European APT Offers Drop to $2,700-3,100/mtu Amid Weak Demand and Lower Scrap Prices

Outokumpu’s October 2026 North American coil alloy surcharges edged lower across several molybdenum-bearing grades. The surcharge for 316L 2.5% Moly fell 0.5% MoM to $4,291.96/t, while 316L/4404 declined 0.7% to $3,886.31/t. Duplex 2205 was broadly flat at $4,225.83/t. Surcharges for 904L and 254 SMO fell 0.8% and 0.6% to $8,236.48/t and $8,914.62/t, respectively. These are alloy surcharges rather than full steel prices and reflect nickel, chromium and other alloy inputs as well as molybdenum.

Bharat Heavy Electricals Limited’s Haridwar plant has opened a tender for 40 tonnes of ferromolybdenum. The procurement uses a reverse auction and may be split 60:40 between up to two suppliers. The delivery schedule calls for 25 tonnes within 30 days of the contract start and 15 tonnes within 60 days. Under the price-adjustment formula, 80% of the invoiced price is linked to the Argus 60% Mo ferromolybdenum ex-works India index. The tender also includes a quantity option of up to 25%. No award or transaction price has yet been disclosed.

[SMM Tungsten Analysis: Multiple Pressures Drive APT Industry Operating Rate to Record Low in September] SMM, September 29: In September 2026, China's APT market saw deep production cuts and operating rates hitting bottom, with supply-side contraction reaching a new low for the period. According to SMM survey sample data, APT production fell sharply by 32% MoM, while the industry operating rate plunged 21.2 percentage points MoM to around 49%, a historic low.