Molybdenum oxide prices were fairly stable Friday with prices moving up 5 cents from the bottom of Platts' range, however, reported business continued to remain wide.
Platts assessed its daily dealer molybdenum oxide price at $12.45-12.85/lb, from $12.40-12.85/lb.
One European trader said that he had bought oxide powder at $2.40/lb CID Busan earlier in the day, but said that prices had increased, and had also seen $12.50/lb concluded, same basis.
"The downward trend has stopped and the market is now getting ready for a rebound," he said. He noted, however, that should prices hit $13/lb again, there was a chance that the market would become overheated and come off.
A South Korean trader said that he had rejected an offer at $12.40/lb CIF Busan, saying there was no buying interest among his customers. His buy price idea was $12.20/lb CIF Busan.
A second European trader said that it was difficult to find oxide powder in Europe at less than $12.75/lb and had bought at this price level. He added that there was little material being offered, with most producers still not offering in the spot market.
"It seems firmer today," a producer said, "everyone now says it's tighter."
With no noticeable change in fundamentals, there was no reason for prices to go down further, according to the producer.
A Chinese trader offered $12.80/lb, basis unknown, but had rejected a firm bid at $12.70/lb as he said he was expecting prices to hold stable. At the same time, a Japanese trader reported that he was looking to buy 20 mt of oxide powder in drums, but could attract offers amid wait-and-see mode among sellers. He said his buy idea was $12.70/lb CIF Japan.
