Molybdenum market update on October 21, 2025
The overall domestic molybdenum market remains weak, with insufficient upward momentum in molybdenum product prices amid declining enthusiasm for inquiries and procurement from downstream enterprises, downward pressure on steel bidding price, and oscillating declines in international molybdenum price. Some products, such as ferromolybdenum, have even seen slight decreases, with price dropping by approximately RMB 1,000 per ton.
From the supply side, firstly, despite reductions in output from some molybdenum mining enterprises due to stringent environmental regulations and high production costs, the current relatively high raw material prices and overall weak downstream demand have led to a generally high willingness among holders to sell. As a result, the market has not experienced a noticeable shortage of spot supply. Secondly, with the relatively strong purchasing power of the RMB and overseas molybdenum prices within a reasonable range, China has seen a significant increase in molybdenum product imports. Customs data shows that in September 2025, China's molybdenum product imports reached 10,288.20 tons, increased by 67.60% month-on-month, including 2,963.00 tons of roasted molybdenum ore and concentrates, increased by 254.60% month-on-month.
From the demand side, recent procurement by buyers has mainly focused on meeting rigid demand, largely due to downstream users having largely completed their phased procurement plans last week and the current high pricing of molybdenum products. However, in the long term, the promising development prospects of molybdenum downstream industries such as military defense and new energy are expected to boost demand for high-end molybdenum-containing specialty steels.
In terms of news, according to the National Bureau of Statistics, in September 2025, China's crude steel output was 73.49 million tons, decreased by 4.6% year-on-year; pig iron output was 66.05 million tons, decreased by 2.4% year-on-year; and steel product output was 124.21 million tons, increased by 5.1% year-on-year. From January to September 2025, China's crude steel output was 746.25 million tons, decreased by 2.9% year-on-year; pig iron output was 645.86 million tons, decreased by 1.1% year-on-year; and steel product output was 1,103.85 million tons, increased by 5.4% year-on-year.
Price of molybdenum products on October 21, 2025
Molybdenum copper sheet picture
