On April 17, SMM reported that a major Indonesian stainless steel mill increased the price gap between 304 and 316L series from $1,800/mt to $1,850/mt. The widening spread is driven by the soaring price of molybdenum, a key element in 316L. Research indicates that molybdenum concentrate supply remains tight due to aging mining equipment, environmental production curbs, and export restrictions in major producing countries. Simultaneously, surging demand from aerospace and defense industries has further pushed up molybdenum product prices. Additionally, Indonesia's new nickel pricing formula and geopolitical risks have collectively raised the overall cost benchmark for the 300-series.

[Molybdenum Concentrate Transaction Information] SMM April 7: On April 7, a mine in Jiangxi sold 40%-45% grade molybdenum concentrates (average copper 2.101%, average phosphorus 0.072%) at a transaction price of 4,525 yuan/mtu, with a bidding floor price of 4,430 yuan/mtu, 35% cash and 65% bank acceptance, volume to be tallied.

[Molybdenum Concentrate Auction Information] SMM, April 7: A mine in Luoyang plans to sell 810 mt of molybdenum concentrate via online tender on April 8, with a starting bid of 4,430 yuan/mtu (cash).

Yankuang Energy stated at its 2025 annual results briefing that, according to the feasibility study report prepared by Changsha Engineering & Research Institute Ltd. of Nonferrous Metallurgy, Xinghe Molybdenum (Caosiyao Molybdenum Mine) is located in Xinghe County, Ulanqab City, Inner Mongolia Autonomous Region, and has molybdenum ore resources of 1.04 billion mt, metal content of 1.089 million mt, an average grade of 0.105%, and associated metals including tungsten and zinc. The designed capacity is 16.5 million mt/year of raw ore, and annual molybdenum concentrate production will reach 30,800 mt/year upon reaching full production. In February 2026, it was issued the electronic certificate for a mining license with an annual mining scale of 16.5 million mt, and construction is expected to commence in H2 2026, with a construction period of 1.5-2 years.

[Molybdenum Concentrate Import and Export Information] SMM News, March 20: In February 2026, China imported 4,572 mt of molybdenum concentrate (physical content), down 13.03% YoY and 1.82% MoM. Cumulative imports of molybdenum concentrate in January-February totaled 9,230 mt (physical content), down 13.88% YoY. In February 2026, China exported 558 mt of molybdenum concentrate (physical content), down 46.01% YoY and up 160.72% MoM. Cumulative exports of molybdenum concentrate in January-February reached 772 mt (physical content), down 46.01% YoY;

According to SMM, on March 4, an Indonesian major stainless steel mill raised its 316L export quotation by USD 100/mt, pushing the price spread between 316L and 304 to USD 1,800/mt. This sharp increase is driven by a rallying molybdenum market: while domestic mines have begun concentrated shipments, molybdenum concentrate transaction prices continue to trend upward. The entire industry chain currently exhibits firm raw material prices and cost-driven pressure, with downstream demand gradually following suit. Strong cost support from the ferromolybdenum market has led to this significant price divergence.