European moly oxide price rebounded in late July, but it dipped to USD9.2-9.3/lbMo. European moly market was worse than expected, without strong buying power. Since early year, European moly oxide price has been dropping, from USD11.6/lbMo to USD9.1/lbMo, and then picked up in early August. In last August, European moly oxide transacted at USD11/lbMo, USD2/lbMo higher than that in mid-August this year.
A Shaanxi exporter didn’t give offer, as current price was lower than expected and they had little stock in hand. They first waited to see the market.
We analyze from both demand and supply sides. European economy is far from warming up, and steel overcapacity need be eliminated abroad. Moly concentrates output increases year by year, but suppliers are unwilling to cut production. So we predict that in late month, moly oxide might recover slightly behind new purchasing.