Chinese consumers have stepped into the market, in place of European and United States buyers, and have bought significant volumes of molybdenum. This aided price recovery and buoyed sentiment, delegates heard during the molybdenum panel for the event, held online on Wednesday November 11.
The Covid-19 pandemic hit Europe and the US in March and April, and resulted in steel mills and end-consumers closing temporarily due to economic shutdowns.
“Demand was down by 15% in the first quarter [of 2020] according to data from the International Molybdenum Association, but I think the numbers were worse than 15%,” Andreas Keller, vice president of Scandinavian Steel, said.
“What we saw was increased demand in China during this period. We saw them starting to buy-in material. Pricing held [steady] due to this increased demand from China while Europe was facing a very difficult time, with steel mills...