Research in China's new report, Global and China Molybdenum Industry Report, 2012-2015, reveals that while the molybdenum market remained "in the doldrums" for the bulk of 2012, with output and consumption essentially equal, prices began to rise at the end of the year. The average price for the year was US$12.74 per pound, a 17.5-percent decline compared to 2011.
Platts reported that China's producer of moly concentrate, China Molybdenum, said that they expect the Chinese steel sector to give a boost to prices through 2013.
Platts reported that Asian spot trade of molybdenum oxide powder was flat on Wednesday.
Platts reported that an uptick in interest from European traders supported spot demand for moly oxide powder on Tuesday.
Bloomberg reported that Sichuan Hanlong Group's founder is being held on murder charges, which is casting doubt on the future of the intended mining investment in Sundance Resources Ltd in West Africa and in General Moly Inc. Mt. Hope molybdenum mine.
Mining Weekly reported that Mercator Minerals announced both record production and earnings in Q4, beating analyst expectations.
Bloomberg reported that General Moly has suspended work supported on a $665 million loan on news that the creditor responsible for the loan has been detained in China, sending stock price tumbling yesterday. As quoted in the market report:
Platts reported that Junduicheng Molybdenum (JDC) says that they will ramp up production for 2013 to 38,500 mt of moly concentrate in 2013.
Mining Weekly reported that a Copper Fox Metals Inc. (TSXV:CUU) insider has committed to 83 percent, or $2.5 million, of a $3-million private placement.
Platts reported that the gap between offers and bids for molybdenum oxide in Asia persists, as trade activity remains thin.
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