SMM News Release, July 3 Domestic molybdenum market saw a trend of correction at the start of June, rally in mid-month and narrow high-level fluctuations at month-end, with mainstream products posting modest gains throughout the month.

Copper Fox Metals reported positive metallurgical results from the Schaft Creek copper-molybdenum-gold-silver project. Locked cycle tests showed improved molybdenum and gold recoveries at a coarser grind size, potentially supporting lower grinding costs. The project is operated by Teck, which holds 75%, while Copper Fox owns 25%.

[Molybdenum Flash] SMM July 2: According to SMM data, China's total ferromolybdenum tender volume for steelmaking in H1 2026 was approximately 81,800 mt (including long-term contracts), up approximately 7.3% YoY.

Walsin Lihwa has issued flat pricing for its July stainless steel wire rods, ending seven consecutive months of price increases, with 200, 300, and 400 series products all held unchanged, mirroring Yusco's decision to freeze prices for the month. A stronger US dollar has pressured metal markets, weighing on key raw materials such as nickel and stainless steel scrap. Offsetting factors include rising ferromolybdenum costs and peak summer electricity rates, which continue to add financial pressure on manufacturing operations. Balancing these conflicting cost dynamics against customer needs, Walsin Lihwa opted for a stable pricing approach to safeguard buyers' market competitiveness.

[SMM Magnesium Survey: Ex-China Magnesium Resource Development Accelerates, US and European Local Supply Expected to Fill Gap] Australia’s Latrobe fly ash magnesium extraction demonstration plant is 33% complete, with all capacity locked in for the US market, and plans to produce magnesium in H2 2026, filling the gap of no primary magnesium in the US; Canada’s Greenland has received C$7 million in funding to advance brine-based magnesium extraction tests at a molybdenum mine in Greenland, has obtained a magnesium mining permit, and is expanding magnesium resource supply for Europe and the US.

[Tungsten Flash] SMM July 1 News: Xiamen Tungsten announced that its 60%-owned subsidiary Luoyang Yulu Mining has completely halted production. The enterprise relies on CMOC’s molybdenum beneficiation tailings to extract scheelite concentrates. Now, due to CMOC suspending tailings delivery, it has no raw materials for production, and the timing for production resumptions is undetermined. According to the announcement, Luoyang Yulu’s production and sales of scheelite concentrates (WO3 metal content) in 2025 were 1,924 mt and 1,614 mt, respectively, and in H1 2026, production and sales were 685 mt and 669 mt, respectively. This production halt is expected to have some impact on the company’s near-term operating performance. As it is currently impossible to determine how long Luoyang Yulu’s suspension will last, the impact on the company’s performance cannot be predicted at this time. Specific circumstances will be subject to the company’s audited financial reports.