Molybdenum/Oxide prices soften in early June

摘要

After peaking in May, oxide prices softened during the first week of June, with ferromolybdenum suffering a marked decline. The softening of oxide spot prices in Europe has seen western grade powder decline from over 6.00 dollars/lb in late-May to around 5.90 dollars/lb, drummed and delivered at the end of the first week of June. Canned material in the US has also slipped to just below 6.00 dollars/lb. The softening of oxide prices is partly attributable to an easing of demand. The first quarter and much of the second quarter of 2003 has seen strong demand for molybdenum units from the stainless and alloy steel sectors. However, there is concern that melted output by the stainless steel industry has outpaced end-use consumption in Europe and the USA, which is expected to result in a moderation of melted stainless steel output in the second half of 2003. In addition, the summer holiday period is approaching.