European ferro molybdenum market crashing to below USD30/kg

From of as high as USD79.00/kg Mo d.p. nearly two months ago, ferromolybdenum prices crashed at close of business last Friday to just below USD30.00/kg Mo d.p., a sharp drop of more 60% and a drop by 23% from USD38.00-39.00/kg Mo last week Thursday and now hanging at USD29.50/kg Mo d.p..
A European dealer source reportedly sold 5t at USD39.00/kg Mo d.p. in warehouse Rotterdam last Thursday but got shocked to loose another deal offering material at USD38.00/kg Mo only to learn another European dealer had accepted bids at USD29.80/kg Mo d.p. in warehouse Rotterdam for prompt delivery.
"I don't know what is happening," said the source unable to comprehend the how bad he had overestimated the market. "Everything is in confusion at the moment." The source also received an offer of a Chinese-origin material at USD28.00/kg Mo d.u. and declined making a bid although the payment term included extended payment terms; something rarely known with Chinese suppliers.
Another European dealer lamented the loss he had suffered as a result of the market crash; he had had to accept bids at USD35.00/kg Mo d.p. last Wednesday for a 10t-deal although it was barely enough to cover the cost. Nevertheless, he took solace in minimizing regrets by liquidating material and remarked, "I am done for noble alloys market until conditions permit otherwise."
And in the same vein, molyoxide prices have dropped from USD20.00/lb at beginning of last week and now at below USD13.50/lb in warehouse Rotterdam for prompt delivery. However, a European converter who received an offer but declined it argued, it would be very difficult for suppliers and producers to convince other converters and steel plants to take in material at this time. This is because there is the general feelings producers could still lower the price to as low as USD7.00-8.00/lb and still make some reasonable margins.