According to SMM, on February 25, an Indonesian major stainless steel mill sharply raised its 316 export quotation by USD 100/mt, widening the price gap with 304 to USD 1,700/mt. This surge is heavily driven by a rallying molybdenum market, which saw gains prior to the break due to rising international oxide molybdenum prices and downstream restocking. Following the resumption of operations, domestic molybdenum mines have maintained tight supply due to seasonal weakness and declining ore grades. With strong cost support and a surge in restocking from steel mills, the ferromolybdenum market is projected to maintain a strong, volatile upward trend in the short term.

[SMM Molybdenum Daily Review: Suppliers' Sentiment in Molybdenum Market Loosens, Ferromolybdenum Prices Experience Slight Correction] SMM News on June 16: Today, suppliers' sentiment in the molybdenum market has loosened. The ore sector is operating steadily for now, but the circulation in the ferromolybdenum market is slightly looser, leading to a slight correction in prices.

[SMM Molybdenum Daily Review: Molybdenum Concentrate Prices Fluctuate at Highs amid High Temperatures, with Molybdenum Iron Prices Rising in Recent Steel Tenders] SMM June 10 Report: Today, the molybdenum market mainly fluctuated at highs. Costs at the mining end remained at highs, while enterprises in the downstream molybdenum iron and molybdenum chemical industries faced poor profitability, with prices mainly following the upward trend of the upstream. Today, the price of 45%-50% molybdenum concentrate was 3,830-3,860 yuan/mtu, unchanged from the previous trading day. Molybdenum iron prices closed at 245,000-250,000 yuan/mt, unchanged from the previous trading day.

Entering June, the market trend of molybdenum remains highly noticeable. At the beginning of the month, bidding prices of mainstream mines were successively finalized, with ore prices still maintaining a high upward trend. On June 4th, a mine in Jiangxi tendered and sold molybdenum concentrate with a grade of 45%-50%, with a transaction price of 3,865 yuan/ton-degree. Additionally, on June 6th, a mine in Henan sold molybdenum concentrate with a grade of 50% and above offline, with a transaction price of 3,870 yuan/ton-degree. What about the future market?

[SMM Analysis: Molybdenum Ore Bidding Prices Rise Again, Molybdenum Market to Fluctuate at Highs in Short Term] As June began, the molybdenum market continued to attract significant attention. Early in the month, the bidding prices of mainstream mines were successively finalized, with ore prices maintaining an upward trend at highs. On June 4, a mine in Jiangxi tendered the sale of molybdenum concentrate with a grade of 45%-50%, achieving a transaction price of 3,865 yuan/mtu. Additionally, on June 6, a mine in Henan conducted an offline sale of molybdenum concentrate with a grade of 50% and above, achieving a transaction price of 3,870 yuan/mtu. What lies ahead for the market?

[SMM Commentary: Supply of Molybdenum Concentrate at Raw Material End is Tight, Steel Mills' Bidding Gradually Enters the Market, Ferromolybdenum Prices Rise Nearly 10% in Over a Month] The supply of molybdenum concentrate at the raw material end is tight, and suppliers are increasingly reluctant to sell, making it difficult to find low-priced supplies in the market. On the demand side, steel mills' bidding is gradually entering the market. As several mainstream steel mills have successively entered the market for procurement, this has provided support for molybdenum prices from the demand side. In particular, representative steel mills have accepted higher prices for ferromolybdenum, leading to a strong upward trend in ferromolybdenum prices. The support from both supply and demand has driven an overall significant upward shift in prices across the entire molybdenum industry chain, with ferromolybdenum prices surging nearly 10% in just over a month!

On the raw material side, the supply of molybdenum concentrate is tight, and suppliers are increasingly reluctant to sell, making it difficult to find low-priced cargo in the market.

A steel mill in Jiangsu set the price of ferromolybdenum at 212,000 yuan/mt on April 22, with half on acceptance and half in cash, for 60 mt.

CMOC released an announcement on its operational performance for January-March 2025 on the evening of April 8. During the period, the company seized favorable market opportunities and made every effort to stabilize and increase production. The production of its main products, including copper, refined cobalt, and niobium, increased by 15.65%, 20.68%, and 4.39% YoY, respectively. Benefiting from the YoY rise in selling prices of all products, the company's key operating indicators exceeded expectations, achieving a strong start to the year. CMOC stated that 2025 is a critical year for achieving strategic goals and high-quality development. The company will continue to accelerate expansion projects to maximize resource utilization value, laying a solid foundation for new breakthroughs. CMOC's previously released 2024 annual report showed that the company's revenue exceeded 200 billion yuan for the first time, reaching 213.029 billion yuan, up 14.37% YoY. Net profit attributable to shareholders surpassed 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY. Adjusted net profit attributable to shareholders was 13.119 billion yuan, up 110.48% YoY. Earnings per share were 0.63 yuan, up 65.79% YoY. CMOC's annual report revealed that in 2024, the production of its main products, including copper, refined cobalt, niobium, and phosphate fertiliser, hit record highs. Among them, annual copper production reached 650,200 mt, up 55% YoY, making CMOC one of the top 10 global copper producers for the first time. According to institutional estimates, CMOC accounted for nearly 60% of the global incremental mine copper production in 2024. In other mineral products, CMOC produced 114,200 mt of refined cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum in 2024, maintaining its leading position in the industry. CMOC also announced its 2025 operational plan in its 2024 interim report. According to the guidance on the production of major products and physical trade volume in the mining and trade business segments for 2025, the company plans to produce 600,000-660,000 mt of copper, 100,000-120,000 mt of refined cobalt, and 12,000-15,000 mt of molybdenum. Huafu Securities released a research report on April 2, giving CMOC a "Buy" rating. The reasons for the rating include: 1) Volume: Record-high production of major products in 2024, with major construction projects reaching full production and meeting standards; 2) Price: Copper prices hit a record high in 2024; 3) Profit: The refined cobalt segment achieved volume discount, and profits are expected to grow positively in 2025. Risk warnings: Copper, refined cobalt, and molybdenum prices may fall short of expectations, and overseas policy changes pose risks. Tianfeng Securities released a research report on March 28, giving CMOC a "Buy" rating. The reasons for the rating include: 1) Record-high production of major products such as copper and refined cobalt, with earnings exceeding expectations; 2) Record-high production of major products such as copper and refined cobalt, with earnings exceeding expectations; 3) Full completion of production plans, with the molybdenum, tungsten, niobium, and phosphate fertiliser segments showing strong momentum; 4) A new round of copper capacity expansion plans is underway, with significant long-term growth potential. Risk warnings: Price fluctuations of major products; geopolitical and policy risks; exchange rate risks; safety, environmental protection, and natural disaster risks; subjective nature of estimates. If you want to learn more about the copper industry chain, you are welcome to attend the CCIE2025SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be held grandly in Nanchang, Jiangxi, from April 22-25, 2025. CCIE2025SMM (20th) Copper Conference and Copper Industry Expo ~ Over 3,000 industry elites, representatives from upstream and downstream enterprises in the copper industry chain, government officials, industry associations, third-party equipment, logistics and warehousing, and academic experts will gather together. The conference covers mining, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: The main forum focuses on global copper market trends, raw material supply, policy impact analysis, and market trend interpretation. Sub-forums delve into industry hot topics in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, a two-day field trip to 12 representative enterprises in the copper industry, with a cumulative production of 1 million mt, will be conducted. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development. CCIE2025SMM (20th) Copper Conference and Copper Industry Expo will help you grasp industry trends, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi, from April 22-25, to unite in the new era of copper and jointly plan for new development!

[Golden Molybdenum Co., Ltd.: 2024 Net Profit Decreased by 3.18% YoY Due to the Decline in Molybdenum Product Prices Compared to the Same Period Last Year] The 2024 performance report released by Golden Molybdenum Co., Ltd. on the evening of January 16 shows that in 2024, the company achieved operating revenue of 135.5537 billion yuan (YoY increase of 17.55%), total profit of 39.0269 billion yuan (YoY decrease of 5.32%), and net profit attributable to shareholders of the publicly listed firm of 30.0047 billion yuan (YoY decrease of 3.18%).