European ferromolybdenum market drops again to below USD40/kg

As trading session for the first month of the last quarter ends today, ferromolybdenum market drops again to below USD40.00/kg Mo d.p., with many dealers claiming to have voluntarily stopped business for positioning and only active on a back-to-back basis.
A European trader source sold 5t of Chinese-origin ferromolybdenum at USD36.30/kg Mo d.u. in warehouse Rotterdam and disclosed to Asian Metal he was not going to buy material anymore, not only for lack of enquiries but also the high risk and uncertainty pervading the market.
"I cannot buy more material now because it might be difficult to get consumer orders at reasonable margin in a daily weakening market," explained the source that buttressed his argument of receiving many unsolicited offers from Chinese suppliers. "I guess some suppliers also have liquidity problems."
Another European dealer source sold 10t of FeMo 65%min grade material at USD37.30/kg Mo d.d.p. (delivered duty paid) and confirmed the market as stable though with a little correction downwards over the past week. "I do expect current price range of USD35.00-37.00/kg Mo d.p. to hold, provided major producers would continue to not offer material for spot delivery in the price range," said the source.
Currently quoting material at USD18.00/lb, a European molyoxide dealer lamented it had become difficult for him to ink any deal at above USD16.50/lb for immediate release because Chinese suppliers have been offering material at as low as USD15.40/lb. The source added that enquiries from European converters have dropped sharply in the last two months and could continue till next year because any buying activity right now is limited to a period of six weeks for the rest of the year.