European FeMo market set to stir again

BEIJING (Asian Metal) 2 Nov 09 – With around 100t of ferromolybdenum material concluded to Korea and Taiwan late last week, the market firmed as it was difficult, if not impossible to find offers below USD25.50/kg despite its seesaw trend earlier in the week.
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Responding to the backward-and-forward motion the market witnessed last week, a European dealer with enquiries worth 15t on the table Friday decided to wait until wait until the trend becomes clear, hopefully at opening of trading session this morning, but indicated he might not offer material at below USD26.00/kg Mo d.p. and would expect a firm bid at a few cents lower. "It should curve up this week having been on the low side for long," said the source.
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Another source offered 5t at USD26.50/kg Mo d.p. Friday with extended payment term but was still awaiting final bid as at the press time. The source defended his offer of extended payment term of forty-five days alluding to fear it could be that some traders are covering for short again and any stir in activity might be short-lived. "I would hope this is a real bottom-out," said the source. "We'd have to see."
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In the same vein, molyoxide price have firmed and according to participants, it was difficult to get offers at below USD10.70/lb. A European dealer who had earlier dismissed an offer at USD10.90/lb by bidding the material at USD10.75/lb was caught unawares as the supplier had withdrawn it by close of business Friday.
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Generally, however, an insider was of the view there have been more talks than action and it could still be possible to get firm bids at USD10.70/lb, especially from dealers who need cash to meet pressing commitments.