moly price up, page-2

Asia demand sends moly past $10/lb.
By Mick BowenPublished: Jun 4 2009 5:2PM
Prices for molybdenum have climbed out of their hole, moving past the $10-per-pound mark on heavy buying from Asian markets and signs that life is returning to the stainless steel sector, traders said.

"There has been broad Asian demand and we're seeing some recovery in stainless steel," one trader said. "It looks like the worst is over and, God willing, this is the start of the second half."

Traders pegged current prices for canned molybdic oxide at $10 to $10.50 per pound, but one seller noted large volumes of molybdenum sold to consumers and traders at $10.80 per pound.

Molybdenum prices sank to a low of $7.50 in April, but rebounded to $9 to $9.50 per pound in May.

"We're seeing more positive consumer sentiment, which is leading to more orders of durable goods, except for automobiles of course," another trader said, adding that the currently low raw materials prices had persuaded manufacturers to use higher-quality...