钼金属研究框架

Investment Rating - The report maintains a positive outlook on the small metals industry, specifically molybdenum, with an investment rating of "Positive" [1]. Core Insights - Molybdenum (Mo) is recognized for its high melting point, strength, and excellent thermal and electrical conductivity, making it an irreplaceable strategic metal in various applications [4][6]. - The global molybdenum supply is concentrated, with significant reserves located in a few countries, particularly China, which plays a crucial role in both supply and demand [21][40]. - The demand for molybdenum is primarily driven by its use in alloy steels, stainless steels, and chemical applications, with China being the largest consumer [36][40]. Summary by Sections Molybdenum Characteristics and Applications - Molybdenum has a high melting point of 2623°C and a density of 10.22 g/cm³, making it suitable for high-temperature applications [4]. - The primary applications of molybdenum include alloy steel (41%), stainless steel (22%), and chemical products (13%) [9][36]. Molybdenum Industry Chain - The molybdenum industry chain consists of upstream mining, midstream processing, and downstream applications, with molybdenum iron being the main consumption form [11][13]. - The main products include molybdenum metal products, molybdenum chemical products, and molybdenum furnace materials [12][13]. Global Supply and Demand - As of 2023, global molybdenum reserves are estimated at 1.5 million tons, with China holding the largest share at 580,000 tons [23][40]. - The global molybdenum production was stable at around 25-26 million tons from 2021 to 2023, with China contributing significantly to the supply [30][40]. Future Outlook - The report forecasts a growing demand for molybdenum, particularly in China, with an expected increase in consumption from 12.63 million tons in 2023 to 14.59 million tons by 2026 [38][40]. - The supply-demand gap is projected to widen, with a forecasted shortfall of 44,300 tons by 2026, indicating potential investment opportunities in molybdenum mining and production [40].