Molybdenum

The steel strengthener, mined mostly as a copper byproduct and priced per pound.

Overview

Roughly 300,000 tonnes a year come to market, around 80 percent as a byproduct of copper mining in China, Chile, and North America, with primary mines restarting only when price pays. Stainless and alloy steels take most demand, linepipe for oil and gas follows drilling cycles, and catalysts and chemicals take slivers. Prices quote for ferromolybdenum and moly oxide in Europe and China with no liquid terminal contract, so the market is spiky, as 2021 showed when steel rebound and Chilean mine trouble doubled quotes. It is the metal that lets steel keep strength at temperature, from furnace racks to turbine parts.