The Price Of Industrial Vitamins Risen Sharply
A price increase of 1,500 CNY yuan per ton in a single day
Wind power, photovoltaic, chip and other industries
Can't live without it
From the "supporting role" in steel
To the "protagonist" in photovoltaics and semiconductors
Molybdenum market has been rising all the way
Prices hit a new high in nearly three years
Molybdenum, known as an "industrial vitamin", is an indispensable metal raw material in the fields of iron and steel metallurgy, high-end equipment, and new energy. my country's molybdenum ore reserves rank first in the world. In the first half of 2026, the molybdenum market strengthened across the board, and the prices of the two core varieties of molybdenum concentrate and ferro-molybdenum rose by nearly 30%, hitting a new high in the past three years.
The degree per ton of molybdenum concentrate exceeded 5,300 CNY yuan, and ferromolybdenum rose by 1,500 CNY yuan per ton in a single day. Why did the price of molybdenum strengthen? What are the new changes in the upstream and downstream supply and demand pattern of the industrial chain? How sharp is the price of molybdenum soaring? §
The price of one ton of ferromolybdenum has increased by 1,500 CNY yuan a day, an increase of nearly30%.
Ferromolybdenum is the core finished product after smelting molybdenum concentrate, and it is also an indispensable alloy additive for special steel. According to Ren Linhai, manager of China Molybdenum Smelting Branch, the price of one ton of ferromolybdenum was 332,000 CNY yuan on July 14, and 330,500 CNY yuan on July 13, an increase of 1,500 yuan a day. In the long run, ferromolybdenum is in an upward trend.
The price of molybdenum concentrate has risen, and the production capacity of enterprises has peaked to increase the metal recovery The price of ferromolybdenum has risen, and many people are curious about whether upstream mines can increase mining and supply. The reporter saw at the large-scale open-pit molybdenum mine in Luoyang, Henan Province that the mining area is operating at full capacity all day long. The raw ore goes through multiple processes such as crushing, grinding, flotation, and selection, and is finally processed into high-purity molybdenum, the core upstream raw material of the molybdenum industry chain. concentrate. The person in charge told reporters that the current production capacity of enterprises is close to the upper limit, and it is difficult to significantly increase production in the short term.
Since the beginning of this year, the price of molybdenum concentrate has risen, and it has exceeded 5,300 yuan/ton degree. Taking molybdenum concentrate with a molybdenum content of 45% as an example, the price of one ton is close to 240,000 yuan. In the face of market conditions, enterprises began to increase investment in increasing metal recovery rates under the condition of full production. Tan Xiaole, deputy manager of the third mineral processing branch of China Molybdenum Industry Co., Ltd., said that the recovery rate has risen from 90% to more than 92%.
Core data released! Tight supply is the root cause of price increases
The latest market data of Shanghai Steel Union on July 17:
The quotation of molybdenum concentrate is 5335 yuan/ton degree, with a cumulative increase of nearly 36% in the first half of the year.
The price of ferromolybdenum is 333,000 yuan/ton, a cumulative increase of nearly 28% in the first half of year.
The prices of the two major products have simultaneously reached a high point in the past three years. Industry experts said that the shortage of structural supply is the core incentive for price increases. Shi Jia, Special Alloy Manager of the Ferroalloy Division of Shanghai Steel Union, revealed that in the first half of 2026, the domestic output of molybdenum concentrate will be about 160,000 tons, a year-on-year increase of 2.8%, and the growth rate of supply is far lower than the expansion rate of downstream demand.
At the same time, there is little room for further release of production capacity in major domestic molybdenum The supplementary effect of imported raw materials is weak. From January to May, the effective high-grade molybdenum concentrate is less than 8,000 tons, accounting for only 4.4% of the total domestic supply of molybdenum concentrate from January to May, and it is difficult to see an effective increase in the short-term supply side.
Who is the big molybdenum user?
70% of the demand comes from special steel! The new track drives the amount of molybdenum to rise steadily In addition to tight upstream supply, the steady growth of downstream demand is also another key factor supporting the high price of molybdenum. At present, more than 70% of domestic molybdenum demand comes from the field of special steel products.
Jiang Qiao, general manager of CITIC Special Steel Sales Corporation, introduced that ferromolybdenum not only has improved strength, but also has product requirements for toughness and plasticity. At the same time, it is resistant to high temperature and corrosion, which provide good help for steel products.
This special steel company's molybdenum-containing steel accounts for 30% of its total output, and purchases about 25,000 tons of ferromolybdenum every year. The price increase of raw materials directly increases production costs, and the company urgently purchases to hedge risks.
According to Huang Jianghai, general manager of CITIC Special Steel Purchasing Center, the purchase according to the agreement price accounted for 60% before, plus about 40% of the spot purchase. Recently, in view of the high price of ferromolybdenum, they have adopted the long-term agreement purchase as the main method. The proportion of spot purchases.
The data shows that in the first half of 2026, the total number of ferromolybdenum tenders for domestic steel mills was 82,000 tons, an increase of 6% compared to the previous year.With the accelerated iteration of my country's new energy industry and the transformation and upgrading of the high-end equipment manufacturing industry, the demand for molybdenum-containing special steel has increased.
According to Jiang Qiao, general manager of CITIC Special Steel Sales Corporation, the demand for molybdenum-containing steel products is growing rapidly, with an annual growth rate of about 10% around, deep sea and deep ground, and energy storage power stations, including new energy, hydrogen energy, wind power, and nuclear power.
"Molybdenum" is not simple
New increments explode! Photovoltaic and semiconductor open up the growth space of molybdenum industry
In addition to the basic market of special steel, emerging tracks such as new displays, perovskite photovoltaics, and semiconductors are reconstructing the demand logic of molybdenum, promoting the upgrading of the molybdenum market from industrial rigid demand to high-end new materials.
The reporter saw in a molybdenum product deep processing enterprise in Luoyang, Henan Province that the enterprise is stepping up the production of molybdenum tube targets, which are mainly used for display panel coating. Recently, orders have been obvious.
Zhang Lingjie, chairman of Luoyang Kewei Tungsten and Molybdenum Co., Ltd., introduced that in the past two months, the company has produced about 50 tons of molybdenum products per month, and now it has reached more than 70 tons.
The company recently won a new verification order for perovskite photovoltaics. The person in charge of the company said that the molybdenum tube target has comprehensive properties such as high melting point, low resistivity, and good corrosion resistance. It is the core material of new photovoltaic cells and has great potential in the industry.
The semiconductor storage industry is ushering in material iterations. Many leading memory chip companies around the world have replaced metal tungsten with metal molybdenum in the next generation of ultra-high-rise chips. Industry insiders pointed out that molybdenum has lower resistance, does not need a barrier layer, and can be filled directly, which is an inevitable technical choice for advanced storage process iteration.
Shi Jia, Special Alloy Manager of the Ferroalloy Division of Shanghai Steel Union, introduced that the current size of the memory chip track is relatively small, which brings more valuation and emotional premiums, but the growth potential of the track is outstanding, and it will change from the theme concept to Substantial demand increase, on the whole, global energy transformation, high-end manufacturing, AI computing power industry upgrading, etc. have brought structural benefits, and molybdenum will become a key strategic new material supporting new energy, semiconductors, and national defense and military industries.
