Molybdenum prices were stable Monday as market participants said they were expecting to see prices firm over the week.
In Asia, deals were reported in Busan at $7.40/lb and around $7.55/lb. In Europe, sources said offers were up to $7.75/lb for oxide powder in drums although there was more interest for ferromolybdenum.
One seller source said he had received more inquiries for ferromolybdenum and bids were being made between $17.80-$18/kg which he rejected. Oxide powder interest was also there.
"It looks like there is interest again for oxide powder and prices may firm," he said.
Where offers for oxide powder were being made, they were limited, according to sellers and traders looking for material.
However, others said that while the price may increase they did think market fundamentals had changed or improved.
"Demand is still low, people don't know what to do," a European trader source said.
A Chinese trader source said he was looking to offer at $7.50/lb, but was not sure whether there would be buying interest.
The Platts daily dealer oxide assessment was unchanged at $7.40-$7.55/lb while the daily European ferromolybdenum assessment was higher at $17.80-$18.20/kg from $17.70-$18.10/kg.
