European FeMo prices drop to lowest level since 2004

Ferro-molybdenum prices in Europe dropped below $19 per kg for the first time since February 2004 on Wednesday May 6, as the market continues to lack support signals.

News that China will levy an 11% resource tax on molybdenum concentrates has failed to provide a boost for alloy prices, and buyers are still able to call the tune. “There are no signs of improvement from the fundamentals. Therefore, a rebound in the market [is unlikely],” a producer said. There has also been some aggressive activity from certain sellers in recent days, a supplier said, adding further pressure to prices. “[A large steel mill] apparently bought below $19 and that makes it difficult [to get prices above this level],” the supplier said. Meanwhile, molybdic oxide...

Published

Claire Hack

May 07, 2015

13:06 GMT

London