Molybdenum drummed molybdic oxide prices were last assessed at $11.40-11.65 per lb, in-warehouse Rotterdam on Wednesday January 17. The market was previously assessed at $11.05-11.30 per lb on Friday January 12, from $9.80-9.90 per lb since the end of last year.
The market is now at a level last seen in August 2014, a year when the market peaked at $14.80-15.30 per lb in May. This week some 180 tonnes of oxide was reported to have traded between $11.40 and $11.65 per lb, and there were offer prices as much as $11.90 per lb, a couple of traders said.
"We have rejected a couple of bids at $11.65 per lb," one trader said, adding, "Oxide is tight in Asia and there are no producers such as Molymet and Climax offering on a spot basis so far this month."
Producers are unlikely to offer oxide in the post market for the...