Spot prices for European molybdic oxide and ferro-molybdenum climbed in Metal Bulletin's midweek assessment, extending gains on renewed demand and an expectation that consumers in the steel sector will add to that demand for second quarter deliveries soon.
Metal Bulletin assessed molybdic oxide prices at $12.80-12.85 per lb in-warehouse Rotterdam on Wednesday February 28, up from $12.55-12.75 per lb on Friday. The market has jumped almost 30% since it was assessed at $9.80-9.90 per lb at the end of last year. For ferro-molybdenum, European prices edged up 17 cents at the midpoint to $30.60-30.75 per kg in-warehouse Rotterdam on Wednesday, from $30.40-30.60 per kg on Friday and up 20% since the start of the year. The market, which dipped earlier in February as the Chinese market effectively shut down for a national week-long holiday, is well up on its price range seen late last year when it was $24.50-25.10 per kg at...