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Global demand for molybdenum is forecast to grow at an average 4.6%/year to 2016

Global demand for molybdenum is forecast to grow at an average 4.6%/year to 2016, exceeding global GDP rates, and Chinese demand is expected to grow by 7.6% in the same period, according to research from UK consultancy Rosskill Information Services .

China now accounts for around 31% of global molybdenum demand and its growth rates continue to outpace those in other countries, Rosskill said.

"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," Rosskill said in a statement about its new report.

It said the increased use of molybdenum bearing steels, high performance alloys and catalysts, along with robust growth in Brazil, Russia, India and China and elsewhere in South America,will ensure growing future demand for molybdenum.

Rosskill noted that around 7% of stainless steel production contains molybdenum, with 316 series -- the most widely used moly-bearing stainless grade in medium level corrosive environments -- containing between 2% and 3%.

Rosskill noted that global demand for molybdenum bounced back from the global economic recession, growing by just over 11% in 2010 and a further 9% in 2011. MINE CAPACITY SUFFICIENT TO MEET DEMAND UNTIL 2015

In 2012, mine capacity in primary molybdenum is sufficient to meet demand and supply is likely to show a surplus over the next three years, Rosskill said. It said the primary molybdenum mines were the first to respond to the recovery in demand in 2010. But, in 2011, growth in output of byproduct molybdenum from copper mines outpaced the growth from primary mines.

Rosskill lists around 60 new projects and expansions that could potentially produce molybdenum, yielding an additional 240,000 mt/year. This indicates "long-term mine supply is assured."

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