Molybdenum Growth Linked to Future Demand for Stainless and Special Steels

Molybdenum Growth Linked to Future Demand for Stainless and Special Steels PR Newswire LONDON, August 7, 2012 LONDON, August 7, 2012 /PRNewswire/ -- Molybdenum growth rates will exceed global GDP rates to 2016 Global demand for molybdenum bounced back from the impact of the global economic downturn, growing by just over 11% in 2010 and a further 9% in 2011 according to a new report from Roskill. China now accounts for around 31% of global molybdenum demand and its growth rates continue to outpace those in other countries. While global demand for molybdenum is forecast to grow at an average of 4.6%py to 2016, Chinese demand is forecast to increase by 7.5%py. The principal engines of growth will be increased use of stainless and other steels containing molybdenum in process, power and desalination plants, in oil and gas production and distribution and in motor vehicle components. The greater use of molybdenum steels, high performance alloys and catalysts, combined with robust growth in the economies of the 'BRIC' countries and other countries in Asia and South America, will ensure growing future demand for molybdenum. About 7% of stainless steel produced contains molybdenum. Grade 316, containing between 2% and 3% Mo is by the most widely used, largely in medium level corrosive environments such as external architectural applications.