The International Molybdenum Association (IMOA) has reported that the molybdenum supply surplus grew in the third quarter (Q3) of 2014 with production exceeding consumption by approximately 14 million lb.
Global production of molybdenum increased to 150.3 million lb in Q3, which is up five percent from 142.9 million lb in the previous quarter, and up 11 percent year on year. Global use of molybdenum in the third quarter (Q3) fell slightly to 136.4 million lb, down three percent from 139.9 million lb in the previous quarter and 1 percent lower than the same quarter in 2013.
North America remained the biggest producer, with Q3 production rising seven percent to 53.3 million lb from 49.9 million lb in the second quarter (Q2) and 20 percent from Q3 in 2013. Usage in the US increased by three percent to 16.3 million lb from 15.8 million lb in the previous quarter. Production in South America rose to 36.9 million lb from 34.4 million lb in Q2.
Molybdenum is added to stainless steels and superalloys to improve corrosion resistance and high-temperature performance. It is also used in a variety of products from catalysts and lubricants to pigments and paint.