We expect that ongoing concerns regarding molybdenum supply availability will continue to support prices close to current levels over the near-term, although weak demand amid a poor downstream environment for steel products should ensure that upside potential is capped for the time being. Molybdenum raw material markets have undergone a small bounce in June to date amid an uptick in Chinese raw material buying that has raised replacement costs for European buyers. Our assessment for canned molybdic oxide in-whs Rotterdam moved up 2 to $22.80 per lb between May 31 to June 23, in line with prices in-whs Busan, which moved up to $22.70 per lb. Prices in the US market, by contrast, moved down by 3 to $24.63 per lb over the same time period.
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