Uncertainty pervades European ferromolybdenum market

According to several sources, even though ferromolybdenum market appears to be stable in the range of USD23.00-25.00/kg Mo d.p. in warehouse Rotterdam, uncertainty still clouds buying activity as there have been talks of molyoxide material slipping to as low as USD7.00/lb.
A source reportedly sold 10t of ferromolybdenum at USD24.50/kg Mo d.d.p. (delivered duty paid) and was of the view there appeared to be enough material in warehouse and, therefore, expects more unsolicited offers in the coming days. "Everything is not certain and the price of molyoxide should determine where we go from here in the coming days," said the source.
Another source sold several smaller tonnages of 2-3t in the range of USD25.00-28.00/kg Mo d.p. and agreed the market is yet to bottom-out as one could be made to believe, citing market rumor of molyoxide at around USD7.00/lb. "It is still a rumor though, many participants are not taking it with levity," remarked the source.
An European converter differed and reported Chinese suppliers were still offering material at as high as USD11.00/lb but added should molyoxide prices go to USD7.00/lb, it could make ferromolybdenum prices go as low as USD19.00/kg Mo d.p., all things being equal and, given the cost of old inventories, it would be difficult for him to put any material on offer.
And commenting on the outlook in the near term of four to six weeks, market insiders see ferromolybdenum price falling to the level it was three-four years ago as many steel mills have scaled back production and ferromolybdenum smelters have to find one way or the other to push stock to end-users.