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Molybdenum Market - February 3, 2026

Molybdenum market update on February 3, 2026

The domestic molybdenum market overall maintained stable operation. Against the background of relatively balanced supply and demand and no major news releases in the market, product prices basically consolidated within a narrow range, with limited actual transaction volume.

Today, molybdenum concentrate, ferromolybdenum, and ammonium heptamolybdate prices were approximately RMB 4,070 per tonne-degree, RMB 265,000/ton, and RMB 257,000/ton respectively.

From the supply side, the spot supply of market raw materials was average, mainly due to the continued intensification of environmental crackdowns on illegal operations, high energy prices, and the approaching Spring Festival holiday, among other overlapping factors, resulting in some molybdenum production enterprises reducing output to some extent; with a relatively large number of previous orders, holders recently focused mainly on delivering earlier orders, leading to relatively weak initiative in active shipments.

From the demand side, market inquiries were relatively low, with trading activity on the lower side, mainly attributed to the approaching Spring Festival holiday increasing market uncertainty, leading to cautious procurement willingness among downstream users; downstream enterprises had basically completed phased stockpiling in the previous period, resulting in fewer new orders in the short term; terminal consumers and some intermediate links had relatively tight liquidity, further restraining the procurement pace.

On the news front: Data from the World Steel Association show that in December 2025, China's crude steel output was 68.18 million tons, decreased by 10.3% year-on-year; India's crude steel output was 14.80 million tons, increased by 10.1% year-on-year; the United States crude steel output was 6.90 million tons, increased by 3.6% year-on-year; Japan's crude steel output was 6.60 million tons, decreased by 4.8% year-on-year; Russia's estimated crude steel output was 5.80 million tons, decreased by 4.4% year-on-year; South Korea's crude steel output was 5.20 million tons, decreased by 2.4% year-on-year; Turkey's crude steel output was 3.50 million tons, increased by 18.5% year-on-year; Iran's estimated crude steel output was 3.00 million tons, increased by 16.2% year-on-year; Germany's crude steel output was 2.70 million tons, decreased by 0.2% year-on-year; Brazil's crude steel output was 2.60 million tons, decreased by 1.9% year-on-year.

Price of molybdenum products on February 3, 2026

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