Trafigura has already increased its foothold in nickel with an exclusive offtake agreement with Finland's Terrafame, that also produces zinc and cobalt.
India's Supreme Court in February quashed all iron ore mining permits in the southwestern state of Goa, one of the top producing states for the steel making raw material.
Healthy demand for molybdenum rich stainless steel, especially from the oil and gas industry, plus sluggish supply growth are expected to keep the price of this minor metal riding high.