Bloomberg reported that Jinduicheng Molybdenum Co, Asia's largest producer of the metal used to harden steel, H1 profit was CNY 1.73 billion. According to Jinduicheng Molybdenum Co annual report sales were CNY 3.43 billion.

The company posted full year profit of CNY 3.03 billion in 2007.

Macquarie Group Ltd said molybdenum has jumped more than fivefold since early 2004 as demand for corrosion-resistant pipes grows. Chinese production of stainless steel may jump 23% this year.

According to its share sale statement Jinduicheng which sold shares in April accounted for 7% of the global output of molybdenum products in 2006. China overtook the US to become the world's biggest producer of molybdenum last year.