It has been an interesting week for noble alloys in Europe. There have been serious declines in some corners of the market, while in others, ranges have widened, as disagreement persists over direction

　　Ferro-molybdenum prices declined further on Friday, down to $16.05-17.00 per kg, from $16.55-17.20 previously, with expectations of further falls on the cards. Molybdic oxide prices also slid lower, to $6.15-6.40 per lb, from $6.30-6.50 previously, although they have, perhaps counterintuitively, been protected at least in part by a lack of activity in Europe. Various causes have been cited for the fall: a lack of spot demand, excess supply already in Europe, and, more recently, the threat of additional supply from sources including China and Russia. The issue at the moment, according to one producer, is less a lack of demand and more that there is too much supply to be consumed. "There’s an oversupply situation. There’s much more pressure on