“Total net imports reached 100 million pounds, up from only 1.4m/lbs in 2019.
Macquarie said its detailed analysis of the Chinese market showed that the main first use of the metal was in ferro-molybdenum which is used in the steel industry and accounts for 80% of Chinese consumption.Moly, which is element 42 on the periodic table, has properties which enhance the quality of steel used in oil drilling pipe as well as structural and stainless steel. It can withstand extreme temperatures without softening making it ideal for military armor and aircraft components.
Macquarie said after an estimated fall of 4% in moly consumption last year it expected a 6.8% increase this year leading to the deficit of 16 million pounds which means the price of the metal could stay high.
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