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Molybdenum oxide market moves lower on Asia sales

London β€” After holding steady for the previous two days, molybdenum oxide pricesmoved lower Thursday, mainly on sales in Asia.

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Spot lots of oxide powder were reported sold in Busan at $12.65/lb,$12.70/lb and $12.75/lb, with one seller saying they rejected bids at $12.60.

"We tried to sell in Asia at $12.75 and $12.80, but nobody wanted it,"said a European trader.

A second trader said he had been "hesitant" to accept a bid at $12.75/lbearly in the day, but that the price had started to look better as the dayprogressed.

In a generally quiet European market, however, a third trader said he hadstill been able to achieve $12.85/lb in-warehouse Rotterdam.

The Platts daily dealer molybdenum oxide assessment fell to$12.65-$12.85/lb from $12.80-$12.90/lb previously, while the daily Europeanferromolybdenum assessment was down to $30.60-$30.80/kg from $30.80-$30.95/kg.

Sales were reported at either end of the range, with smaller-tonnage lotsbooked at the higher end.

--Andy Blamey, andy.blamey@spglobal.com

--Alvin Yee, alvin.yee@spglobal.com

--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com