【Molybdenum Flash News】

[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.

Ferro-Alloy Resources reported that ferromolybdenum produced at its Balasausqandiq plant contained 14.6 tonnes of molybdenum in H1 2026, down 47.5% from 27.8 tonnes a year earlier. The figure represents contained molybdenum, not the gross weight of ferromolybdenum; the company did not disclose the alloy grade or total product tonnage. Raw-material throughput fell 35% because suitable, economically processable purchased concentrates were unavailable, while revenue declined 28% to $1.8 million. Feedstock constraints reduced output, although the plant’s absolute tonnage remains small.

Per DFARS 252.225‑7052 (eCFR Title48, Sep25 2026), US defense procurement restricts tungsten‑related materials from China, Russia, DPRK, Iran. Restrictions target downstream processing until Dec31 2026; from Jan1 2027 rules extend upstream to ore/feedstock including recycled scrap, whose origin cannot be reset via reprocessing. Regulated goods: tungsten powder & heavy‑alloy components. Exemptions cover eligible COTS, unassembled mill stock, electronics and military Non‑Availability Determination. Prime contractors must flow‑down rules to subcontractors. Standard cemented carbide inserts are not explicitly regulated.