FeMo and oxide rise on stronger demand, tight supply London 29 May 2009 17:21
Molybdic oxide and ferro-molybdenum edged higher on Friday as demand from Asia remained strong and European consumers continued to creep back into the market.
Ferro-molybdenum basis 65-70% climbed 50 cents on the top end to $23.50-25 per kg from $23.50-24.50 previously, with business concluded across the new range.
One trader sold two truckloads at $23.50 per kg, with one going to Asia and the other going to a German consumer, while a producer who sold a truckload of ferro-moly to a mid-sized European consumer at $24.85 achieved a price at the top of the range for a three-tonne deal.
Much of the market’s strength stems from a lack of available material thanks to heavy Chinese buying over the last several...
MOL Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
