For the Quarter Ending December 2025
North America
• In the USA, the Molybdenum Price Index fell by 3.09% quarter-over-quarter, amid muted domestic demand.
• The average Molybdenum price for the quarter was approximately USD 48470.33/MT, CFR San Diego average.
• Ferro-molybdenum 65%min CFR San Diego Spot Price firmed on tighter merchant availability despite import inflows.
• Molybdenum Price Forecast indicated modest upside as downstream mills increased spot inquiries and procurement activity.
• Molybdenum Production Cost Trend showed limited pressure from freight declines, mining and processing costs stable.
• Molybdenum Demand Outlook strengthened as stainless and alloy steelmakers lifted spot orders amid export support.
• Molybdenum Price Index movements moderated by manageable inventories and fluid port operations sustaining distribution flows.
• Traders adjusted offers as USD strength and lower freight improved landed-cost arbitrage into west coast.
Why did the price of Molybdenum change in December 2025 in North America?
• Stronger spot inquiries from stainless and alloy mills increased immediate buying, tightening prompt merchant availability.
• Lower container freight reduced landed costs but failed to offset firmer export offers and procurement.
• Stable import flows and manageable inventories limited downside, while downstream year-end schedules supported incremental demand.
APAC
• In Thailand, the Molybdenum Price Index rose by 6.9% quarter-over-quarter, reflecting import delays and automotive demand.
• The average Molybdenum price for the quarter was approximately USD 31604.00/MT, reflecting Laem Chabang settlements.
• Forward buying and port congestion pushed the Molybdenum Spot Price higher despite steady conversion capacity.
• Short-term Molybdenum Price Forecast stayed cautiously bullish due to restocking ahead of maintenance shutdowns underway.
• Freight and imported oxide replacement drove the Molybdenum Production Cost Trend, compressing downstream margins modestly.
• Robust automotive and alloy demand supports a positive Molybdenum Demand Outlook, offsetting softer construction-related offtake.
• Inventory replenishment and imports tempered the Molybdenum Price Index while origin discipline kept offers firm.
• Baht weakness, port congestion, and investor forward buying sustained short-term upward pressure on import procurement.
Why did the price of Molybdenum change in December 2025 in APAC?
• Chinese exporters diverted oxide for domestic alloy production, tightening seaborne availability into Thailand pre-Lunar New Year.
• Thai stainless and specialty mills built safety stocks for Q1 maintenance, increasing procurement and spot enquiries.
• Baht depreciation increased CFR landed costs while freight remained steady, reinforcing upward price bias for imports.
Europe
• In Russia, the Molybdenum Price Index rose by 2.36% quarter-over-quarter, reflecting tighter imports and reduced output.
• The average Molybdenum price for the quarter was approximately USD 31546.67/MT, amid persistently tight inventories.
• Molybdenum Spot Price firmed as freight inspections and Trans-Siberian bottlenecks reduced delivered availability, supporting premiums.
• Molybdenum Price Forecast indicates moderate early-quarter gains driven by restocking and persistent logistics constraints ahead.
• Molybdenum Production Cost Trend edged up because higher freight and maintenance expenses narrowed producer margins.
• Molybdenum Demand Outlook remains robust for export steel and tubular goods despite softer domestic construction.
• Molybdenum Price Index showed volatility as ruble movements and Chinese export allocations shifted supply dynamics.
• Inventories at Black Sea warehouses remained low while forward buying by exporters supported price resilience.
Why did the price of Molybdenum change in December 2025 in Europe?
• Delayed ocean arrivals and Black Sea inspections extended transit times, reducing prompt supply into Novorossiysk.
• Extended roaster maintenance lowered molybdenum oxide output, increasing reliance on imports and elevating landed costs.
• Ruble depreciation amplified dollar-denominated import prices, encouraging competitive buyer behavior and selective spot procurement delays.
For the Quarter Ending September 2025
North America
• In the USA, the Ferro-molybdenum Price Index rose by 4.46% quarter-over-quarter, driven by tariffs policy.
• The average Ferro-molybdenum price for the quarter was approximately USD 50016.33/MT, reflecting CFR San Diego.
• Ferro-molybdenum Spot Price firmed on limited spot availability and stronger Chinese export offers, pressuring importers.
• Ferro-molybdenum Price Forecast indicates gains into autumn as supply tightness competes with subdued domestic demand.
• Ferro-molybdenum Production Cost Trend remains elevated due to higher Chinese material and concentrate cost pressures.
• Ferro-molybdenum Demand Outlook is mixed with automotive restocking offsetting continued weakness in construction activity conditions.
• Ferro-molybdenum Price Index reflects tariff distortions elevating landed costs, constraining broader procurement and order sizes.
• Inventory levels remained lean among US importers, while Chinese smelter outages tightened available export cargoes.
Why did the price of Ferro-molybdenum change in September 2025 in North America?
• Tariff-inflated landed costs reduced purchasing, making import parity unsustainable and suppressing volume demand across sectors.
• Tight Chinese concentrate supply, smelter maintenance raised exporter offers, tightening availability for US CFR buyers.
• Elevated freight and logistics lengthened lead times, increasing landed costs and encouraging just-in-time purchasing behavior.
APAC
• In Thailand, the Ferro-molybdenum Price Index rose by 10.9837% quarter-over-quarter, driven by tighter Chinese supply.
• The average Ferro-molybdenum price for the quarter was approximately USD 29558.67/MT, CFR Laem Chabang landed cost.
• Ferro-molybdenum Spot Price tightened as Chinese export offers firmed and Thai buyers accelerated deliveries ahead.
• Ferro-molybdenum Price Forecast shows near-term gains supported by robust domestic steel demand and constrained concentrate availability.
• Ferro-molybdenum Production Cost Trend remains elevated due to higher molybdenum concentrate costs and rising freight charges.
• Ferro-molybdenum Demand Outlook stays positive as Thailand’s construction and alloy steel recovery sustain intake requirements.
• Inventory draws and term buying pushed the Ferro-molybdenum Price Index higher despite occasional short-term import arrivals.
• Chinese smelter outages and environmental controls intermittently constrained exports, tightening regional availability and elevating landed acquisition costs.
Why did the price of Ferro-molybdenum change in September 2025 in APAC?
• Supply disruptions in China reduced concentrate availability, pressuring exporters to raise offers and limit spot volumes.
• Stronger Thai manufacturing demand and construction-driven alloy steel orders forced importers to absorb higher landed costs.
• Currency moves and rising freight costs increased CFR landed prices, reinforcing upward domestic price transmission.
Europe
• In Russia, the Ferro-molybdenum Price Index rose by 8.6486% quarter-over-quarter, driven by Chinese export costs.
• The average Ferro-molybdenum price for the quarter was approximately USD 30820.00/MT, reported under CFR Novorossiysk terms.
• Ferro-molybdenum Spot Price strength reflected constrained Chinese feedstock availability, lifting the Price Index and margins.
• Ferro-molybdenum Price Forecast remains cautiously upward as Ferro-molybdenum Production Cost Trend shows persistent molybdenum concentrate inflation.
• Ferro-molybdenum Demand Outlook is weak domestically; Price Index stays elevated due to limited supplier alternatives.
• Inventory levels in Russia moderating purchases, export demand competition keeps landed costs supported for importers.
• Major Chinese smelter maintenance reduced cargoes, tightening seaborne supply and sustaining higher CFR offer levels.
• Geopolitical trade disruptions concentrated sourcing, increasing buyer dependency on China and strengthening supplier pricing power materially.
Why did the price of Ferromolybdenum change in September 2025 in Europe?
• Chinese feedstock shortages and smelter outages reduced export availability, pushing CFR levels higher for Russian buyers.
• Geopolitical trade restrictions concentrated sourcing, limiting alternatives and compelling importers to accept elevated landed prices.
• Weak domestic demand reduced purchasing, but urgent production continuity needs-maintained import flows despite higher costs.
For the Quarter Ending June 2025
North America
• The Molybdenum Spot Price Index in North America decreased by 3.4% quarter-over-quarter in Q2 2025, driven by sluggish domestic demand and inflated landed costs due to the continued imposition of a 50% tariff under Section 232.
• The Molybdenum Production Cost Trend was dominated by Chinese upstream inflation, with high raw material costs being passed through to U.S. importers. However, tariff burdens—not producer prices—remained the primary driver of the final cost in the U.S. market.
• The Molybdenum Demand Outlook in the U.S. stayed weak, weighed down by a 14.4% collapse in automotive sales and a 0.3% drop in total construction spending in June. Private residential construction fell 0.8%, reinforcing cautious procurement behaviour.
Why did the price of Molybdenum remain stable in July 2025 in North America?
The Molybdenum Spot Price in July 2025 held broadly stable compared to June. Despite cost pressures at the export origin (China), the U.S. market remained oversupplied due to weak industrial demand. Buyers continued to restrict purchases to short-term needs amid high landed costs and contracting steel consumption. The Molybdenum Price Forecast remains flat, with minimal upside unless demand recovers or tariffs are revised.
APAC (Thailand)
• The Molybdenum Spot Price Index in Thailand declined by 7.9% quarter-over-quarter in Q2 2025. Despite a 3.5% price uptick in June, earlier soft prices in April and May pulled the quarterly average down.
• The Molybdenum Production Cost Trend remained elevated in China, Thailand’s main supplier, due to upstream raw material scarcity, tight smelter margins, and high logistics costs under CFR terms. Planned mine shutdowns and stricter environmental regulations further constrained supply.
• The Molybdenum Demand Outlook improved in Q2, led by strong factory output growth and a significant rise in new orders in June. However, steelmakers remained cautious amid falling global steel prices and limited margin recovery.
Why did the price of Molybdenum change in July 2025 in APAC?
The Molybdenum Spot Price in July 2025 is expected to stabilize or ease slightly, following the June supply pinch. Concentrate availability in China began recovering toward the end of June, easing raw material tightness. Meanwhile, Thai buyers, having absorbed elevated landed prices in June, are now cautiously watching for softening freight rates. The Molybdenum Price Forecast suggests mild downward pressure in the near term unless domestic steel demand rebounds sharply.
Europe (Russia)
• The Molybdenum Spot Price Index in Russia declined by 2.1% quarter-over-quarter in Q2 2025, despite a notable 3.5% increase in June. The increase reflects cost inflation from China rather than Russian market strength.
• The Molybdenum Production Cost Trend was shaped by upstream tightness in China due to environmental inspections and Mines maintenance. Russian buyers, with limited supplier options due to Western trade disruptions, had no choice but to absorb the higher CFR prices passed on by Chinese exporters.
• The Molybdenum Demand Outlook remained bleak. Domestic manufacturing showed its sharpest decline in over three years, with new orders falling rapidly and firms aggressively cutting inventories and employment.
Why did the price of Molybdenum change in July 2025 Europe?
The Molybdenum Spot Price in July 2025 is likely to remain elevated or soften marginally, as June’s spike was driven by Chinese cost pass-through amid limited alternatives for Russian importers. However, collapsing domestic demand and aggressive inventory drawdowns provide no support for sustained price increases. The Molybdenum Price Forecast remains fragile and largely supply-side driven, with little room for upside unless geopolitical dependencies force continued import reliance.
For the Quarter Ending March 2025
North America
• The Molybdenum Price Index in North America showed a downward trend during Q1 2025, ending at USD 48,153/MT for Ferro-molybdenum 65% min CFR San Diego.
• Why did the price of Molybdenum change in April 2025? During the month of April 2025 prices witnessed a slight increase, propelled by renewed optimism in construction industry and steady demand from automotive sector.
• January saw stable prices supported by reduced Chinese production and healthy demand from the stainless steel sector.
• Strong U.S. auto sales and firm construction spending provided some uplift in early Q1, improving the Molybdenum Demand Outlook.
• In February, the Molybdenum Spot Price dropped by 1.5% due to continued supply constraints from China, which impacted smelter operations.
• March saw a steeper 3.4% decline, driven by global trade pressures, tariffs, and rising operational costs for end-users.
• The Molybdenum Production Cost Trend remained high, as producers dealt with raw material price fluctuations and regulatory compliance expenses.
• Looking ahead, the Molybdenum Price Forecast suggests modest gains, assuming U.S. infrastructure spending sustains demand and Chinese output stabilizes.
Europe
• The Molybdenum Price Index in Europe declined over Q1 2025, closing at USD 28,145/MT for Ferro-molybdenum 60% min CFR Novorossiysk.
• Why did the price of Molybdenum change in April 2025? During April 2025 prices were anticipated to decrease, reflecting inventory overhang and persistent weakness in end-user sectors, notably automotive.
• January prices held steady, underpinned by Chinese export controls and lower global supply availability.
• Russian producers experienced mixed performance: increased finished steel sales but declining demand from domestic automotive and industrial consumers.
• A 1.5% decline in February reflected fragile market confidence and worsening economic sentiment in Russia.
• March recorded a deeper 3.5% fall in the Molybdenum Spot Price, driven by rising inventories and underwhelming consumption recovery.
• Despite slight construction activity improvements, high interest rates and weak economic indicators slowed momentum.
• The Molybdenum Demand Outlook remains cautious, and the Molybdenum Production Cost Trend is expected to stabilize due to cost optimization efforts by regional producers.
• The Molybdenum Price Forecast for Q2 reflects continued price pressure unless significant improvements in industrial demand materialize.
APAC
• The Molybdenum Price Index in the APAC region declined notably in Q1 2025, closing at USD 26,326/MT for Ferro-molybdenum 60% min CFR Laem Chabang (Thailand).
• Why did the price of Molybdenum change in April 2025? In April 2025 prices of Molybdenum decreased further, due to oversupply and underwhelming recovery in key consuming sectors.
• January was stable, supported by infrastructure-driven public spending, despite reduced private sector construction activity.
• Export restrictions and lower Chinese output created short-term supply concerns, but demand did not significantly rebound.
• In February, prices slipped by 1.5% due to continued subdued market sentiment tied to soft steel production and weak exports.
• A steep 12.2% drop in the Molybdenum Spot Price was recorded in March, largely resulting from Chinese oversupply and declining demand across APAC.
• Domestic pressures and fragile regional demand further complicated the Molybdenum Production Cost Trend, especially for smelters dealing with export restrictions and economic headwinds.
• The Molybdenum Demand Outlook remains bearish as weak construction indicators and falling steel output drag down consumption.
• The Molybdenum Price Forecast into Q2 indicates further downside risk unless policy support or manufacturing recovery changes the demand trajectory.
