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...