Molybdenum Flash News

KGHM Polska Miedź reported Sierra Gorda’s August molybdenum output at 0.1 million lb (about 45 tonnes) on its 55% attributable basis, down 90% YoY. The decline reflected lower molybdenum grade, recovery and ore throughput. Jan–Aug output fell 38.2% to 2.1 million lb (about 953 tonnes), from 3.4 million lb (about 1,542 tonnes). Despite a 6% rise in August copper output, molybdenum production declined sharply, highlighting diverging by-product performance caused by ore characteristics.

Mexico’s National Institute of Statistics and Geography (INEGI) reported mine-metallurgical molybdenum output of 1,329 tonnes in July 2026, down 2.6% MoM and 6.3% YoY, marking a second consecutive monthly decline. Jan–Jul production totaled 9,281 tonnes, 835 tonnes lower than the 10,116 tonnes recorded a year earlier, representing an 8.3% YoY decrease. The renewed July contraction indicates that Mexico’s cumulative molybdenum supply remains below 2025 levels. The 2026 figures are preliminary, while the 2025 data are final.

SMM learned that a European stainless steel producer purchased 3 truckloads of molybdenum oxide briquettes yesterday totaling about 75 tonnes. On DDP basis, one truck traded at $33.65/lb Mo, while the other two traded at $33.80/lb Mo each. The lowest-priced lot was supplied by an international trader and nets back to about $33.20/lb Mo after freight and other charges. Market sources said this lot may be Armenian-origin, although this remains unconfirmed. The other two trucks were supplied by major international molybdenum suppliers. Market feedback suggests that news of the lower-priced overseas deal may have contributed to the sharp weakening in China’s market sentiment this afternoon, with ferromolybdenum transactions falling from about RMB345,000/tonne yesterday to RMB341,000/tonne.