Reports reveal that the total quantity of molybdenum in molybdenum concentrate produced by 7 major molybdenum mining companies of the western world in January to March quarter of 2009 came to 55.90 million pounds, down by 20% YoY as compared with that of 69.29 million pounds in the same quarter of 2008. For full story, [...]
Government spending will spark a recovery in steel demand towards the end of the year; but its mark on the molybdenum market will be limited. Demand for molybdenum in China likely will rise 6 percent in 2009, then slip to 52,800 tonnes in 2010 before growing again in 2011.
China has produced 180,589 tonnes of molybdenum concentrates with Mo content of 81,265 tonnes, up by 22.48% YoY basis. For full story, click here
As the shock waves spread around the global economy; many analysts are starting to hedge their bets on when a recovery will start. In their Global Metal’s Report released this week, Morgan Stanley gave their take on the near future for the molybdenum market.
Molybdenum prices have crashed from a high of $35 per pound at the end of October down to the recent level oft US $12 per pound. This represents the worst decline when it comes to commodity prices; a 53 percent drop to be exact.
Molybdenum, a seemingly invincible metal this year finally took a hit in the fall as economic malaise spread. The alloying metal is down 65% this year, and this decline was seemingly overnight.
Molybdenum has gone from an obscure metal, to a high performer garnering the attention of the LME, and then back to an undervalued alloying metal. Once an overlooked player in the investment arena, interest in moly picked up when worldwide spending on infrastructure took off, sending the metal’s price to new heights.
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