Ferro-molybdenum prices drifted down in Europe on Wednesday August 27, as market participants reported weakening sentiment.

Metal Bulletin’s quotation dropped to $32-32.30 per kg, from $32.30-32.50 previously, and one trader suggested the possibility that a position is being unwound.

“There are some people who have had cheap material on a position and now they’re willing to sell for the beginning of September,” the trader said.

He also suggested it may be possible that a short position has opened up ahead of steel mills’ expected return to the market in the autumn.

“Ferro-molybdenum is back to about $32. [The higher numbers] seem to have gone away a bit…unless we see some really good renewed demand, I’m sceptical about it moving up,” a second trader added.

The molybdic oxide price was also down, dropping to $13.10-13.20 per lb, down 10 cents on either side compared with Friday’s price.

“I’m still not really seeing consumer demand – there have been some enquiries, but I’m not seeing a true pick-up,” a producer said.

“You could get [a higher price] if you were negotiating well, but people will be pushing it down.”

Claire Hack
Twitter: @clairehack_mb