The rise in the molybdenum price is apparently due to...

The rise in the molybdenum price is apparently due to fluctuations in oil and gas industries, who use a large portion of it. “There’s a strong correlation between moly demand and active drill counts.” The large mines are still underproducing because of the downturn in energy over the past few years.

Use of molybdenum for batteries and superalloys will happen soon but not immediately (think of the scandium projects waiting for demand to pick up). I imagine that purity will be an issue, as with all elements that go into those applications, and so will command higher prices for those able to manage the grades.

https://www.reuters.com/article/met...h-to-buttress-molybdenum-prices-idUSL8N1RD0AN