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Gold/Mining/Energy : The Molybdenum Discussion Board

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From: bluezuu	8/27/2008 10:36:35 AM
	of 3267

Aug. 27 (Bloomberg) -- China Molybdenum Co., the nation's second-biggest producer of the metal used in steelmaking, expects a global shortage of 2,000 metric tons this year will prevent prices from falling. Production may decline in Chile and China, ensuring that a deficit will last for ``quite a while,' General Manager Wu Wenjun said today at a conference in Hong Kong. Wu in April forecast a deficit will last until 2010. The estimated shortage, about 2 percent of global output in the first half, may bolster molybdenum prices that have already jumped fivefold in the past five years as demand for oil steel pipes surges. China may raise demand of the metal by 24 percent this year, larger rival Jinduicheng Molybdenum Co. said in June. ``The domestic market will maintain rapid growth in the second half,' Wu said. bloomberg.com

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