Molybdenum increases to 5%

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Molybdenum increases to 5%

It seems that molybdenum is on the increase again and is said to be producing quicker than the normal rate of 4% to 5%.

Mr Kevin Loughrey, A Thompson Creek CEO said “The molybdenum market has been growing at a 4% to 5% rate historically, and it could grow faster than that this year, because there is some rebound effect.

Though actual numbers are hard to come by for the global molybdenum market, Thompson Creek estimates 2009 demand declined to about 420 million pounds”.

“It’s a little easier to get that growth if demand comes back. A rough estimate would be a 450 million pounds market, but no one really knows. The trend line seems to be gently upward, albeit with significant ups and downs. But the overall price trend is escalating upwards. And we think that is consistent with supply and demand fundamentals and Over the past several weeks, as demand is growing, not hugely, but on a regular basis, there is not a lot of moly to answer to that demand. That’s caused the price to move up fairly substantially in the last few weeks” He added.