Molybdenum prices continued to firm Thursday, with sales in Europe seeing a reverse in fortune, and concluded at the top of the range.
The Platts daily dealer molybdenum oxide assessment range was higher at $8.40-$8.60/lb from $8.35-$8.50/lb, while the daily European ferromolybdenum assessment rose to $20.80-$21.25/kg from $20.65-$20.95/kg.
One European trader said there had been a lack of offers in the market and this had allowed prices to push up.
"A few traders are short and people were not offering," he said.
Others agreed there had been an increase in purchasing interest over the past two days and more sales were being concluded. Sellers said offers were limited and there was no hurry to offload all material at once.
"I did not offer in the afternoon as I had good sales in the morning," one European seller source said.
In Asia, a Chinese trader said he was neither not buying as China's ferromolybdenum price was dropping and it was too risky to buy higher than $8.50/lb.
"Domestic price dropped, so better watch out what is going to happen later," he said.
European ferromolybdenum continued to increase with sources reporting deals at $20.80/kg in Rotterdam as well as $21/kg same basis. A sale to a mill was also reported at $21.35/kg DDP.
