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Ferro-molybdenum prices were down in Europe on Friday amid confusion over the direction they will take next.

Some market participants suggested the move represented only a temporary correction as a result of profit taking and position liquidation, while others said they believed the price had finally become overstretched and is likely to come down further. "I have the feeling everything was just too high - on Wednesday, it turned rapidly [down] and I think that was the turning point," one producer said. "I spoke to a couple of clients and they said there is ferro-molybdenum on the market again.”

• [Editor:Mango]