Platts Launches Daily Molybdenum Price Assessment

NEW YORK, Oct. 10, 2011 /PRNewswire/ -- Platts, a leading global energy, metals and petrochemicals information provider and a foremost source of benchmark price references, today launched a daily price assessment for molybdenum (moly) oxide, a key alloying agent used in making stainless and other steels. This new assessment expands the Platts suite of molybdenum price references in publication since 1971.

"We're proud of our long service to the moly industry, providing weekly benchmark assessments for more than four decades," said Karen McBeth, Platts global editorial director, metals. "Platts Metal Week's Dealer Moly Oxide assessment is a long-established metals price benchmark, used widely in physical contracts for supply of the alloying ingredient."

The new daily reference, Platts Daily Dealer Molybdenum Oxide, reflects bids, offers and transactions between traders, steel mills and other users in the open, physical spot markets of roasted molybdenum concentrates containing a minimum of 57% molybdenum and a maximum of 0.5% copper, 0.05% lead.

"The launch of a daily assessment compliments the existing weekly benchmark and recognizes the growing need for a more frequent measurement of value to match the changing dynamics of the industry," said Andy Blamey, Platts managing editor, European metals.

In addition to its daily and weekly Dealer Molybdenum Oxide price assessments, Platts also publishes weekly price references for Japan-delivered and China-exported moly oxide.

China, as the world's largest steel producer, is the world's largest consumer of molybdenum. China is also world's largest producing country, though North America is the largest producing region.

According to the International Molybdenum Association, use of molybdenum in transportation, power generation, building and construction will likely increase by 6% per year through 2019.

"Molybdenum, like other industrial metals, increasingly is being watched as a leading indicator of macroeconomic activity, so a moly reference that can reflect day-to-day market developments and psychology should prove useful even beyond the metals markets," said McBeth. "Banks are already offering risk management tools that incorporate the Platts weekly moly oxide assessment, and a daily price reference will facilitate more frequent marking to market."

Platts' moly oxide price assessments are published in the real-time service Metals Alert, and the publications Metals Week, and its Metals Daily supplement, with monthly averages available as well in the Platts' Metals Week monthly supplement.

The methodology for Platts' moly oxide price assessments was developed in consultation with a cross section of key industry players, draws on Platts' century of experience in benchmark price reporting in energy, and is underpinned by robust quality guidelines. Platts' metals markets reporting spans more than 40 years, following the tradition of its parent company, The McGraw-Hill Companies, which has covered the metals markets for 80 years.

For more information on metals, visit Platts website at www.platts.com/.  

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for those markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the oil, petrochemicals, natural gas, electricity, coal, nuclear power, shipping, and metals markets. A division of The McGraw-Hill Companies, Platts has approximately 900 employees in more than 15 offices worldwide, including London, Dubai, Singapore, New York and Houston.

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies is a leading global financial information and education company that helps professionals and students succeed in the Knowledge Economy. Leading brands include Standard & Poor's, McGraw-Hill Education, Platts energy information services and J.D. Power and Associates. The Corporation has approximately 21,000 employees with more than 280 offices in 40 countries. Sales in 2010 were $6.2 billion. Additional information is available at www.mcgraw-hill.com.

SOURCE Platts