Molybdenum prices in Europe dropped to a four-year low this week and are expected to fall further as industrial activity slows during the summer.
“Buying in smaller quantities is still happening, but I am not seeing a real push in demand that is needed to lift prices. It is mainly hand-to-mouth buying,” a Europe-based molybdenum trader said.
Traders said prices could fall further as industrial activity in Europe slows during the summer.
“Demand is still okay in some places such as Germany, but overall the picture doesn’t look good. The price could fall below $24/kg,” another trader said.
Traders said “the weak demand for molybdenum has driven producers to sell at low prices to avoid taking bigger losses should prices drop further”.
“Producers are selling now even at these prices. People have little faith that prices will rebound anytime soon,” a third trader said.