Chinese firms now control 30 percent of the world’s Molybdenum reserves. In an effort to control the rising costs of steel production, China may be trying to control other minerals needed for alloys, mainly molybdenum. Also included, a market wrap-up of companies that stand to gain from a resurgence of steel demand worldwide.
Ferro-molybdenum and molybdic oxide continued their rally this past week, as frightening low stockpiles have traders worried that if the purchases accelerate, there simply won’t be enough moly to go around.
Imports of molybdenum into China surged in February as overseas sellers stepped up competition with Chinese producers. Imports of moly have surged because Chinese producers have found themselves largely unable to compete with cheaper import offers.
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