Beijing has sought consultations with the United States, the first step in a WTO dispute, over its announced tariffs on $50 billion worth of Chinese imports.
Mining companies saw its shares plummet along with metal prices on Wednesday as China announced additional tariffs on US products, a move experts say is likely to heighten global concerns of a tit-for-tat trade war between the world's biggest economies.
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.