Ferro-molybdenum and Molybdenum Oxide Up Again Wariness Remains for 2016
Ferro-molybdenum £¨FeMo£© and molybdenum oxide £¨MoO3£© prices saw further rises on Friday, as market participants reacted to the news of further cutbacks from Freeport McMoran.
The ferro-molybdenum price climbed from $12.75-13 per kg to $13-13.50, while molybdic oxide prices rose from $4.90-5.10 per lb to $5.10-5.30. The Sierrita mine in Arizona will be fully shut down and total curtailments of molybdenum now stand at 34 million lb annually, from 20 million lb previously. However, sources continue to urge caution on patchy spot demand and potential steel production cutbacks in the coming year.
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