Molybdenum oxide prices edged higher on Monday, with sources reporting that it was increasingly difficult to find competitively priced oxide powder.
A European trader bought 20 mt at $9.80/lb in warehouse Rotterdam while a second European trader reported buying one lot above $9.75/lb at the end of the previous week.
Platts assessed its daily molybdenum oxide price at $9.65-9.80/lb, up from $9.65-9.75/lb.
"It's difficult to find $9.75/lb now, it looks like miners are trying to push prices up to $10," the second European trader said, adding that supply from miners was now limited.
A producer said he was hearing $9.80/lb in the market while a third trader said he had received several oxide powder inquiries from the trade.
However not all market participants were as bullish with one European trade source reporting that he had received an offer for $9.70/lb but was not interested. A second trader source said that he saw prices in the $9.60-9.70/lb range but was not actively buying.
"It's very quiet, I'm not seeing higher than $9.70/lb," the second trader said.
In Asia, a Korean source said that he had received offers from Europe at $9.70-9.80/lb but considered the price too high.
