【Flash | A Perfect Storm of Supply Risks Keeps Molybdenum Oxide Near Recent Highs】

[SMM Stainless Steel Daily Review] SS futures stop falling and recover; steel mills hold prices firm amid weak demand pressure on stainless steel spot According to SMM on September 15, SS futures stopped falling and rebounded. Although prices dipped to 13,460 yuan/mt during the session, they recovered and rallied near the close. As of market close, the most-traded SS contract settled at 13,560 yuan/mt. In the spot market, although SS futures stopped falling and rebounded, spot prices at steel mills still showed inverted price spreads. Market sources reported that steel mills held meetings to discuss production cuts. Coupled with tight supply at some mills and restricted-price sales, spot prices remained stable for the time being. Downstream, however, remained cautious and on the sidelines due to weak demand, and spot market trading continued to be sluggish. SS futures most-traded contract. At 10:15 a.m., SS2610 was quoted at 13,505 yuan/mt, down 20 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 665-1,065 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; cold-rolled raw-edge 304/2B coil, Wuxi average price was flat, Foshan average price was flat; Wuxi cold-rolled 316L/2B coil price was flat; hot-rolled 316L/NO.1 coil, Wuxi quotes were flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures overall extended a low-level subdued consolidation pattern. Disappointing peak-season expectations dominated futures sentiment, and bearish sentiment in the market continued to build. The end-user recovery has yet to materialize, and market expectations for a rebound have completely fallen through. Pessimistic sentiment was released in a concentrated manner, dragging SS futures to continue hitting bottom, with prices briefly dipping to 1,368...

Mongolia’s NSO reported molybdenum concentrate output, on a contained-metal basis, of 424.4 tonnes in July 2026, down 1.3% MoM and 17.0% YoY. Jan–Jul output totaled 3,290.5 tonnes, up 9.3% YoY.

Peru’s Ministry of Energy and Mines (MINEM) reported molybdenum production of 3,029 tonnes in June 2026, up 6.5% MoM and 5.4% YoY. H1 output totaled 18,777 tonnes, down 4.5% YoY. Sociedad Minera Cerro Verde produced 943 tonnes in June, up 76.1%, while Anglo American Quellaveco produced 479 tonnes, up 25.6%. Southern Peru Copper Corporation’s output declined 16.0% to 1,065 tonnes. Gains at Cerro Verde and Quellaveco supported the monthly rebound, although cumulative supply remained below last year.