Minor Metals in the Periodic Table

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95.94

Mo - Molybdenum

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molybdenum oxide

ferro molybdenum

ferro-molybdenum

Molybdenum, one of the least pronouncable metals in the periodic table often referred to as Moly, has an exceptionally high melting point (2,625C%u02DA) and is used as an alloying agent in steel, cast iron and superalloys to enhance strength, toughness, hardenability and resistance to wear and corrosion. It does not occur naturally as the native metal and molybdenite (MoS2) is the most commercially viable product occurring.

World reserves are estimated at 19 million tonnes located principally in China (40%), the USA (30%) and South America (13%). World production is currently around 190,000 tonnes contained Moly per annum with the majority as a by-product coming from copper porphyry mines in the USA, Chile, Peru and Canada and the balance coming predominantly from primary mines in China, the USA, Canada and Russia. Other producing nations include Mexico, Armenia, Mongolia and Iran.

Historically the market was in surplus as the by-product production which comprised the majority of supply was not sensitive to market conditions but in 2003 the market moved into deficit and it remains broadly in balance for now.

Steel accounts for nearly 75% of the world’s Moly demand with the majority going into stainless followed by tool and high speed steel, HSLA and carbon steels. Other uses include catalysts, lubricants and pigments. The primary end use sectors include the chemical and petrochemical industries, oil and gas, automotive, mechanical engineering, power generation, construction, aerospace and consumer goods.

Two factors will heavily influence the Moly market going forward; the first is China’s volte face becoming a net importer in 2009 despite being the largest producing nation and their rapid demand growth going forward and the second is the LME’s launch of a new futures contract in February 2010. Good golly Miss Moly!