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Molybdenum, which resembles lead and has a silvery luster, is used primarily as an alloy in steel. Molybdenum has one of the highest melting points of any metal on Earth (or elsewhere, as far as we know), and as such is used in steel alloys when performance and stability at extremely high temperatures is a must. The primary hedgers are therefore heavy-duty industrial manufacturers, specifically the makers of high-performance engines, such as jet engines and industrial motors.