Molybdenum oxide prices continued to tick down closer to $5.00/lb as the week drew to a close.
The Platts daily dealer oxide assessment edged down to $5.10-$5.20/lb from $5.15-$5.25/lb Thursday, while the daily European ferromolybdenum assessment was stable at $13.60-$13.80/kg.
Business was thin in Europe Friday, while in the Asian market oxide powder offers were at $5.15-$5.25/lb, with bids at $5.05-$5.10/lb, sources said.
A producer reported selling 40 mt at $5.15/lb in China, but rejected a bid at $5.10/lb.
One inter-trade lot was booked at $5.10/lb ex-warehouse Busan, for prompt release.
Buyers were watching market movements closely, with some expressing interest in buying when prices move nearer to $5/lb.
Meanwhile, two South Korean companies are set to issue tenders, with SeAH reportedly issuing a one-year ferromolybdenum supplier tender with a monthly supply volume averaging 350-400 mt, while Posco is due to look for 100 mt of ferromoly to be delivered by early March.
