Ferro-molybdenum rose again on Friday as traders hang on to...

Ferro-molybdenum rose again on Friday as traders hang on to material in anticipation of higher prices based on the return of consumer demand in Europe and strong interest from Asia. Ferro-molybdenum basis 65-70% rose to $24.50-25.60 per kg from $24.20-25.50 per kg previously, with most reported business coming above $25 per kg. “There’s some demand in Europe and mountains of demand in Korea,” said a trader, who had received enquiries totalling 200 tonnes from Korea in the last week alone but only managed a few sales for two- to five-tonne deals at between $25.20 and $25.30 per kg. “I’ve not sold any containers because I have none – I’m looking to buy,” he added. “FeMo is hot property and is hard to find below $25 [per kg],” said a...