Molybdenum prices up with top global producer JDC Moly down after flood

摘要

Molybdenum prices rose in the United States and Europe after a flood disabled one of the world’s top two molybdenum producers, Jinduicheng Molybdenum Co (JDC Moly), on Wednesday August 5 for what is said to be an indefinite period. Two units, which combined have produced 59.70% of the company’s molybdenum concentrates so far this year, ceased operating following “heavy rain” in “the Jindui mining area”, JDC Moly told customers on Thursday. JDC Moly produced 2,480 tonnes of 45% contained molybdenum concentrate per month from January to July, according to a company statement seen by Fastmarkets. “Flooding washed out mine tailings and disabled JDC’s Baihualing concentrator,” said one of multiple Fastmarkets sources familiar with the event.