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Molybdenum Market - February 2, 2026

Molybdenum market update on February 2, 2026

On Monday, the domestic molybdenum market overall maintained a relatively strong operation.

With downstream users basically maintaining rigid demand procurement and suppliers holding strong reluctance to sell while maintaining bullish sentiment, the center of gravity of many product prices shifted slightly upward, though actual transaction volume remained limited. Today, molybdenum concentrate, ferromolybdenum, and ammonium heptamolybdate prices increased by approximately RMB 10 per tonne-degree, RMB 1,000/ton, and RMB 2,000/ton respectively. Recently, steel enterprises entering the market to tender for ferromolybdenum include Nanjing Iron & Steel, China First Heavy Changzhou New Materials, Jiangsu Yonggang, Zhongnan Steel, Shougang Group, etc. It is understood that difficulty in increasing market spot supply combined with relatively strong production cost support jointly bolstered suppliers' firm quotations.

On the news front: Data from the World Steel Association show that in December 2025, global crude steel production in 70 countries/regions included in World Steel Association statistics totaled 139.6 million tons, decreased by 3.7% year-on-year. Among them, Africa’s crude steel production was 1.90 million tons, decreased by 0.3% year-on-year; Asia and Oceania crude steel production was 99.70 million tons, decreased by 6.3% year-on-year; EU (27 countries) crude steel production was 9.90 million tons, increased by 3.9% year-on-year; other European countries crude steel production was 3.80 million tons, increased by 13.8% year-on-year; Middle East crude steel production was 5.30 million tons, increased by 13.9% year-on-year; North America crude steel production was 9.00 million tons, decreased by 0.4% year-on-year; Russia and other CIS countries + Ukraine crude steel production was 6.90 million tons, decreased by 2.7% year-on-year; South America crude steel production was 3.20 million tons, increased by 1.2% year-on-year.

Price of molybdenum products on February 2, 2026

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