RE:RE:RE:RE:Moly Moly could become the next Chinese controlled metal ? Argus reports that European prices for moly are now at the highest levels since the company launched its in-warehouse Rotterdam assessment in 2019 as supply from China slows. China produces over 40% of the world’s moly. Chinese ferro-molybdenum hit 15-year highs recently.
Uses of Molybdenum Alloys in the Steel Industry
Molybdenum has the largest consumption in the steel industry. It is mainly used for the production of alloy steel (approximately 43% of the total consumption of molybdenum in steel), stainless steel (approximately 23%), tool steel and high-speed steel (approximately 8%), cast iron, and rolls (approximately 6%). Most of the molybdenum is directly used for steelmaking or cast iron after industrial molybdenum oxide briquetting, and a small part is first smelted into ferromolybdenum and then used for steelmaking.
Global molybdenum consumption
“Global molybdenum consumption is expected to continue increasing over the next decade as demand for molybdenum-containing steels grows. But production has been squeezed by lower molybdenum content in mined ores seams and a lack of new molybdenum projects to meet demand,” according to Argus analysis.
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