Molybdenum Market Update (February 4, 2013)
Spot prices for ferromolybdenum, which is mainly used in steelmaking, sat between $12.75 and $13.50 a pound this week, little changed from the $12.75 to $13.25 range seen a month ago, according to data from Metal-Pages.
Molybdenum oxide (from which ferromolybdenum is made) currently trades for $11.45 to $11.55 a pound, compared to $11.50 to $11.60 a month ago.
Meanwhile, Platts reported that US steel production slipped 1 percent last week, to 1.806 million net short tons from 1.824 million net short tons the week before. Production was also down 5 percent from the same week in 2012. Year to date, the country's steel output has declined 5.9 percent from the comparable 2012 period.
Last week, the China Iron and Steel Association said that it sees China's steel demand rising 3.1 percent this year, up 0.6 percent from last year's growth rate, as the country's economy continues to recover. However, the association also said that ongoing oversupply will likely continue to hold back steelmakers' profits. Chinese steelmakers consume roughly 30 percent of global molybdenum production.Molybdenum Market Update (February 4, 2013) from Moly Investing News
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV