Despite being in the midst of the traditional summer slowdown period for the steel industry, molybdenum prices have rallied recently. Since casing in June and July to 5.10-5.20 dollars/lb on an in-warehouse basis, European oxide spot prices have picked up to a range of around 5.60-5.70 dollars/lb in early August. Ferromolybdenum spot prices have also risen from a range of 13.00-13.25 dollars/kg last month up to 13.30-13.60 dollars/kg. The rise in spot prices is mainly due to inter-trade business, whilst consumer buying is subdued, as is usual at this time of year. Clearly, some traders have either taken a short position, expecting lower summer prices, or have been let down by suppliers. Meanwhile, oxide spot prices have also picked up a little in the USA, reaching 5.60 dollars/lb in-warehouse, with FeMo level with Europe at around 6.15 dollars/lb, on the back of reduced availability of Chinese material. A continued shortage of shipments from China has caused spot prices to increase in Japan from mid-July lows, with oxide rising by around 20 cents/lb to 5.40 dollars/lb cif with FeMo up 50 cents/kg to 11.80 dollars/kg cif.
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