SRB Has Purchased Molybdenum and Cobalt, the Stocks of Non Ferro Metal Advanced Quickly
- Details
- Category: Molybdenum's News
- Published on 21 August 2014
- Written by jwy
- Hits: 290
The Reuters reported that China State Reserve Bureau has bought nearly 3000 tons of molybdenum oxide, which is the first time in 20 years, the movement is intended to help domestic production enterprises who are in trouble of tight credit. Molybdenum oxide is often used to strengthen steel.
The news said that SRB has also purchased about 100--200 tons of cobalt in another closed bidding, which is lower than the last scale, 1000 tons. Cobalt is used for electronics and electric car batteries. SRB has ever bought 2700 tons of molybdenum oxide using in the production of molybdenum alloy. Molybdenum alloy is special steel materials using in petro chemical and oil industry .
it is reported that SRB will be to buy 2300 tons of molybdenum before the end of the year, and may continue to buy 1000 tons of cobalt, traders said the movement is likely to push up the price of cobalt.
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