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Record nickel prices are driving stainless steel manufacturers to substitute other metals, such as manganese and chromium in their composition. One metal increasingly being used in a growing number of applications, for which there is less possibility of substitute, is molybdenum (Mo). By 2020, the annual demand for molybdenum could surpass the 700 million pound level. This is more than double the amount of molybdenum mined just a few years ago.
The global market for molybdenum is estimated to have grown from about 100kt in 1990 to 181kt in 2005. Molybdenum’s applications are wide, diverse and expanding. The main end-use of molybdenum is in steel. Stainless steel accounts for an estimated 28% of worldwide molybdenum demand, followed by full alloy steel (15%), tool and high speed steel (10%), high strength low alloy steel (9%) and carbon steel (9%). In addition, the metal is used in paint pigments, lubricants, catalysts and prosthetic legs. The radioisotope Molybdenum-99 is used in cancer treatment.
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