Data: SHFE, DCE market movement (Nov 22)

Elmet Technologies has been awarded an approximately $36 million contract by the US Defense Logistics Agency to supply the National Defense Stockpile with titanium-zirconium-molybdenum alloy billets, bars and ingots, as well as specialised molybdenum and tungsten wire. The materials are intended for jet-engine components and other high-temperature aerospace applications. Elmet did not disclose delivery volumes, contract duration or the value split between molybdenum and tungsten products. SMM analysis: The award confirms US defence-sector procurement demand for high-performance molybdenum materials, but cannot yet be translated into additional molybdenum consumption due to the absence of physical volumes.

Novametal USA released its October 2026 raw-material surcharges for stainless steel cold-drawn wire. The molybdenum average increased 1.0% from US$33.2230/lb to US$33.5558/lb, equivalent to approximately US$73,244/t and US$73,978/t. However, nickel and chromium averages declined 1.9% and 1.2%, respectively. Consequently, the 316 alloy surcharge fell from US$1.94/lb to US$1.92/lb, while 316L declined from US$1.98/lb to US$1.97/lb. After the energy surcharge rose from US$0.10/lb to US$0.12/lb, the total 316 surcharge remained unchanged at US$2.04/lb and 316L edged up to US$2.09/lb. SMM analysis: weaker nickel and chromium partly offset higher molybdenum costs, limiting downstream price transmission.

Eaton Steel Bar Company released its October 2026 scrap and alloy surcharge schedule, raising the molybdenum component across all listed molybdenum-bearing grades. The moly surcharge for the 4000 series increased from US$9.49/cwt to US$9.77/cwt, equivalent to approximately US$209.22/t to US$215.39/t of steel. The 4600 series rose from US$15.18/cwt to US$15.64/cwt, while the 9260 grade increased from US$3.64/cwt to US$3.81/cwt. The gains ranged from about 3.0% to 4.7%. The scrap surcharge remained unchanged at US$14.50/cwt. SMM analysis: the October increase mainly came from alloy components, although the surcharge should not be treated as a direct molybdenum spot-price indicator.