Normally, only viscous liquids with a very high melting-point are molten, especially when something that’s normally very solid gets so hot that it changes and becomes hazardous, like molten rock, molten iron or molten glass. Discussions of nuclear accidents often talk about “the molten core.” We never say *molten water, *molten ice, or even *molten butter. (Edit: Michael Harvey found a news story from British Columbia that referred to “molten butter used as a weapon” in Canadian prisons. I stand corrected, but I think this illustrates the point that something molten is dangerous.)
One important way that molten is like an adjective and melted is a past participle: something that melts and then cools and becomes solid again still is/has been melted, but is no longer molten.
The word is sometimes used in literary or poetic ways. For example, English translations of the Bible call a bronze basin filled with water that once stood in a temple in Jerusalem “the Molten Sea” (translating a Hebrew term that means something like, “sea of cast metal”).