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Moly prices sink as quake concerns ease

March 11, 2010 - 11:55 GMT Location: London

KEYWORDS: molybdenum , molybdic oxide , ferro-molybdenum , jethro wookey

Molybdenum prices fell on Wednesday as molybdic oxide parcels were offered into Europe from China, indicating that there will be little by way of supply interruption after the earthquake in Chile at the end of February

“With the expectations of supply disruptions following the Chile earthquake, prices went way too high,” a trader said. Drummed molybdic oxide fell to $17-18 per lb on Wednesday from $18-18.50 per lb previously, with deals reported to MB across the new range. A producer sold 20 tonnes at $18 per lb on Tuesday, while a molybdenum converter bought two parcels at the bottom of the range on Monday. “The market is talking about prices as low as $17, the same price as before the earthquake,” a second trader said. Trader business mainly came...

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