【Flash | Peru’s August Molybdenum Export Value Rises 33% YoY】

Trekor Metals reported Q3 2026 molybdenum production of 380,000 lb (about 172 tonnes) at its wholly owned Gibraltar mine, down 32.0% QoQ from 559,000 lb and 31.9% YoY from 558,000 lb. Based on company data, SMM calculates nine-month output at 1.656 million lb (about 751 tonnes), up approximately 54.2% YoY, supported by strong Q1 production. Copper output increased 12% QoQ, highlighting diverging by-product performance. The company did not separately explain the molybdenum decline.

[SMM Stainless Steel Daily Review] Nickel Prices Drag Futures Lower While Just-in-Time Procurement Provides Support; Stainless Steel Spot and Futures Diverge on First Trading Day After Holiday According to SMM on October 8, on the first trading day after the National Day holiday, SS futures consolidated lower, dragged by SHFE nickel. By the close, the most-traded SS contract settled at 13,455 yuan/mt. In the spot market, although SS futures fell notably, transaction activity improved thanks to post-holiday restocking demand in surrounding markets, and stainless steel spot prices saw limited declines. SS most-traded futures contract. At 10:15 a.m., SS2611 was quoted at 13,530 yuan/mt, down 165 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 640-1,040 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled 304/2B coils with mill edges, the average price in Wuxi fell 25 yuan/mt, and the average price in Foshan fell 50 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil quotes in Wuxi were flat; cold-rolled 430/2B coils in both Wuxi and Foshan were flat. Before the holiday, the stainless steel market overall showed a consolidating pattern of external weakness and internal stability, a falsified peak season, and a balance between longs and shorts. Expectations for a traditional September-October peak season recovery completely fell through, end-use demand remained persistently weak, downstream stocking largely wound down ahead of the long holiday, and the market saw only sporadic just-in-time transactions, with overall trading sluggish and the demand side continuing to pressure spot prices. Futures showed an independent, resilient trend, not deeply following the decline amid weakness in nonferrous metals and SHFE nickel, with strong support from low valuations. Spot...

Two unions at Antofagasta’s Centinela mine began a legal strike at 8:00 a.m. local time on Oct. 7 after mandatory mediation ended without an agreement. The company said the action covers 709 workers, or 22% of its direct workforce, and could create operational difficulties, although its production outlook remains unchanged. Centinela’s 2026 molybdenum guidance is 3,000–3,500 tonnes, with about 1,400 tonnes produced in H1. No concentrator shutdown or molybdenum-output loss has been confirmed. The impact will depend on strike duration and disruption to critical mining and maintenance roles.