Some Chinese traders suspended offers for spot molybdenum oxide in Asia Thursday after a low deal was heard, opting instead to wait for signs of improvement to emerge, market sources said.

A deal below $13/lb was reported Thursday, prompting some Chinese traders to suspend offers as their price expectations are higher.

A South Korean trader reported the deal at $12.80/lb CIF Busan for Western-origin moly oxide powder. In Europe, there was talk of sales at $12.50-12.60/lb in-warehouse.

"Prices may stabilize as Chinese traders say they are not going to export moly oxide below $13/lb," said the trader who bought at $12.80/lb CIF.

A Japanese trader said Chinese traders were not offering. "Price indications seem to be around $13/lb, but they did not quote any definite numbers," the trader said.

Two Chinese traders contacted Thursday said they were not offering. One had run out of stock, while the second said he would rather sell after the August holidays when he hoped prices would rise.

Platts daily moly oxide price stood at $12.90-13.10/lb Wednesday, unchanged from Tuesday and down from $13.40-13.60/lb a week earlier.

One Chinese trader said the downward correction was unavoidable after the steady price rise over May-June, but still expressed surprise at the speed of this week's price fall.

• [Editor:Mango]