Platts reported that spot molybdenum oxide trade was active in South Korea this week after one steelmaker issued a tender to buy 100 200 tonnes of molybdenum oxide.
According to local trading houses, the steelmaker did not clearly set purchase volume or delivery time scheme, but suggested that it was seeking 100 tonnes to 200 tonnes and was hoping to receive the material by August 2009.
This was the largest spot demand in the country this year, and had sent Asian traders, not just Koreans, running after spot supply. South Korean traders were seeking more than 100 tonnes of Moly oxide in total, and a few were able to buy, at USD 11 to USD 11.20 per pound CIF.
Korean and Japanese traders also reported surging buying interest in Europe, India as well as China. European traders are believed to be buying for business post summer holidays and may retreat after sourcing their requirement, most traders were suggesting last month.
This week, active sellers in Asia included one Chinese producer. But most others stayed focused on their home market. If more Chinese producers become active in overseas markets, increased supply may cause prices may stabilize.
(Sourced from www.platts.com)
