[Ferro-Alloys.com] Molybdenum oxide prices climbed higher Thursday as offers in Rotterdam for prompt oxide powder dried up, forcing buyers to accept a jump.

In Asia, sources said they were waiting for the European trading day to start before deciding offer levels as they heard higher prices overnight.

"It's hard to decide whether to buy or sell, so will wait and monitor the market a while," a Chinese trader said.

Two sales to traders were reported in Busan at $6.05/lb for 20 mt of oxide powder each.

The seller said inquiries were being made but there was not a great deal of activity.

A European trader said he was not seeing much activity in Asia and bids were still being made at levels seen a week ago, which he was firmly rejecting.

"There's no appetite from the converters," he said.

In Europe, sources reported offers at $6.40/lb in Rotterdam, although no business was concluded at this level.

Two European traders reported business at $6.15/lb in Rotterdam for 20 mt lots, while a third said he had received firm bids at $6.10/lb.

European market participants said there were no offers being made from producers in Rotterdam, with talk there was a tightness in the supply situation.

A fourth European trader said he was skeptical.

"Producers aren't offering but I don't believe there is no material," he said. "All producers must have stocks at their mines."

The first European trader said he was surprised to hear $6.15/lb was concluded and suggested that only those who had to cover would consider buying as demand from end-users was still absent.

"Tomorrow is crucial, this is the highest number from the last rally," he said.

A European distributor agreed that $6.15/lb was a concluded number but also noted the hike in prices seemed to be trader driven.

"Overall, the market sentiment is now strongly bullish, but we need to see whether there will be enough demand to support this movement," he said.

The Platts daily dealer oxide assessment rose to $6-$6.15/lb from $5.80-$6/lb.

Platts daily European ferromolybdenum also inched up to $15-$15.60/kg from $15-$15.40/kg.

Traders said sales were concluded at $15.50/kg in Rotterdam while offers were close to $16/kg.

A sale to a European end user was also said to have been concluded under $15.50/kg, which market participants said reflected the surplus supply of ferromolybdenum in Europe.

• [Editor:Zhang Xing]