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Print[Ferro-Alloys.com] Molybdenum oxide prices continued sliding Wednesday, as offers from sellers were increasingly aggressive in order to secure deals, sources said.
Platts assessed its daily molybdenum oxide price at $9.63-9.73/lb, down from $9.70-9.90/lb on Tuesday.
"I heard from other people that you could get $9.60/lb, but I was hearing closer to 9.70," a trader said, adding he was not in the market for oxide powder.
A second trader agreed that offers were aggressive: "It's ugly out there and it doesn't seem to be stopping anytime soon."
He added that the resistance prices had seen at $10 had now disappeared and sellers were dropping offers to conclude deals.
A third trader said that he had heard briquettes sold at $9.80/lb DDP to a mill this week. A Europe-based market source said he had sold 40 mt at $9.63/lb CIF Busan.
Meanwhile, sources said purchasing activity had picked up slightly in the Asian market. A deal was reported by a South Korean source within Platts assessment range for 20 mt oxide powder CIF Busan.
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