Molybdenum
Mostly a copper-porphyry by-product, molybdenum hardens stainless steels, powers hydro-desulfurisation catalysts and withstands 1 000 °C in turbine super-alloys. As LNG build-outs and aerospace cycles accelerate, demand is trending upward ~3 % CAGR. Scrap already covers a quarter of oxide supply, cushioning price swings when copper output ebbs. Chilean SX-EW expansions and Chinese mine restarts are expected to keep the market balanced.
Supply Dynamics
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China leads mine supply; US (Climax/TC) and Chile contribute major by-product streams.
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Output is tightly linked to copper prices, low Cu TC/RCs constrain Mo concentrate.
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Scrap recovery from stainless-steel melt shops supplies ~25 % of refined oxide.
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Chilean low-grade porphyry leach-circuits aim to add 20 kt Mo by 2028.
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Strategic stockpiles in the US/EU buffer aerospace and defence requirements.
Demand Dynamics
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Stainless and tool steel consume ~70 % of Mo; demand follows construction and machinery cycles.
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Hydro-desulfurisation catalysts scale with refinery throughput and global sulfur caps.
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Aircraft and gas-turbine super-alloys rise with record aerospace orderbooks.
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Polypropylene and acetic-acid catalysts provide stable chemical offtake.
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Lubricant-additive demand grows in heavy-duty engines and wind-turbine gearboxes.