10 Metalnewsnet:

Thompson Creek Metals Co Inc (TCM.TO) (TC.N) looks for pent-up demand or the "rebound effect" to cause global demand for molybdenum to grow faster in 2010 than the usual 4 to 5 percent pace.

Speaking to Reuters Mining and Steel Summit, Chief Executive Kevin Loughrey said, the molybdenum market "has been growing at a 4 to 5 percent rate historically, and it could grow faster than that this year, because there is some "rebound effect".

Though actual numbers are hard to come by for the global molybdenum market, Thompson Creek estimates 2009 demand declined to about 420 million pounds.

"It's a little easier to get that growth if demand comes back. A rough estimate would be a 450 lb market, but no one really knows," he said.

Citing a steady, though modest, pick up in demand from all areas, both geographic and industry sector, the CEO added that the molybdenum price had surged to $18 per lb as of last Friday, compared with $12 a lb in recent weeks.