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Molybdenum prices slip in quiet market

London — The molybdenum market was slow on Monday amid the start of the Chinese New Year holidays, as well as Carnival in Germany.

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Prices fell as those in the market tried lower numbers in order to conclude sales, but found no willing buyers. "Not much moly talked today; more sellers than buyers and market more at the low end of the range," one European trader said.

One seller source said he had received a couple of inquiries, but "the price wasn't suitable." Others said they were trying to close business at $12.30/lb.

European ferromolybdenum was also quiet, with a trade reported at $30/kg, while there was also talk of offers at $29.90/kg.

The Platts daily dealer molybdenum oxide assessment fell to $12.20-$12.35/lb from $12.30-$12.45/lb. The daily European ferromolybdenum assessment was at $29.90-$30.10/kg from $30-$30.40/kg.

--Jitendra Gill jitendra.gill@spglobal.com
--Edited by Annie Siebert, ann.siebert@spglobal.com