Molybdenum Market Flash (SMM, Sep 3)

[Molybdenum Flash] SMM, September 3: A mine in Jiangxi sold 96 mt of 45%-50% molybdenum concentrates (average copper 1.99%, average phosphorus 0.081%) at a transaction price of 5,430 yuan/mtu, with a bid floor of 5,410 yuan/mtu. It also sold 544 mt of 40%-45% molybdenum concentrates (average copper 4.09%, average phosphorus 0.085%) at a transaction price of 5,395 yuan/mtu, with a bid floor of 5,380 yuan/mtu. All the above transactions were settled with 35% cash and 65% acceptance.

On August 31, Chile's National Statistics Institute (INE) reported that the country's industrial production index fell 5.1% year-on-year in July. Within that, the mining production index (IPMin) declined 7.2%, with metallic mining down 10.7%, subtracting 9.301 percentage points from the index, mainly on lower copper extraction and processing. USGS data show Chile accounted for roughly 16% of global molybdenum output in 2025. The recent output losses at Chile's copper-molybdenum mines have been concentrated at the beneficiation stage, which hits by-product molybdenum harder than copper; global molybdenum supply is therefore expected to feel the impact in 2026.

[SMM Tungsten Express] Tungsten West has agreed terms with the UK's National Wealth Fund for up to £71 million in investment, including £36 million in equity, up to £25 million in committed debt, and a £10 million non-committed accordion facility. The fund will also have a limited period to conclude an offtake agreement for up to 50% of tungsten production. The company has already produced concentrate and is in final completion testing, targeting production start in Q3 2026 and full ramp-up in Q1 2027. The agreement is expected to create 350 direct jobs.