(AMM) Moly prices still rising in tight marketNEW YORK 08 July...

(AMM) Moly prices still rising in tight market
NEW YORK 08 July 2009 20:27

Molybdenum prices in the United States have shot up by a dollar or so in the past week as buyers and sellers gripe about how difficult it is to get their hands on replacement material.

Market participants said molybdenum currently ranges from $11.50 to $12 a pound?up from $10.60 to $10.80 in mid-June, $10 to $10.50 at the beginning of June and $9 to $9.50 in May?and is likely to keep climbing. Molybdenum prices had fallen as low as $7.50 a pound in April after averaging around $30 a pound in 2008.

"Business is certainly improving, even among Western consumers, but there's a real tightness in the market," a trader said. "Once you make a sale, it's really difficult to replace those units. There aren't many spot sellers out there: the Chinese certainly aren't selling and the Chileans keep saying they don't...