molybdenum slips but downside looks limited

London β€” Molybdenum prices edged down Wednesday, with sources in Asia and Europe reporting a lack of interest in oxide powder.

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"I could not find a buyer," a European trader source said, adding he had heard of a deal at $11/lb or below in Rotterdam.

A second European trader said he had looked for oxide material at $11/lb or below, but there were no offers at this level and sellers were not accepting bids. "There are no aggressive offers out there yet," he said.

A deal was reported in Europe at $11.05/lb in Rotterdam.

Others agreed there was discipline in the market despite prices seeing a trend reversal. In Asia, a Chinese trader said he had rejected a bid at $11/lb as demand was well supported from the Chinese stainless steel market.

The Platts daily dealer molybdenum oxide assessment fell to $11-$11.15/lb from $11-$11.20/lb.

The daily European ferromolybdenum assessment was $26.30-$26.75/kg, with sales to mills reported at the bottom of the range, after being assessed at $26.30-$27.20/kg on Tuesday.

Market participants said there was a flurry of inquiries for ferromolybdenum from traders as well as mills.

One seller source said that while he was expecting to see more buyers in the market, "it's only the second week of the year."

--Jitendra Gill,
--Alvin Yee,
--Edited by Richard Rubin,