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Molybdenum oxide prices edged lower Tuesday as Europe dominated the market, although trades were still far and few between.

The Platts daily dealer oxide assessment edged down to $6.70-$6.80/lb from $6.70-$6.85/lb previously, while the daily European ferromolybdenum assessment held at $16.80-$17.10/kg.

Spot oxide powder sales were reported booked in-warehouse Rotterdam at $6.75/lb while there was talk of a sale in Asia at $6.70/lb.

One European trader said he was refusing bids at $6.70/lb and had heard of business booked at $6.85/lb Monday evening. Sources said there seemed to be less material offered in Europe, and sellers were hoping this would keep create a floor for prices.

"The longer-term pressure persists on prices," a second European trader said, adding that hopes of a strong fourth quarter were being dispelled. He noted there was still a lack of spot market inquiries, which was not softened by the supply squeeze.

Sources in Asia said offers were being heard at $6.70/lb in Busan. Two end-users were in the market for ferromolybdenum, but there were no reports of concluded sale levels. Sources said offers at $16.90/kg DDP were being rejected, however both mills are able to accept competitively priced, non Western material.

In China, offers were heard at $16.30/kg for ferromolybdenum around 30 cents lower than the end of the previous week.