Ferro-molybdenum and molybdic oxide continued their rally this past week, as frightening low stockpiles have traders worried that if the purchases accelerate, there simply won’t be enough moly to go around.
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Demand from Asian markets has boosted molybdenum over the past weeks, in spite of lagging North American demand. The strategic metal is currently trading in the range of $10.60 to $10.80 a pound, up from $10 to $10.50 a pound less than two weeks ago.
Molybdenum miners may dramatically slash output in an effort to coax a rebound in the price of the alloying metal, priming the industry for a rapid price ascent when stainless steel demand rebounds.
Despite the recent optimism across the metals sector, molybdenum prices are continuing on a downward trend. Last week, sluggish demand and high stockpiles caused European ferromolybdenum prices to drop below US $21 per kg. US market prices also slid.
Imports of molybdenum into China surged in February as overseas sellers stepped up competition with Chinese producers. Imports of moly have surged because Chinese producers have found themselves largely unable to compete with cheaper import offers.