London — Molybdenum moved higher on Tuesday with signs of confidence creeping back into the market.
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Market participants said offers had moved 10 cents higher $8.40/lb and more deals were being heard concluded. One European trader said there were also fewer offers being made in the spot market pulling prices higher.
Trades were reported at $8.25-$8.35/lb in Busan, while in Rotterdam the range was narrower at $8.30-$8.35/lb.
With spot material consumption from steel mills still less than buoyant in Europe others were less convinced a trend reversal was firm and based more on positive sentiment.
"We saw $8.20 was point of return in the last down cycle- we need to wait for the end of the week to see if the price trend has changed," a second European trader said.
In Asia, views were mixed with one Chinese trader reporting little demand for oxide powder as stocks in warehouses were sufficient.
"Even at $8.10/lb I doesn't think buyers will surface because people think it is a falling market," he said.
Others said they had heard of business concluded up to $8.30/lb but many buyers were on the sidelines.
The daily dealer molybdenum assessment was at $8.25-$8.35/lb from $8.20-$8.30/lb while the daily European ferromolybdenum assessment range moved up to $20.40-$20.60/kg from $20.30-$20.50/kg.
Ferromolybdenum trades were reported at $20.40/kg and $20.60/kg in warehouse Rotterdam. Sources said offers had moved to $20.60/kg by the end of the day.