HS Code:
The 'Of molybdenum' category, typically classified under HS Code 8102, encompasses products made primarily of molybdenum, including powders, bars, rods, plates, sheets, and other forms. Molybdenum is a critical industrial metal valued for its high melting point, strength, and corrosion resistance, making it essential in steel alloys, chemical applications, and high-temperature environments such as aerospace and energy sectors. Global trade in molybdenum products is driven by demand in manufacturing, infrastructure development, and advanced technology industries.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$800 million USD
32% of total trade of total trade
Increasing
$500 million USD
20% of total trade of total trade
Stable
$400 million USD
16% of total trade of total trade
Increasing
$300 million USD
12% of total trade of total trade
Stable
$200 million USD
8% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Japan EPA)
Rising demand in renewable energy sector
Increased use of molybdenum in wind turbines and solar panel manufacturing has boosted trade volumes by 10% annually since 2020.
2020-2022
Supply chain disruptions due to geopolitical tensions
Trade restrictions and export controls from key producers like China have led to price volatility and supply shortages in Western markets.
2021-2023
Technological advancements in alloy production
Innovations in molybdenum-based alloys for aerospace and defense applications have spurred demand, particularly in the US and EU markets.
2019-2022
China, the largest producer and exporter of molybdenum, reduced its export quotas by 15% to prioritize domestic industrial needs, impacting global supply chains.
January 2023
Price increases of up to 20% in international markets and a shift toward alternative suppliers like Chile and Peru.
The United States announced a $200 million investment in domestic molybdenum mining and processing to reduce reliance on foreign imports amid national security concerns.
March 2023
Expected to increase US self-sufficiency by 25% over the next five years, potentially reducing import volumes.
New EU regulations under the Green Deal framework impose stricter environmental standards on molybdenum mining and trade, affecting imports from non-compliant regions.
July 2023
Increased compliance costs for exporters to the EU, potentially redirecting trade flows to less regulated markets.