Molybdenum continued to firm Thursday with European sales moving up to catch up with Asia.
The daily dealer molybdenum assessment moved to $8-$8.20/lb from $7.90-$8.10/lb while the daily European ferromolybdenum assessment range was also higher at $20-$20.40/kg from $19.60-$20/kg.
Deals for oxide powder were reported in Busan, South Korea at $8/lb, $8.10/lb and $8.20/lb, while $8/lb was concluded in Tianjin, northern China.
Briquettes were concluded in Europe at $8.15/lb and oxide powder at $8.05/lb.
Sources in Asia said the day had started with offers all above $8/lb but there was no rush from buyers as market participants digested the price increase.
In Japan a trader source said China's molybdenum oxide price was about $8.15-$8.20/lb, noting that "China's market is contributing to global price rises."
In Europe there were fewer inquiries and sales compared to Asia. One European trader said the supply and demand situation had not changed significantly outside Asia.
"European end-users will be back mid August. We'll then see if there is really enough demand in Europe to support higher prices," the trader said.
Others said there seemed to be more offers available above $8/lb, hinting at profit-taking.
European ferromolybdenum deals were concluded at around $20/kg, $20.20/kg and $20.40/kg. A European seller said he had offered at $20.50/kg but was firmly rejected.
