July 29 spot price of SMM rare earth: terbium oxide down 45000 yuan / ton most oxide prices remain unchanged

KGHM Polska Miedź (KGHM) reported H1FY2026 molybdenum output at Sierra Gorda of 1.8 million lb (about 816 tonnes) on its 55% attributable basis, equivalent to roughly 1,484 tonnes on a 100% mine basis, up 6% YoY. Q2 output was 0.9 million lb (about 408 tonnes), equivalent to around 742 tonnes on a 100% basis, down 25% YoY. Higher molybdenum recovery offset lower ore grades and reduced throughput. KGHM set Sierra Gorda’s FY2026 molybdenum production budget at 2.1 million lb (about 953 tonnes) on the same 55% basis, equivalent to about 1,732 tonnes at 100%. With 1.8 million lb already produced in H1FY2026, the mine had achieved about 86% of its full-year molybdenum budget.

[Cost Support Loosens and Inventory Diverges, Magnesium Ingot Transactions Remain Sluggish with Consolidation] Quotes for all grades of magnesium ingot were basically flat. The pullback in coal loosened cost support. Smelter inventory sentiment diverged, downstream users purchased as needed, and export circulation was hindered. Overall transactions were sluggish, and foreign trade of magnesium ingot is expected to continue consolidating in the short term.