Molybdenum ore imports shoot up at Tianjin Port

Molybdenum ore imports shoot up at Tianjin Port

According to customs statistics, molybdenum ore imports at northern China's Tianjin Port increased 420 percent year on year to 9'802 tons with $290 million value through January - August 2005. The molybdenum imports increased due to a shortage of around 30'000 tons in domestic supply caused by several mine disasters in China. The increase of molybdenum in Tianjin Port is related with its proximity to molybdenum processing bases concentrated in Hulu Island in Dalian, the Huayin area in Shaanxi and the Luanchuan area in Henan. China's molybdenum ore imports mainly came from Chile and Peru. Molybdenum ore import from Chile and Peru reached 5'877 tons through January – August 2005, up 13.3 fold, and accounted for 60% of total molybdenum imports at Tianjin port. Foreign suppliers currently have long-term contracts with domestic processing enterprises. In order to reduce risk, foreign suppliers stock molybdenum ore in bonded area, and then offer it to domestic processing enterprises in batches in line with domestic demand. Imported molybdenum ore at the warehouse in the Tianjin bonded area increased 5.9 fold to 3'786 tons through January-August 2005. Molybdenum is used principally as an alloying agent in steel, cast iron, and superalloys to enhance strength, durability, and wear and corrosion resistance.