China Molybdenum to cut 2013 output and scrap hard alloy and tungsten projects
April 9, 2013
According to www.platts.com China Molybdenum, based in Henan Province, plans to reduce production of moly concentrate in 2013 by 10% from 2012’s output. Production in 2013 is anticipated to be 29,240 mt. “Due to the lack of improvement in the international economy, we see moly supply exceeding demand this year,” the company stated in its 2012 Annual Report.
The company has also announced that it will abandon two planned projects, a 5,000 mt/year hard alloy plant and a 1,600 mt/year tungsten products plant in Luoyang, Henan province, due to a lack of funding.
The company said the termination of the projects is not expected to have a negative impact on its operations this year, noting that construction has yet to begin on the two plants.