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

null

More from Stocks

Stocks Slide Amid a Rise in Bond Yields, Strong Earnings

Stocks Slide Amid a Rise in Bond Yields, Strong Earnings

Rent-A-Center Bids Due This Week, Sources Say

Rent-A-Center Bids Due This Week, Sources Say

Jim Cramer: I've Liked Six Flags Entertainment Stock as an Income Producer

Jim Cramer: I've Liked Six Flags Entertainment Stock as an Income Producer

Daily Chatter: Here's Where the Markets Stand After Tuesday's Beating

Daily Chatter: Here's Where the Markets Stand After Tuesday's Beating

Video: Jim Cramer Reveals Why He's Cautious on Stocks

Video: Jim Cramer Reveals Why He's Cautious on Stocks