Molybdenum Overnight View: Still Some Room for Price Rises; Sustainability in Doubt
There was still some room left in the upturn for ferro-molybdenum and molybdic oxide prices late on Thursday October 29 – but doubt began to emerge over how much longer the rise could last.
One famous metal company’s ferro-molybdenum price currently stands at $12.20-12.90 per kg and molybdic oxide is at $4.60-4.90 per lb, with expectations of increases heading into Friday, but perhaps not beyond. Some sources said the market continues to be supported by the news of the cutbacks at Freeport McMoran, coupled, to a lesser extent, with the news of the Chinese State Reserve Bureau’s plans to buy 5,300 tonnes of oxide.
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