【Flash | Sierra Gorda H1FY2026 Molybdenum Output Rises 6% on Higher Recovery】

Antofagasta reported a notable year-on-year decline in molybdenum production across its key copper-molybdenum operations in H1FY26. Molybdenum output at Los Pelambres fell 17% to 4,700 tonnes from 5,700 tonnes a year earlier, while output at Centinela declined 18% to 1,400 tonnes from 1,700 tonnes. The company attributed the declines primarily to lower ore grades.

[SMM Stainless Steel Daily Review] Stainless steel futures drive spot price recovery, September peak season demand remains weak with insufficient upward momentum According to SMM on September 7, SS futures ended the previous downward trend of hitting bottom and began a strengthening rebound. By the close, the most-traded SS contract settled at 13,885 yuan/mt. In the spot market, although the traditional "September-October peak season" demand recovery fell short of expectations, driven by SS futures stopping falling and strengthening, low-priced discounted cargo in the market continued to decrease, and spot quotes recovered somewhat. However, the current market is supported only by just-in-time procurement, and the momentum for further price increases remains weak. SS futures most-traded contract. At 10:15 a.m., SS2610 was quoted at 13,895 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 475-775 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi rose 25 yuan/mt, and the average price in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi remained flat; hot-rolled 316L/NO.1 coil quotes in Wuxi remained flat; cold-rolled 430/2B coils in both Wuxi and Foshan remained flat. This week, stainless steel futures continued the overall weak trend and broke down further. The "September peak season" traditional consumption period officially began, but expectations of demand recovery fell through, market sentiment turned pessimistic and bearish, SS futures came under pressure and weakened, with the weekly low briefly dipping below 13,700 yuan/mt. The market valuation center continued to pull back, and bearish sentiment dominated. The spot market followed...

Chile's Caserones copper-molybdenum mine was previously affected by extreme winter weather, experiencing two winter storms that disrupted power supply and site access, causing an actual impact on mine production. The impact of this event has now carried over from a short-term operational disruption into full-year output expectations: Lundin Mining subsequently lowered its full-year copper production guidance for Caserones from the original 130,000–140,000 tonnes to 120,000–130,000 tonnes. By-product molybdenum output is expected to come under pressure in tandem, though a specific molybdenum production guidance figure has not yet been separately disclosed.