FeMo, moly oxide rebound on demand spike London 22 May 2009 15:48
Ferro-molybdenum and molybdic oxide both rebounded by the end of this week due to a spike in demand, clawing back most of the ground lost early in the week.
Ferro-molybdenum basis 65-70% rose to $23.20-24.50 per kg on Friday from $22.50-24.20 per kg, the price to which it fell on Wednesday after starting the week at $23.30-24.50 per kg.
Business took place across the new range, with a trader selling a container of material at the low end and a producer selling small loads at $24.50 per kg. The majority of other business reported to MB was concluded around the top half of the new range.
Similarly, drummed molybdic oxide rose to $10-10.50 per lb on Friday after falling to $9.40-10 per lb on Wednesday from $9.50-10.30 per lb at the start of the week.
MOL Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
