[SMM Stainless Steel Market Flash] HKU Develops SS-H2 Stainless Steel for Lower-Cost Seawater Hydrogen Systems

Chile’s state-owned Codelco reported H1FY2026 molybdenum production of 6,500 tonnes, down 14.5% from 7,600 tonnes in the same period of 2025. Molybdenum sales totaled 7,600 tonnes, down 5% from 8,000 tonnes a year earlier. The decline in production indicates a notable YoY contraction in Codelco’s by-product molybdenum supply.

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.

Antofagasta reported a notable year-on-year decline in molybdenum production across its key copper-molybdenum operations in H1FY26. Molybdenum output at Los Pelambres fell 17% to 4,700 tonnes from 5,700 tonnes a year earlier, while output at Centinela declined 18% to 1,400 tonnes from 1,700 tonnes. The company attributed the declines primarily to lower ore grades.